市場調査レポート - 237298

インドのセメント産業

Indian Cement Industry

発行 CARE Ratings
出版日 ページ情報 英文  
価格
インドのセメント産業 Indian Cement Industry
出版日: 2012年04月16日 ページ情報: 英文

インドのセメント生産能力は、2007年〜2011年の期間中CAGR14.5%で拡大し、2007年の約1億6600万トンから、2011年には約2億8600万トンへ成長しました。同期間中、セメントの消費量はCAGR8.6%で拡大し、結果として産業の稼働率は2007年の93%から2011年には73%へと低下しました。2015年末までに稼働率は71%程度に低下すると予測されています。

当レポートでは、インドのセメント産業について調査し、市場概要、需給状況、コストおよび競合情勢などを分析しており、市場予測および主要企業のプロファイルとともに、概略以下の構成でお届けします。

エグゼクティブ・サマリー

第1章 CARE Researchの展望

  • 展望
    • 全体的な需給状況の予測
    • 地域別の需給状況予測
    • セメント需要の促進因子
    • 容量追加・稼働率
    • コスト構造・利益
    • 査定・合併
    • 製品ミックス

第2章 産業分析

  • 概要
    • セメント産業は2011年に減速
    • 産業の稼働率は引き続き低下
    • セメントの物価上昇は2010年に和らぎ、2011年は引き続き圧力かに
    • 製品ミックスでは依然として混合セメントが優勢
  • 需給分析
    • 全体的な需給予測
    • 地域別の需給予測
    • 詳細な地域分析
  • コスト分析
    • 電気・燃料費
    • 輸送費
    • 原材料費
  • 市場競合・業界平均
    • 業界平均
    • 主要企業の市場シェア

第3章 企業分析

  • 企業プロファイル
    • Associated Cement Company Ltd (ACC)
    • Ambuja Cements Ltd
    • India Cements Ltd
    • Shree Cements Ltd
    • UltraTech Cement Ltd

第4章 付録

  • 基本情報
    • セメントの種類
    • セメントの製造工程
    • 産業特徴
  • 主要統計:財務実績
  • 主要統計:営業実績
  • 原材料費・消費
  • 図表

図表一覧

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Abstract

Product mix expected to tilt towards OPC...

Indian cement industry had witnessed an implausible growth journey during the period of FY06-10. This was mainly on account of the increased cement offtake from the real estate, infrastructure and industrial construction activities. Increased spending by the government on infrastructure activities coupled with the growth in the real estate sector had led to increased appetite of cement in past few years. The cement industry growth has surpassed the economic growth rate of the country during this period consistently. Cement consumption in the country grew at an average multiplication factor of approximately 1.2 times the GDP growth rate during the period FY 06-10.

In FY11, cement demand grew at moderate rate of 5% on yoy basis. The multiplier of cement demand growth to the GDP growth declined below one. The construction activities remained subdued in FY11 owing to various reasons like prolonged monsoon, heavy winter, delay in execution of infrastructural projects etc. which led to slowdown in cement offtake. The dismal performance of the cement industry continued in FY12. The slowdown in the real estate sector and delay in take off of the various infrastructural projects owing to the spiralling cost of capital has hit the cement consumption in this fiscal. During the first nine months of FY12, the cement demand grew at 5.3% on yoy basis. However, the long term cement demand is expected to remain intact. Increasing focus of GoI on the infrastructure development and promotion of low cost affordable housing in the country will provide impetus to the growth of cement consumption. CARE Research estimates the cement demand to grow at a CAGR of 8.3% during the period FY12-15.

In the period FY08-11, the cement industry registered a double-digit growth in capacity as compared to the moderate growth of 3-7% registered during the period FY03-07. The cement production capacity of India grew at a CAGR of 14.5% from 166.7 mn tonnes at the end of FY07 to 286.4 mn tonnes at the end of FY11. During the same period, the consumption of cement grew at a CAGR of 8.6%. Consequently, the industry's operating rate has shown a declining trend from a level of 93% in FY07 to 73% in FY11. CARE Research expects the operating rate of the industry to decline to a level of 71% by the end of FY15.

