We present the 2020 edition of J.P. Morgan's in-depth cement industry analysis, which provides a comprehensive outlook for each region using a bottom-up approach from our regional analysts. We also update our JPM proprietary supply database and rank individual markets on margin attractiveness from a supply perspective. Overall, we expect global cement demand (ex-China) to recover 6% in 2021E following a 5% decline in 2020E. We highlight the US, India and Brazil as the main positive outliers, and Germany and Canada as the main negative outliers. We forecast 2021E utilisation rates in DM to remain below 2019 level at 62%, with the notable exception of the US (at c. 88%), while we forecast a normalisation in EM utilisation rates to 59% in 2021 from 57% this year (vs. 59% in 2019).