Green Cement is a growing Market
The global market for Green Cement is expected to more than double between 2016 and 2024 as sustainability becomes a priority for the construction industry.
The global market is estimated to grow at a substantial pace in the next few years, thanks to the rising encouragement from governments across the world.
The market is mainly driven by increase in constructional activities and promoting strict government rules and regulation regarding eco-friendly products. Global cement market on basis of application is segmented into non-residential, residential, and infrastructure sectors.
The rising demand of commercial constructions including infrastructure, industrial, residential and non-residential buildings lik shopping malls, office spaces, theaters and museums, hospitals and governmental buildings will drive green cement market growth towards 2025.
According to a research study by Transparency Market Research, the global market is anticipated to reach a value of US$38.10 bn by 2024. The market is predicted to register a progressive 11.30% CAGR between 2016 and 2024.
Green Cement applications
Today green cement technology produces 3.5% of global cement, but it is forecast to grow to over 13% of the market by 2020. Major applications of this eco-friendly product are to use as:
- a repair material for the construction sector
- a binder in waste management
The Asia-Pacific green cement market is expected to witness a substantial growth owing to increasing construction sector in the developing economies of India and China.
Green Cement benefits
The demand is anticipated to witness a spike due to its own benefits.
This type is known for reducing the carbon footprint by about 40-50% during its production process.
The main reason for the rising uptake in growing number of construction activities is the fact that
- it uses less water
- it provides excellent thermal insulation
- it provides superior fire resistance
which enables structures built with green cement to withstand temperatures up to 2400F
- it also makes the building resistant to moisture, thereby offering it a good protection against corrosion as well
Analysts project that the residential sector will lead the global market in the coming years due to growing density of the population in all urban regions. This has raised the demand for residential projects, which, in turn, has augmented the growth of the global green cement market. Furthermore, the growing infrastructural development in several emerging economies is also likely to favor the demand in the next years.
Europe WAS leading
On the basis of geography, the global market is segmented into Europe, North America, Asia Pacific, and rest of the World. As of 2015, Europe accounted for the largest share in the global market. The phenomenal demand across Europe was attributable to the stringent regulations pertaining to carbon emissions and the growing tensions pertaining to the taxes that could be levied on industrial emissions.
However, Asia Pacific is expected to surpass Europe’s share during the forecast period. The growing number of construction and building activities and increasing infrastructural development are all expected to contribute toward growing demand for green cement market.
Furthermore, growing initiatives by governments to take up green building initiatives for creating sustainable living spaces is also projected to augment the demand for these materials.
North America is also expected to account for a significant share in the overall market in the coming years. The residential segment will be the leading consumer for green cement over the forecast period. The Middle East and Africa are also expected to show a keen interest in using green cement in the coming years as the region is planning on developing multifamily housing projects in the near future.
The key players operating in the global market are CEMEX S.A.B. de C.V., HeidelbergCement AG, LafargeHolcim., Taiheiyo Cement Corporation, Votorantim cimentos S.A., China National Building Material Company Limited (CNBM), Taiwan Cement Corporation, and Ecocem Ireland Ltd. The report includes an assessment of their financial outlook, research and development activities, and business and marketing strategies for the coming few years.
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