The global green cement market is expected to reach USD 37.76 billion by 2024, according to a new report by Grand View Research, Inc. growing awareness regarding reduction in carbon emissions and its detrimental effect on the environment will fuel market growth. Its ability to reduce carbon emissions and improve the setting time and curing time of the cement will eventually have a significant impact on the penetration of the product over the next eight years.
Companies are continuously improving technology by undertaking research and development. Several companies are blending mixtures of various raw materials to get the best possible cost effective solution for the production of green cement.
Green cement is expected to act as a direct substitute for the traditional Portland cement over the next eight years. Asia Pacific will be a high potential market over the next eight years on account of rapid infrastructural development in China, India, and the Southeast Asia.
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Further key findings from the study suggest:
- The commercial sector will be the fastest growing market and is expected to witness volume growth at a CAGR of 7.6% from 2016 to 2024 as a result of its increasing application in commercial establishments such as office spaces, shopping malls, theaters, and hospitals. Furthermore, superior properties including greater resistance to extreme weather conditions, compressive strength and short setting time are expected to stimulate industry growth.
- North America market was valued at USD 6.78 billion in 2015 and will show significant rise owing to stringent regulations of the Environmental Protection Agency (EPA) and increasing consumer demand for the clean source of energy. Strict rules by regional agencies on account of the rising concerns over climate change will propel product consumption over the forecast period.
- Asia Pacific will witness significant revenue growth at a CAGR of 9.3% from 2016 to 2024 in light of growing construction sector in the emerging economies of India and China which will result in market expansion.
- Key participants include China National Building Material Company Limited, CEMEX, Italcementi, Calera Corporation, LafargeHolcim and HeidelbergCement AG. Manufacturers are also investing heavily in research and development; resulting in better and inexpensive product development. Owing to stringent laws regarding pollution and necessity for developing green construction, players are diversifying and integrating their role across the value chain
- In July 2016, CEMEX Philippines announced to invest USD 300.0 million in a new cement facility and will expand company’s footprint in the Philippines. In May 2016, structural construction for Chile “Green Town Program” phase I was completed. This step is a landmark achievement for CNBM in promoting the “Green Town” strategy. Green town and green building projects will drive the green cement sector significantly
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