Displaying items by tag: Asocem

We round off 2025 with the news that Holcim is preparing to buy a majority stake in Cementos Pacasmayo. This has implications for both the future of Holcim and the cement market in Peru. We explore this and more below.

This proposed acquisition starts to answer the question of what kind of company Holcim wants to be following the spin-off of Amrize, the North American business, in June 2025. The remainder of Holcim after the split consists of a large European segment and smaller divisions in Latin America and Asia, Middle East & Africa (AMEA). After the divestment of Lafarge Africa in Nigeria, the AMEA business now mainly covers North Africa, the Middle East, Australia, Bangladesh, China, New Zealand and the Philippines. In Latin America the group has subsidiaries in many countries, from Mexico south to Argentina. It also operates the Disensa construction materials retail chain. Holcim’s NextGen Growth 2030 strategy is targeted at sustainability and growth in AMEA and Latin America. The size of the business in Europe dictates the need for sustainability but the growth potential is elsewhere. Hence the attractiveness of deals like the one in Peru.

The acquisition of Cementos Pacasmayo follows a string of deals for Holcim in the country. Holcim purchased ready-mix concrete producer Mixercon and industrial minerals producer Comacsa for US$100m in mid-2024. Then in April 2025 it bought specialty buildings products manufacturer Compañía Minera Luren. The proposed Cementos Pacasmayo deal builds on all of this. Holcim has agreed to spend US$1.5bn to buy a 50.01% share. Completion of the transaction is expected in the first half of 2026 once regulatory approval is obtained. It will give Holcim control of Cementos Pacasmayo’s three integrated cement plants with a combined production capacity of 4.9Mt/yr, 28 ready-mix and precast concrete plants and 300 of the company’s DINO retail stores. Notably, Holcim appears to be paying around US$610/t for the new capacity. This is comparable to recent deals in North America.

The Holcim deal marks a change to the dominance of the cement market in Peru by local players. Previously, all the integrated clinker producers - UNACEM, Cementos Pacasmayo, Grupo Gloria and Cementos Inka - were owned by Peruvian companies. This started to change in 2024 when Holcim bought Comacsa and its white cement plant in Lima. Coincidentally, a US$17.5m fine imposed upon Grupo Gloria by National Institute for the Defence of Free Competition and the Protection of Intellectual Property (Indecopi) for anticompetitive behaviour was confirmed this week. The penalty was originally announced in 2023 in response to the alleged enforcement of exclusive supply contracts and restricted access to Cemento Yura plants. The subsidiary of Grupo Gloria continues to oppose the ruling.

Graph 1: Cement despatches in Peru, 2016 - 2015. Source: Asociación de Productores de Cemento (ASOCEM). Note: Figure estimated for 2025.

Data for November 2025 from Asociación de Productores de Cemento (ASOCEM) shows that despatches grew by 5.9% year-on-year from December 2024 to November 2025. Both imports and exports of cement and clinker are also up. Similarly, Cementos Pacasmayo has reported a good year so far in 2025. Its sales grew by 7% year-on-year to US$462m and its consolidated earnings before interest, taxation, depreciation and amortisation (EBITDA) by 4.6% to US$121m in the first nine months of 2025. This was attributed to higher sales for infrastructure-related projects and an increase in bagged cement demand.

The cement market in Peru has bounced back strongly following the Covid-19 epidemic. There was a dip in 2023 and 2024 but the market stayed at higher levels than the late 2010s despite this. Further growth has now returned and more is expected in the future. This may explain why Holcim has agreed to pay serious money to buy a cement company in Peru. As the business in Europe adapts to sustainability it is looking to expand elsewhere. Latin America is the obvious candidate to build on the existing business. Locally in Peru, this deal will change the status quo and it will be fascinating to observe how the market evolves in coming years.

Global Cement Weekly will return on Wednesday 7 January 2026

Peru: National cement shipments reached 1.23Mt in October 2025, up by 9% compared to October 2024 and up by 5% over the past 12 months, according to ASOCEM. Cement production rose by 6% year-on-year to 1.08Mt, while clinker output increased by 36% compared to October 2024, to 0.87Mt.

Cement exports fell by 7% year-on-year to 10,837t, while clinker exports rose by 202% to 108,345t for October 2025, a rolling 12-month rise of 16%. Cement imports grew by 393% year-on-year to 157,233t and grew by  133% over the past 12 months. Clinker imports also increased by 200% year-on-year to 130,055t, and by 72% over the last 12 months.

Peru: National cement despatches reached 1.17Mt in September 2025, up by 10% year-on-year and 4% higher over the 12-month period, according to ASOCEM. Cement production totalled 1.05Mt, rising by 6% year-on-year and by 1% over the past 12 months. Clinker production reached 668,000t, up by 1% year-on-year but down by 10% in the 12-month period.

Cement exports fell by 10% year-on-year to 10,400t in September 2025, but rose by 9% across 12 months. Clinker exports increased by 88% to 70,500t, but declined by 2% in the annual period. Cement imports dropped by 41% year-on-year to 12,600t but more than doubled, up 105% over 12 months. Clinker imports surged by 90% to 161,000t, up 49% on the 12-month basis.

