Iraq's private cement industry is booming in response to growing demand from the country's expanding construction sector, a CNBC report said.
In 2023, the private sector produced 34 million tons of cement, accounting for 65 % of total Iraqi production. This was up from 25 million tons in 2022.
The surge in demand, according to the report, is being driven by the Iraqi government's ambitious infrastructure development plans, which include hundreds of new projects each year.
The government is also expanding its investment incentives for the private sector, which has led to increased investment in the cement industry.
The southern province of Muthanna is a leading center for the Iraqi cement industry, with four factories currently operating and four more under construction. The province has abundant reserves of limestone, a key raw material for cement production.
The report said that the government has also taken steps to support the private cement industry, including reducing fuel prices and banning imports of cement.