In FY11, the industry had witnessed a steep fall in the margins. The slowdown in the cement demand coupled with the inability of the cement players to pass on the rising cost led to drop in the margins. The profitability margins of the cement industry have shown some improvement in FY12. Considering the first nine months of FY12, the cement industry has witnessed a marginal improvement in the margins despite of the rise in the cost. Despite of the supply glut situation, the industry was able to pass on the increased cost burden to the consumers on the back of the supply discipline followed by the cement players in this fiscal. The PBDIT margin of the industry improved marginally to 21% in FY12. Going forward, with the surplus capacities coming on stream, maintaining the supply discipline is expected to become difficult for the industry. Cement industry will not be able to hike prices in the next fiscal equivalent to the increased cost burden. As a result, CARE Research expects PBDIT margin to remain under pressure.

During the period of FY06-09, the product mix was skewed towards the blended cement on the back of the tight demand and supply situation. The proportion of blended cement in the product mix had increased from 61% in FY 06 to 75% in FY 09.

However, post FY09, with substantial capacity addition, a gradual shift was observed in the product mix towards OPC. The proportion of blended cement in the total product mix has declined from 75% in FY09 to 72% in FY11. This shift in product mix by players may be considered as a step towards curtailing excess supply situation prevailing in the industry. This can also be attributable to rising cost of blending raw materials like fly ash.

OPC is used in making concrete for structures that require high compressive strength like infrastructural projects. CARE Research believes this will help the industry to reap the benefits of rising cement demand from infrastructural projects as GoI has been keen on development of infrastructure in the country. Going forward, most of the cement players are expected to switch from blended cement to OPC.

Table of Contents

Executive Summary

SECTION- I CARE Research's OUTLOOK

  • Outlook
    • Overall projected Demand-Supply situation
    • Region-wise projected Demand-Supply situation
    • Cement demand drivers
    • Capacity addition & Operating rate
    • Cost structure & Margins
    • Valuation & Consolidation
    • Product Mix

SECTION- II INDUSTRY SECTION

  • Overview
    • Cement industry witnessed a slowdown in FY11 after an implausible journey...
    • Industry operating rate continued to fall...
    • Cement price growth moderated in FY10 and remained under pressure in FY11...
    • Product Mix still dominated blended cements...
  • Demand-Supply Analysis
    • Overall Demand-Supply scenario
    • Region-wise Demand-Supply scenario
    • Detailed Regional Analysis
  • Cost Analysis
    • Power & Fuel cost
    • Freight cost
    • Raw material cost
  • Market competition & Industry averages
    • Industry Averages
    • Market share of major players

SECTION- III COMPANY SECTION

  • Company Profiles
    • Associated Cement Company Ltd (ACC)
    • Ambuja Cements Ltd
    • India Cements Ltd
    • Shree Cements Ltd
    • UltraTech Cement Ltd

SECTION- IV ANNEXURES

  • Industry Basics
    • Types of Cement
    • Cement Manufacturing process
    • Industry Characteristics
  • Key Statistics - Financial Performance
  • Key Statistics - Operational Performance
  • Raw Material Costs & Consumption
  • List of Tables

SECTION - I CARE Research's OUTLOOK

  • Outlook
    • Overall projected demand-supply situation
    • Region-wise projected demand-supply situation
    • Cost Structure
    • Fly ash cost per tonne

SECTION - II INDUSTRY SECTION

  • Overview
    • Status of Top 10 players (capacity-wise)
    • Capacity addition by small & medium players
  • Demand-Supply Analysis
    • Cement Demand statistics
    • Company-wise Exports
    • Overall Inter-regional movement
    • North- Inter-regional cement movement in FY11
    • South-Inter-regional cement movement in FY11
    • West-Inter-regional cement movement in FY11
    • East-Inter-regional cement movement in FY11
    • Central-Inter-regional cement movement in FY11
  • Cost Analysis
    • State-wise power tariffs
    • Cost comparison of grid & captive power
    • Company-wise captive power capacity addition announced
    • Trend of government linkage of coal
    • Alternate fuel consumption
    • Per Tonne freight cost in FY11
    • India's Limestone position
    • Limestone cost
  • Market competition & Industry Averages
    • Industry averages
    • Change in market share of cement companies

SECTION - III COMPANY SECTION

  • Associated Cement Company Ltd (ACC)
    • Plant-wise capacity
    • Operating Parameters
    • Financials
    • Financial & Profitability Ratios
    • Domestic Expansion plans
  • Ambuja Cement Ltd
    • Plant-wise capacity
    • Operating Parameters
    • Financials
    • Financial & Profitability Ratios
  • India Cements Ltd
    • Plant-wise capacity
    • Operating Parameters
    • Financials
    • Financial & Profitability Ratios
  • UltraTech Cements Ltd
    • Plant-wise capacity
    • Operating Parameters
    • Financials
    • Financial & Profitability Ratios
    • Domestic Expansion plans
  • Shree Cements Ltd
    • Plant-wise capacity
    • Operating Parameters
    • Financials
    • Financial & Profitability Ratios
    • Domestic Expansion plans

