Key Topics

• 179 page global cement industry report, analysing the prospects for the top 16 cement companies, in their 20 key countries which accounted for 90% of their 2025 profits
• Current margins vary from negative in China to 50% in Nigeria
• Cement prices vary from $30-200/tonne. Affordability suggests prices are expensive in Morocco, Nigeria and Mexico but could be higher in Switzerland and China

• Volumes remain unsustainably high in China and could halve again. China’s surplus capacity is initially being used to boost exports, but in the longer term plants could be dismantled and moved overseas, possibly to Africa.
• Strong volume growth is likely long-term in India and Nigeria. Cyclical recovery in demand is probable in Western Europe.
• The planned reduction in Europe’s carbon emissions after 2030 has been delayed, but the lowering of clinker factors and greater use of alternative fuels continues, partly as it also reduces costs. Carbon emissions in China in 2025 were 50% or more higher than in Europe.