New York, June 29, 2022 (GLOBE NEWSWIRE) -- According to the studies by the United States Environmental Protection Agency (EPA), the cement industry is the 3rd largest among all the industrial polluters with an annual emission of more than 500,000 tons of sulfur dioxide (SO2), nitrogen oxide (NOx), and carbon monoxide (CO) and accounted for about 2.4 percent of all CO2 emissions from energy and industrial sources. To address difficulties with the Clean Air Act’s New Source Review (NSR) compliance at the cement manufacturing facilities of the nation, EPA has adopted a coordinated, integrated compliance and enforcement strategy since 2008. Additionally, in 2020, around 4.3 Gt of cement was produced worldwide, which is a minor rise from about 4.2 Gt in 2019. This slight increase was on account of expanding infrastructure of China which is the largest cement producer, with around 55% of the total production in the world, followed by India with 8%. Some of the major issues that affect worldwide are climate change, resource depletion, and rising energy costs. Thus, it has become essential to incorporate the idea of sustainability into every aspect of business operations.
In recent research titled “Global Green Cement Market”, Kenneth Research provided a brief overview of market elements including growth drivers, restraint factors, current market trends, and potential for future growth. The influence of COVID-19 and its effects on end-users are both thoroughly examined in the market research report, which covers the forecast period, i.e., 2022-2030. In addition, the research study examines the product portfolios and market expansion plans of the principal competitors.
Environmental pollution caused due to the emissions from the cement manufacturing industry is one of the major factors driving the need amongst regulatory bodies to adopt initiatives that would allow businesses to shift towards green alternatives. For instance, the International Energy Agency (IEA) and the Cement Sustainability Initiative (CSI) of the World Business Council for Sustainable Development (WBCSD) jointly created an updated version of the worldwide Cement Technology Roadmap in 2009. According to the roadmap, by 2050, direct CO2 emissions from the cement sector could be cut by 24 percent below the present levels on account of technological advancement and legislative changes. The goal of this roadmap was based on a trajectory for the energy system and CO2 emissions that give up at least a 50% chance of keeping the average global temperature increase to 2 degrees Celsius by 2100.
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The global green cement market garnered around USD 25 billion in 2021 and is expected to grow at a CAGR of ~12% over the forecast period. The growth of the market can be attributed to the rising demand for cement worldwide, backed by increasing construction globally, followed by the growing shift amongst the end-users towards green alternatives to reduce environmental pollution. According to the International Finance Corporation (IFC), by 2030, global investment opportunities for green buildings are estimated to be worth USD 24.7 trillion, making it one of the largest investment possibilities in history. The market growth can also be attributed to the rising stringent norms of the government to reduce environmental pollution and the increasing availability of fly ash that is majorly used for the production of this type of cement. According to the Federal Highway Administration (FHWA), about 70 million tons of fly ash (which is a residue of coal combustion) were produced in the U.S. in the previous years. On the other hand, India’s coal and lignite thermal power plants produced more than 100 million tonnes of fly ash in the first 6 months of the fiscal year 2021. In addition to that, based on the ‘2020 Global Status Report for Buildings and Constructions’ by Global Alliance for Buildings and Construction, the buildings sector accounted for 38% of all energy-related CO2 emissions worldwide in 2019 – 10% of which came from the building construction industry.
The global green cement market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Owing to the rapid development of the construction industry, an increase in the number of construction projects to house the growing population, particularly in the developing nations such as India and China, and the expansion of optimal cash flow, the market in the Asia Pacific region is predicted to experience the highest growth over the forecast period. China, the nation in the Asia Pacific with the largest population worldwide, is known to have the leading construction industry in the world and is expected to grow at an annual average of close to 9% between 2022 and 2030.
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On the other hand, as a result of government authorities focusing on lowering environmental disturbances among the population and the presence of significant market players who are adopting the practices of using green cement, the North American region is expected to be the largest market in terms of value over the forecast period. For instance, Portland Cement Association (PCA) has established an industry-wide goal by creating a road plan in the year 2021 for its member companies so as to achieve carbon neutrality across the concrete value chain by 2050. PCA represents 92% of U.S. cement manufacturing production which has distribution facilities in every continental US state.
The study further incorporates Y-O-Y Growth, demand & supply and forecasts future opportunities in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia Pacific), Middle East and Africa (Israel, GCC [ Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of the Middle East and Africa).
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The global green cement market is segmented by application into mass construction, bridges & roads, and others, with the mass construction segment is predicted to account for the largest share of the market throughout the projected period. The significant use of green cement in large-scale building projects including sewers, retaining walls, and dams are some of the major factors credited to the growth of the segment. For instance, in 2020, a ground-breaking 370,000 square foot business structure named 725 Ponce, located in Georgia, USA, was sustainably built by New City Properties using concrete supplied by Thomas Concrete, that used CARBON CURE technology, an innovative technology developed by CarbonCure Technologies Inc. for the cement manufacturers. The cement supplier placed 48,000 cubic yards of the advanced technology-based mixes during the construction of the building, which helped in removing 680 tonnes of CO2 from the atmosphere, equivalent to 888 acres of forest absorbing CO2 for a year. Additionally, the use of fly ash in concrete was made possible on account of the Hungary Horse Dam, located in the U.S. The construction of dam, which was completed in 1953, was constructed using 120,000 metric tonnes of fly ash.
The global green cement market is segmented by end-user into commercial, infrastructural, industrial, and others. The commercial segment is anticipated to have substantial expansion throughout the projected period as a result of the increased construction of commercial establishments such as shopping malls, theatres, office buildings, and hospitals. In addition, a lot of cement is needed for a large commercial project, which is also expected to create numerous opportunities for the growth of the segment. As conventional types of cement have a detrimental impact on the environment, green cement is becoming more and more popular, which is also expected to accelerate the growth of the segment in the coming years. Around 27 percent of buildings in Atlanta was certified as green building whereas Manhattan possessed the highest percentage of around 31 percent of buildings that were certified as green buildings in 2017. As the world is getting more environmentally conscious, the demand for green building increases, thereby resulting in a surge in demand for green concrete, which in turn, is expected to drive the growth of the segment.
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The global green cement market is also segmented by product.
Global Green Cement Market, Segmentation by Product:
- Fly Ash Based
- Slag-Based Concrete
- Geo-Polymer
- Silica Fume Based
- Others
Some of the prominent industry leaders in the global green cement market that are included in our report are Navarattan Group, ECOCEM, Kiran Global Chem Limited, Heidelbergcement AG, Ultra Tech Cement Ltd., Votorantim Cimentos, Taiheiyo Cement Corporation, CEMEX S.A.B. de C.V., Calera Capital, and others.
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