SECTION - IV ANNEXURES

  • Industry Basics
    • Per capita consumption
    • Duty structure
  • Key Statistics - Financial Performance
    • Net Sales
    • Operating Profit
    • Net Profit
    • Operating Profit margin
    • Net Profit Margin
    • Interest coverage ratio
  • Key Statistics - Operational Performance
    • Region-wise/state-wise production & capacity
    • Region-wise/state-wise cement consumption
    • State-wise surplus/deficit ratio
    • Company-wise capacity
    • Company-wise production
    • Company-wise dispatch
    • Total Export Scenario
    • Clinker exports scenario
    • Company-wise Cement exports
    • Company-wise Clinker exports
    • Company-wise product mix
    • Overall product mix
    • Region-wise product mix
    • Company-wise dispatch mix
    • Company-wise Cement dispatch mode
    • All India cement dispatch mode
    • Changes in Duty Structure
    • Average cement prices

List of Graphs

SECTION - I CARE Research's OUTLOOK

  • Outlook
    • Planned investments under different infrastructure sub-segments
    • Trend of capacity addition
    • Projected capacity utilization trend
    • Break-even cushion
    • Trend of international coal prices
    • Trend of diesel prices
    • Projected Power & Fuel and Freight cost (per tonne)
    • Trend of realisation
    • Trend of PBDIT margin
    • Valuations of major cement companies (as on March 2012)
    • Change in product mix

SECTION - II INDUSTRY SECTION

  • Overview
    • Global trend of GDP and cement consumption
    • Trend on Capacity, Production & Capacity Utilization
    • Region-wise yearly average cement price trend
    • Region-wise monthly price trend in FY12
    • Change in product mix
    • Trend of Conversion ratio
  • Demand-Supply Analysis
    • Trend of capacity addition
    • Region-wise capacity utilization rate
    • Regional statistics (FY11)
    • Regional scenario in FY11
    • Trend of production & consumption in the North region
    • Change in Product mix
    • Trend of conversion ratio (North)
    • North - Position of top players at the end of FY 11 (based on capacity)
    • Price trend in Delhi
    • Trend of production and consumption in the South
    • Change in Product mix
    • Trend of conversion ratio (South)
    • South - Position of top players at the end of FY 11 (based on capacity)
    • Price trend in Chennai
    • Trend of production & consumption in the West region
    • Change in Product mix
    • Trend of conversion ratio (West)
    • West - Position of top players at the end of FY 11 (based on capacity)
    • Price Trend in Mumbai
    • Trend of production & consumption in the East region
    • Change in Product mix
    • Trend of conversion ratio (East)
    • East - Position of top players at the end of FY 11 (based on capacity)
    • Price trend in Kolkata
    • Trend of production & consumption in the Central region
    • Change in Product mix
    • Trend of conversion ratio (Central)
    • Central - Position of top players at the end of FY 11 (based on capacity)
  • Cost Analysis
    • Industry cost break-up (FY11)
    • Power cost per unit (Industry Average)
    • Trend of bifurcation of captive power capacity of the industry
    • Consumption and import of coal by the cement industry
    • Trend of cement dispatch mode mix
    • Distribution of proven limestone reserves
  • Market competition & Industry averages
    • Trend of industry averages
    • Market share of Major players (FY11)
    • Change in market share of top 5 players (FY06 v/s FY11)
  • Industry Basics
    • Types of cement
    • Cement manufacturing process

SECTION - III COMPANY SECTION

  • Associated Cement Company Ltd (ACC)
    • Cost Break-up (CY11)
  • Ambuja Cement Ltd
    • Cost Break-up (CY11)
  • India Cements Ltd
    • Cost Break-up (FY11)
  • UltraTech Cements Ltd
    • Cost Break-up (FY11)
  • Shree Cements Ltd
    • Cost Break-up (FY11)

インドのセメント産業」は2012年04月16日にクレジット・アナリシス・&・リサーチ(CAREレーティングス)より発行されました。 当レポートは税抜¥103,340より販売しています。

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