Green Cement Market: Increase in adoption of the green building concept are the major factors that fuel market growth by 2023
Green cement is a cementitious material made from industrial waste that can reduce the carbon footprint of construction activities by 4050%. In addition, structures built using green concrete have a better chance of surviving a fire along with higher resistance to corrosion. The global green cement market was valued at $14,947 million in 2016, and is estimated to reach at $36,481 million by 2023, registering a CAGR of 14.1% from 2017 to 2023. In 2016, the residential segment accounted for nearly half of the share of the total market.
The market is expected to witness various technological developments during the forecast period on account of the emergent technologies, such as LC3 and Ferrocrete, which are expected to improve the effectiveness of green cement. Furthermore, increase in environmental degradation and rise in greenhouse gas emission in the atmosphere have led several international agencies affiliated with the UN and other organizations to use green cement.
Renewable Fuel Standard Program are recent examples of EPA that focus on safeguarding the environment and maintaining the ecological balance, resulting in increased demand for green cement during the forecast period. Moreover, high adoption rate in North America and Europe, owing to the presence of strict regulations, is expected to boost the market growth.
Key Findings of the Green Cement Market
- In 2016, Europe dominated the global market, constituting around one-third share of the global market.
- In terms of volume, China was the leading consumer of green cement globally in 2016.
- The commercial segment is estimated to grow at a CAGR of 14.5% from 2017 to 2023, in terms of revenue.
- The residential segment accounted for nearly half of the market share.
- The slag-based segment accounted for the highest share in 2016, and is estimated to grow at a CAGR of 14.2%.
In 2016, Europe accounted for the highest share in the global market, attributable to the stringent regulations pertaining to carbon emissions and the growth in the taxes that could be levied on industrial emissions. However, Asia-Pacific is expected to surpass Europes share during the forecast period.
The key players profiled in the report are LafargeHolcim, HeidelbergCement AG, Anhui Conch Cement, CEMEX S.A.B. de C.V., Taiheiyo Cement Corporation, China National Building Material, Votorantim cimentos S.A., UltraTech Cement Ltd., Taiwan Cement Corporation, and ACC Limited.
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