ASEAN: Cement Market 2024

Cement Market Size in ASEAN

The ASEAN cement market reached $X in 2022, leveling off at the previous year. The market value increased at an average annual rate of +3.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Cement Production in ASEAN

In value terms, cement production contracted slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 when the production volume increased by 18%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Cement Exports

Exports in ASEAN

After four years of growth, overseas shipments of cement decreased by -14.8% to X tons in 2022. Over the period under review, exports, however, enjoyed a strong expansion. The pace of growth appeared the most rapid in 2013 when exports increased by 23%. Over the period under review, the exports hit record highs at X tons in 2021, and then reduced in the following year.

In value terms, cement exports declined dramatically to $X in 2022. Total exports indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +6.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +73.0% against 2017 indices. The most prominent rate of growth was recorded in 2013 when exports increased by 32% against the previous year. Over the period under review, the exports hit record highs at $X in 2021, and then fell sharply in the following year.

Exports by Country

In 2022, Vietnam (X tons) represented the key exporter of cement, creating 65% of total exports. Thailand (X tons) took a 15% share (based on physical terms) of total exports, which put it in second place, followed by Malaysia (8.7%), Indonesia (6.6%) and Lao People's Democratic Republic (5.5%).

Vietnam was also the fastest-growing in terms of the cement exports, with a CAGR of +31.7% from 2012 to 2022. At the same time, Indonesia (+22.6%) and Lao People's Democratic Republic (+10.1%) displayed positive paces of growth. Malaysia experienced a relatively flat trend pattern. By contrast, Thailand (-7.8%) illustrated a downward trend over the same period. Vietnam (+56 p.p.) and Indonesia (+4.9 p.p.) significantly strengthened its position in terms of the total exports, while Malaysia and Thailand saw its share reduced by -10.1% and -51.9% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Vietnam ($X) remains the largest cement supplier in ASEAN, comprising 64% of total exports. The second position in the ranking was taken by Thailand ($X), with a 15% share of total exports. It was followed by Malaysia, with an 8.8% share.

In Vietnam, cement exports increased at an average annual rate of +26.6% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Thailand (-7.3% per year) and Malaysia (-3.6% per year).

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, leveling off at the previous year. Overall, the export price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when the export price increased by 7.5% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Lao People's Democratic Republic ($X per ton) and Malaysia ($X per ton), while Indonesia ($X per ton) and Thailand ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Lao People's Democratic Republic (+3.2%), while the other leaders experienced mixed trends in the export price figures.

Cement Imports

Imports in ASEAN

In 2022, approx. X tons of cement were imported in ASEAN; falling by -3.3% against 2021. The total import volume increased at an average annual rate of +1.1% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2013 with an increase of 23% against the previous year. Over the period under review, imports attained the maximum at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, cement imports totaled $X in 2022. Over the period under review, imports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2013 when imports increased by 21% against the previous year. Over the period under review, imports reached the peak figure at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The Philippines represented the key importing country with an import of about X tons, which resulted at 49% of total imports. Singapore (X tons) took a 31% share (based on physical terms) of total imports, which put it in second place, followed by Cambodia (5.7%). The following importers - Malaysia (X tons), Thailand (X tons), Myanmar (X tons) and Lao People's Democratic Republic (X tons) - together made up 13% of total imports.

From 2012 to 2022, the biggest increases were recorded for the Philippines (with a CAGR of +82.3%), while purchases for the other leaders experienced mixed trends in the imports figures.

In value terms, the Philippines ($X), Singapore ($X) and Thailand ($X) constituted the countries with the highest levels of imports in 2022, together comprising 81% of total imports.

The Philippines, with a CAGR of +64.3%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2022, increasing by 8.2% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. Over the period under review, import prices attained the maximum at $X per ton in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Thailand ($X per ton), while Lao People's Democratic Republic ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+3.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform