The Moroccan cement market released a strong recovery signal in April 2026, with the national cement shipment volume surging by 31.8% year-on-year to 1.5099 million tons, a sharp jump from 1.1452 million tons in the same period in 2025. However, this month's explosive growth has not completely reversed the overall flat pattern since the beginning of the year, with a cumulative shipment volume of 4.5212 million tons in the first four months of this year, down 0.1% from the same period last year, almost the same as the same period last year. This sharp contrast of "one-month surge and cumulative flattening" shows that the momentum of the Moroccan construction market is accelerating significantly in the second quarter, but the weakness at the beginning of the year is still a significant drag on the base of the whole year.
From the perspective of downstream channel structure, the growth in April was highly uneven, and the recovery of large-scale engineering and construction activities constituted the core driving force. The shipment volume of ready-mixed concrete market soared by 62.5% to 386,300 tons, the construction sector increased by 65.1% to 49,400 tons, and the demand for mortar also increased by 26.5%, all of which pointed to the rapid recovery of the activity of the construction site. As the largest cement distribution channel in the country, the wholesale channel increased by 21.8% to 828900 tons in April, showing the simultaneous recovery of retail and small and medium-sized projects. In contrast, the infrastructure sector grew by only 4.4% in April, and the prefabricated component sector grew by 22.4%, lagging behind the overall growth rate. If we extend our vision to the cumulative performance of the first four months, the channel differentiation is even more significant: the cumulative shipment volume of the wholesale channel dropped by 3.7% to 2.4024 million tons, and the prefabricated component sector dropped by 8.4% to 441,000 tons, which is still the main factor dragging down the total volume; Ready-mixed concrete increased by 9.3% to 1.196 million tons, construction sector increased by 7.7%, and infrastructure demand also maintained positive growth, indicating that material procurement for large-scale projects is continuing to expand, in sharp contrast to the weakness of the retail side. This structural differentiation of
Morocco's cement market is closely related to the current macroeconomic and policy environment of the country. On the one hand, Rabat is accelerating the construction of highways, railways, ports and industrial platforms related to automobiles, batteries and renewable energy, while launching the preparatory project for the FIFA World Cup in 2030. Large-scale infrastructure investment has directly stimulated the demand for ready-mixed concrete and cement in the construction sector. On the other hand, the residential real estate market is still facing the dual pressures of rising borrowing costs and weak household purchasing power, and the lagging effects of inflation and drought in previous years have not completely faded, which explains the underlying reasons for the cumulative decline in the wholesale channel at the beginning of the year and the limited recovery of the overall market. As a barometer of construction and investment activities in Morocco, the fluctuation of cement industry data reflects the periodic substitution effect of large-scale infrastructure projects on the weak housing market. In terms of
market structure, the Moroccan cement industry is dominated by major producers such as LafargeHolcim Morocco, Morocco Cement Company, Atlas Cement and Asmentetmara. In the context of the rapid rebound in demand in April, these enterprises are facing the realistic challenge of balancing capacity release and inventory management. With the continuous promotion of World Cup infrastructure and industrial platform projects, it is expected that the cement demand of large-scale engineering channels will remain relatively resilient in the year, but the recovery rhythm of the housing market will still depend on the improvement of monetary policy trend and residents'income expectations. Throughout the year, whether the Moroccan cement market can turn from a periodic rebound of "low before and high after" to a sustained positive growth depends on whether the wholesale channel can reverse the cumulative downward trend in the following months, and whether the funds in place and construction progress of large-scale infrastructure projects can maintain the current strength.
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