NEW YORK, Sept. 26, 2018 (GLOBE NEWSWIRE) -- The global green cement market is expected to witness a CAGR of 12.4% and is projected to reach USD 37.2 billion by 2024. Perpetual increase in demand for cement from construction industry, and scarcity of raw materials for production of conventional cement are likely to propel the growth of this market over the forecast period. Additionally, increasing environmental concerns due carbon emissions in the manufacturing of regular cement is also expected to attribute to the growth of this market.
Cement plays an elementary role in the construction industry, from building structures, roads, embankments, and bridges, cement is used in every facet of application of the industry. One of the main factors contributing to the adoption of green cement is that the waste and by-products from industries can be used to manufacture this environment friendly cement. Moreover, there is a growing trend of adoption of supplementary cementitious materials (SCMs) to reduce the carbon footprint left during the lifecycle of the cement.
Commercial segment expected to increase with the fastest CAGR
Commercial segment is likely to experience the fastest CAGR during 2018-2024, owing to the durability and strength of resultant concrete of the green cement. Since the green cement has a stronger composition as compared to the conventional cement, other components of the building can be made more compact, which gives the designers & builders new design possibilities. This flexibility in design is useful in the construction of retail buildings, offices, malls, and other commercial structures and is likely to be a major contributing factor in propelling the growth of this market over the forecast period.
Green cement – regional insight
North America held the largest market share in 2017, and is likely to retain its dominance over the forecast period. Regulations imposed by the local governments to curb the carbon footprint left by cement industry are expected to augment the growth of this market in this region. Additionally, a new market for green cement in lieu of conventional alternatives for construction of new residential buildings is likely to assist in the growth of this market. Asia-Pacific is expected to experience the fastest growth rate over the forecast period. This can be attributed to the existing huge construction industry in this region. Moreover, presence of key players such as Anhui Conch Cement Company Limited, UltraTech Cement Ltd, among several others has assisted in the growth of this market. Furthermore, urbanization of rural areas in China & India offer a huge potential for growth in the green cement market.
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Key findings from the report:
- The global green cement market is likely to reach USD 37.2 billion by 2024
- The commercial segment is likely to experience the fastest CAGR over the forecast period. Durability of green cement along with new design possibilities offered by green cement are expected to assist in the growth of this market
- Asia-Pacific is expected to experience the fastest CAGR over the forecast period. This can be attributed to the presence of key players in this region
- The key players of this market are CEMEX S.A.B. de C.V.; ACC Limited; Anhui Conch Cement Company Limited; HeidelbergCement AG; Kiran Global Chem Limited; LafargeHolcim; SCG; UltraTech Cement Ltd; CNBM; and Solidia Technologies among others
This report segments green cement market based on type, application, and region.
By Type
- Recycled Aggregate
- Slag Based
- Fly-Ash Based
By Application
- Residential
- Commercial
- Industrial
Region
- North America
- Europe
- Asia-Pacific (APAC)
- Middle East and Africa (MEA)
- Central and South America
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