Bespoke research

Bespoke research is project-based work with the scope defined by the client. There are several areas of cement, clinker, and cement related sectors that can be examined on behalf of our clients.

CemBR’s recent bespoke research projects have included:

Cement related areas and sectors

  • Conventional and alternative fuels
  • Carbon related topics
  • Cement and clinker substitutes
  • Upstream and downstream sectors (limestone, aggregates, Readymix, etc.)
  • White and Green cements
  • Cement Equipment and technology
  • Energy efficiency benchmarking

Specific market issues and questions

  • What is the cost structure of an integrated or grinding plant?
  • What is the industry cost curve and resultant profitability?
  • What is the sphere of influence of a specific plant or company?
  • What is the position of the authorities regarding inward investments in cement related projects?
  • What if any is the climate change legislation that might affect the operations of the cement industry?
  • Should one vertically integrate in each market and why?

Cement investment related areas

  • Who are and why potential targets for acquisition in a market?
  • What insights might one draw from recent transactions in the sector?
  • What are the funding alternatives for an investment in the cement sector?
  • How to define integration synergies?


The depth and level of confidence derived by our bespoke research work is high and supports our clients in developing their strategy and investment plans.

Examples of bespoke research by CemBR

Case studies

Commercialization of calcine clay materials

CemBR was approached by a mining company wishing to examine the potential of their large deposits of clay-like materials as a cementitious alternative. The study included several aspects like: products, markets, technology, legislation and many more.

Case studies

Successful IPO in Indonesia

Our parent company CBA was mandated to support the recent PT Cemindo Gemilang IPO (Initial Public Offering) in Indonesia. We have provided an independent, in-depth, and up to date picture of the Indonesian and Vietnamese cement markets/industries, and an overview of the regional cement and clinker situation. Our data, analysis, and insights were incorporated into the IPO prospectus and shared with all potential investors.

Case studies

Exporting GGBFS and GBFS plants to a European destination

CemBR was approached by a cement user to assist them in identifying, mapping, and contacting all GBFS and GGBFS producing facilities that could export to their market.

Case studies

Clinker production in the EU ETS scheme members

CemBR was approached by a financial institution and was asked to provide estimates for clinker production for all cement plants within the EU ETS scheme. This also included forecasts.

Case studies

Detailed study of a large fly ash market

CemBR was approached by the owner of a fly ash mound in Europe. The client wished to understand how they can commercialize the fly ash. CemBR supported this project by providing a full analysis of the cementitious market, including delivered cost curves for various destinations.


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