The global green cement market is expected to grow at a CAGR of 9.65% to reach a market size of US$35.680 billion in 2024 from US$20.535 billion in 2018. Green Cement or Concrete is a term given to a concrete that has had extra steps taken in the mix design and placement to insure a sustainable structure and a long-life cycle with a low maintenance surface. E.g. energy saving, CO2 emission, wastewater and etc. Burgeoning need to reduce carbon footprint from the environment is driving the global green cement market growth. It is estimated, on an average, a single ton of traditional Portland cement releases approximately 5-7% of the total man-made carbon emissions. Thus, growing penetration of green cement in construction activities across the globe will augment the green cement market growth.
By product, the global 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 dominate the market and is further anticipated to grow at a highest CAGR of 11.08% to further strengthen its market share by the end of the forecast period. Simultaneously, the granulated blast furnace slag cement is projected to be the second fastest growing segment on account of steady improvement about the understanding of its benefits which is expected to supplements its adoption.
By application, the global green cement market has been segmented as commercial, residential, and industrial. The residential application is estimated to dominate the market with 52.49% share in 2018 and is further anticipated to grow rapidly on account of growing disposable income and steady reduction in borrowing cost driving the demand for residential units. Simultaneously, the commercial application segment is projected to grow at a good pace on account of growing investment in the development of educational structure and shopping centers while the industrial application is also anticipated to provide significant growth opportunities for the manufacturers.
By geography, the global green cement market has been segmented into North America, South America, Europe, Middle East and Africa, and 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 is 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 the carbon emissions. Furthermore, growing construction activity in the region is further expected to upscale the green cement market in the coming years. 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 couple with increasing government initiative to tackle the carbon emission is further expected to boost the adoption of green cement in the region. In Middle East and Africa, favorable government programs and policies promoting green construction in regions such as Saudi Arabia, and Israel, among others is expected to augment the demand for green cement in the upcoming years. With 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, HEIDELBERGCEMENT AG, CEMEX S.A.B. de C.V., TAIHEIYO CEMENT CORPORATION, ECOCHEM, Solidia Technologies, UltraTech Cement Ltd., and Kiran Global Chem Limited.
The global green cement markethas been analyzed through the following segments: