Pune, India, Nov. 10, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Green Cement and Concrete Market Forecast to 2030 –Global Analysis – by Offerings (Fly Ash Based, Geopolymer, Slag Based, and Others), End User (Commercial and Public Infrastructure, Industrial, and Residential), and Geography,” is expected to grow from US$ 28.66 billion in 2022 to US$ 39.97 billion by 2030; it is anticipated to grow at a CAGR of 4.2% from 2022 to 2030.
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Green Cement and Concrete Market: Competitive Landscape and Key Developments
ACC Cement (Adani Group), China National Building Material Company Limited (CNBM), Green Cement Inc, Anhui Conch Cement, Holcim Ltd., JSW Cement Limited, and Navarattan Group are among the key green cement and concrete market players profiled during this study. In addition, several other important green cement and concrete market players have been studied and analyzed during the study to get a holistic view of the green cement and concrete market and its ecosystem.
In January, 2023, ACC Limited, the cement and building material company of Adani Cement and part of the Adani Group, planned to bring a new dimension to the building materials industry with the launch of 'ACC ECOMaxX' in Mumbai and various other locations. It is an expert range of green concrete solutions aimed toward building a sustainable future through conscious green construction.
Global Green Cement and Concrete Market Scope:
| Market Size Value in | USD 28.66 Billion in 2022 |
| Market Size Value by | USD 39.97 Billion by 2030 |
| Growth rate | CAGR of 4.2% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
| Segments covered | Offerings, End-user, Geography |
| Regional scope | North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Favorable Government Initiatives and Policies is Boosting the Green Cement And Concrete Market Growth
Numerous countries are implementing roadmaps for the decarbonization of the cement industry. In December 2022, numerous EU bodies reached a provisional agreement on the carbon border adjustment mechanism (CBAM), which directs specific products from carbon-concentrated industries, including cement. The CBAM is focused on reporting obligations and is anticipated to be functional in October 2023. China's national emissions trading scheme (ETS), initiated in 2021, aims to control and continue decreasing carbon emissions effectively. In 2023, China is anticipated to fast-track the growth of its national ETS in the next 2 to 3 years to include cement, steel, iron, and aluminum. The Cement Association of Canada also issued a roadmap to net-zero carbon concrete by 2050. The Union Budget 2023 of India mentioned a commitment to support global measures against climate change, support sustainable development, and preserve biodiversity. The pledged capital outlay and policy structures to support a scope of definite initiatives are intended to facilitate green transition and sustainable development. The European Union broadcasted its Green Deal Industrial Plan in February 2023. In 2023, the Canadian government introduced the Canada Greener Affordable Housing (CGAH) program, which is anticipated to revolutionize multi-unit residential buildings by making them more sustainable and energy-efficient and expanding building lifespans. In Canada, many government plans, such as "the New Building Canada Plan (NBCP), Affordable Housing Initiative (AHI), and Made in Canada," are anticipated to aid the development of sustainable infrastructure initiatives, thereby fueling the application of green cement in the residential sector. In the US, the Inflation Reduction Act, proclaimed in August 2022, set out a budget of US$ 5.8 billion for the decarbonization of the industrial sector in support of the reduction of ~200 metric tons of CO2, which is 17% of the total projected emissions decrease predicted by the Act by 2030. Thus, increasing governmental support and favorable policies toward clean transition drive the green cement and concrete market.
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Based on the end user, the green cement and concrete market is categorized into commercial and public infrastructure, industrial, and residential. Green cement and concrete have significant applications in commercial and public Infrastructure projects. Using green cement can mitigate carbon emissions and reduce the carbon footprint of construction projects, in turn enhancing their brand value. Moreover, it can aid in preserving natural resources such as clay and limestone, which are gradually becoming scarce. Green cement can be further utilized to fabricate high-performance concrete with enhanced strength, durability, and erosion resistance.
Asia Pacific is leading the region in the green cement and concrete market. North America is expected to record the highest CAGR during 2022–2030. China dominates the green cement and concrete market in Asia Pacific, while the US leads the market in North America. The burgeoning number of advanced infrastructure development projects and governments' focus on encouraging the use of more sustainable alternatives to protect the environment and seize or decelerate the pace of climate change further benefits the green cement and concrete market growth.
Green Cement and Concrete Market Analysis: End User Overview
By end user, the green cement and concrete market is segmented into commercial and public infrastructure, residential and industrial. Green cement is an environment-friendly cement that utilizes a low to zero-carbon-emission production process. The key raw materials leveraged to develop green cement include the remaining waste or byproducts from the industry. The fly ash or slag from the blast furnace is the primary material applied in green cement and concrete fabrication. The application of advanced technology makes the fabrication process substantially energy-efficient and cost-effective. The carbon dioxide released during this process is considerably low. The growing concern for mitigating and lowering the construction industry's carbon footprint to save the environment from the hostile effects of greenhouse gas emissions is boosting the application of green cement and concrete in the industrial, residential, commercial, and public infrastructure sectors. In 2022, the commercial and public infrastructure segment held the largest share of the market and is expected to hold the largest share through the forecast period 2022–2030.
Go through further research published by The Insight Partners:
Green Cement Market- Global Analysis and Forecast to 2025
Green Building Market- Global Analysis and Forecast to 2030
Non-residential Green Building Market- Global Analysis and Forecast to 2030
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