Green Cement Market is expected to be worth US$38.10 bn by 2024
Manufacturing
and using Ordinary Portland Cement (OPC) leading to 5%-10% carbon
dioxide emissions as it is known to contain toxic ingredients such as
silica and chromium. Furthermore, the growing awareness about the
environmental hazards of OPC production as it requires high
temperature for kiln operation is also raising questions about its
consumption. Thus the fact that OPC production emits a high volume of
carbon dioxide and greenhouse gasses has forced several builders,
governments, and architects to opt for greener solutions. Owing to
these reasons the demand for green cement has soared in the past few
years. According to the research report, the opportunity in the
global green cement market is expected to be worth US$38.10 bn by the
end of 2024 as compared to US$14.80 bn in 2016. Between the forecast
years of 2016 and 2024, the global market is projected to exhibit a
CAGR of 11.3%.
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Benefits
of Green Cement Presenting Lucrative Opportunities
The
demand for green cement is anticipated to witness a spike due to its
own benefits. This type of cement is known for reducing the carbon
footprint by about 40-50% during its production process. The main
reason for the rising uptake of green cement in growing number of
construction activities is the fact that it uses less water.
Additionally, it provides excellent thermal insulation and superior
fire resistance, which enables structures built with green cement to
withstand temperatures up to 2400F. As green cement is known to offer
unmatched insulation, it also makes the building resistant to
moisture, thereby offering it a good protection against corrosion as
well.
green
cement market
Infrastructural
Development in Emerging Economies Augments Demand
On
the basis of application, the global market is segmented into
non-residential, residential, and infrastructure sectors. 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 for
green cement in the coming years.
Asia
Pacific to Surpass Europe’s Demand for Green Cement during Forecast
Period
On
the basis of geography, the global green cement 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.
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The
key players operating in the global green cement 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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