Peru: National cement dispatches reached 1.15Mt in August 2025, up by 4.4% year-on-year, according to the Asociación de Productores de Cemento (ASOCEM). On a 12-month rolling basis, dispatches grew by 3% year-on-year. Cement production stood at 1.04Mt, a 2% increase compared to August 2024 and 1% higher over the 12-month cumulative period. In contrast, clinker production dropped to 630,000t, down by 20% year-on-year and 12% lower on a 12-month basis.

Cement exports fell by 6% to 10,962t compared to August 2024, though they rose 10% over the 12 months. Clinker exports reached 72,006t, down by 3% and 11% lower across the 12-month cumulative period. Imports of cement saw a significant 565% increase to 10,763t, up by 109% over the 12-month period. Clinker imports stood at 35,396t, falling by 56% from August 2024 but still 43% higher in the 12-month comparison.

Peru: National cement despatches rose by 6% year-on-year to 1.1Mt in July 2025 and by 2% over the past 12 months, according to the Asociación de Productores de Cemento (ASOCEM). Cement production grew by 6.5% year-on-year to 0.97Mt, while clinker output fell by 22% year-on-year to 0.69Mt. Cement exports rose by 28% year-on-year to 13,300t, and clinker exports fell by 12% compared to July 2024 to 32,600t. Cement imports dropped by 63% compared to the previous corresponding period to 8000t, while clinker imports grew by 81% to 85,000t.

Peru: National cement shipments rose by 6% year-on-year to 0.98Mt in June 2025, bringing the 12-month total up by 2%. Cement production reached 0.9Mt, up by 2% year-on-year, while clinker output rose by 24% year-on-year to 0.85Mt. Cement exports increased by 33% year-on-year to 12,000t and clinker exports rose by 166% to 98,300t during the same period.

Cement imports grew by 142% year-on-year to 71,000t, while clinker imports also increased by 496% compared to June 2024, to 0.1Mt.

Peru: National cement shipments rose by 5% year-on-year to 1.01Mt in May 2025 and by 0.7% over the 12-month period, since the start of June 2024, according to national cement association ASOCEM. Cement production reached 929,000t, up by 5% year-on-year and down by 1% in the 12-month period. Clinker production rose by 16% year-on-year to 832,000t but fell by 7% across the 12-month period.

Cement exports dropped by 27% to 7900t year-on-year, while rising by 4% over 12 months. Clinker exports rose by 0.4% year-on-year to 70,600t but declined by 31% across the 12-month period. Cement imports dropped by 28% year-on-year to 9000t and rose by 99% in the 12-month period. Clinker imports rose by 213% year-on-year to 88,000t and increased by 31% across the 12-month period.

Peru: National cement shipments in April 2025 fell by 1% year-on-year to 958,000t, matching the cumulative figure for the past 12 months. Cement production dropped by 2% year-on-year to 855,000t, while clinker production also declined by 2% year-on-year to 786,000t. Clinker output was down by 9% between April 2024 and April 2025.

Cement exports rose by 4% year-on-year to 9400t in April 2025 and by 3% over the 12-month period. Clinker exports dropped by 1% year-on-year to 35,800t in April 2025 and by 28% from April 2024 to April 2025. Cement imports increased by 2% year-on-year to 54,000t in April 2025 and by 73% over the 12-month period. Clinker imports fell by 21% year-on-year to 70,000t in April 2025 but rose by 21% on a 12-month basis.

Peru: National cement despatches reached 0.99Mt in January 2025, down by 2% compared to January 2024 and by 0.7% in the 12-month cumulative period, according to ASOCEM. Cement production declined by 6% year-on-year to 0.87Mt, while clinker production dropped by 30% to 0.59Mt. Over the 12-month cumulative period, cement production fell by 3% and clinker production declined by 9%.

Cement exports reached 10,200t, down by 2% year-on-year and by 5% in the 12-month cumulative period. Clinker exports increased significantly, by 122% to 73,600t in January 2025, but were down by 18% in the cumulative period.

Cement imports rose by 63% year-on-year to 50,000t in January and by 23% in the 12-month period. Clinker imports fell by 29% to 44,000t in January but increased by 28% in the cumulative period.

Peru: National cement despatches reached 0.97Mt in December 2024, a 0.1% year-on-year increase, according to the Cement Producers Association (Asocem). Total despatches in 2024 were nearly 12Mt, marking just a 0.01% rise compared to 2023, indicating stagnation in the sector.

Asocem members produced almost 0.92Mt of cement in December 2024, a 1% year-on-year decrease, and recorded a 3% decline in 2024 to 11Mt. Cement exports from members rose by 70% year-on-year in December 2024 to 0.13Mt, but fell by 8% for the full year. Imports increased to 3000t in December 2024, up by 22% year-on-year, and grew by 29% over 2024, with Chile as the sole supplier.

Clinker production by Asocem members dropped by 30% year-on-year in December 2024 to 0.66Mt, and by 8% over the 2024 period. No clinker was exported by Asocem members, a 100% year-on-year decrease from December 2023. Clinker imports surged by 376% year-on-year in December 2024 to 0.2Mt, sourced from South Korea (44%), Japan (24%), Ecuador (19%) and Turkey (13%).