The global green cement market is expected to grow at a compound annual growth rate of 11.79% over the forecast period to reach a market size of US$40.916 billion in 2026 from US$20.962 billion in 2020. Green cement is a form of concrete/cement formed to reduce the carbon footprint during the time of manufacturing. The rising need to reduce the carbon footprint from the environment is driving the global green cement market growth over the forecast period. Also, it is estimated that on average, a singleton of traditional portland cement releases approximately more than 5% of the total man-made carbon emissions globally.
The emission of greenhouse gas has been increasing globally as the trend of industrialization continues. In fact, the percentage of countries committed to peaking their emission is expected to increase from 36% in 2010 to 60% in 2030 (source: Emission Gap Report, United Nation Environment Programme). This is correlated with the steady increase in the production of ordinary Portland cement (OPC). In fact, the cement industry is estimated to contribute to approximately 5% of the carbon dioxide emission. Apart from the carbon dioxide, the cement factories are also responsible for steadily contributing to rising levels of Sulphur dioxide and nitrous oxides in the atmosphere.
As such, efforts are being made to reduce the overall emission level with the cement manufacturers focusing on reducing the emissions released during the cement production by tweaking with the raw materials used in it. Furthermore, the use of green material during cement production also tends to reduce the energy-requiring during the production, which further contributes to the overall goal of maintaining sustainable emission levels. Thus, the global focus on reducing the overall greenhouse gas emissions is driving the growth of the market.
By product, the green cement market has been segmented as granulated blast furnace slag, fly-ash based, recycled aggregates, others. The fly-ash-based green cement is estimated to hold a noteworthy share in the global market and is anticipated to maintain its share during the forecast period. Additionally, the granulated blast furnace slag cement is projected to grow significantly on account of steady improvement in the understanding of its benefits.
By application, the green cement market is segmented based on commercial, residential, and industrial. The residential application is estimated to dominate the market with more than 50% share in 2020 and is further anticipated to grow rapidly on account of rising disposable income and steady reduction in borrowing cost that is further driving the demand for residential units. Further, the commercial application segment is projected to grow at a significant pace on account of growing investment in the development of educational structures and shopping centers in developing countries like India and China. While the industrial application is also anticipated to provide significant growth opportunities for the manufacturers in various parts of the world.
By geography, the global green cement market has been segmented into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. North America holds a major share in the market on account of burgeoning investment in green building construction by major countries like The U.S.A., Canada, and others. Strict regulations set by the United States Environment Protection Agency (EPA) regarding greenhouse gas emission reduction are driving the green cement market growth. The European region is projected to witness good growth during the forecast period owing to strict regulations imposed by local governments and the European Union (EU) to curb carbon emissions. Furthermore, growing construction activity in the region is further expected to upscale the green cement market in the coming years. The Asia Pacific is expected to be the fastest-growing region on account of growing investment in green building requiring the use of green cement. In addition, rising CO2 emission in the region coupled with increasing government initiatives to tackle carbon emission is further expected to boost the adoption of green cement in the region. In the Middle East and Africa, favorable government programs and policies promoting green construction in regions such as Saudi Arabia, and Israel, among others are expected to augment the demand for green cement in the upcoming years. The burgeoning focus of the government towards reducing their carbon footprint is anticipated to bolster the green cement market growth in the region.
The major players profiled in the Global Green Cement market include LafargeHolcim, Anhui Conch Cement Company Limited, HEIDELBERG CEMENT AG, CEMEX S.A.B. de C.V., TAIHEIYO CEMENT CORPORATION, ECOCHEM, Solidia Technologies, UltraTech Cement Ltd., and Kiran Global Chem Limited.
Green Cement Market Scope:
|Market size value in 2020||US$20.962 billion|
|Market size value in 2026||US$40.916 billion|
|Growth Rate||CAGR of 11.79% from 2020 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Type, Applications, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, MEA, Asia Pacific|
|Companies covered||LafargeHolcim, Anhui Conch Cement Company Limited, HEIDELBERG CEMENT AG, CEMEX S.A.B. de C.V., TAIHEIYO CEMENT CORPORATION, ECOCHEM, Solidia Technologies, UltraTech Cement Ltd., and Kiran Global Chem Limited.|
|Customization scope||Free report customization with purchase|
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