According to Transparency Market Research green cement market estimated to reach $38.1 billion by 2024
ALBANY, New York, December 21, 2016 /PRNewswire/ — Transparency Market Research has published a new report titled “Green Cement Market for Residential, Non-residential, Industrial, and Infrastructure- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016-2024.” According to the report, the global green cement market was valued at $14.8 billion in 2015 and is anticipated to reach US $38.1 billion by 2024, expanding at a CAGR of 11.3% between 2016 and 2024.
Green cement is a cementitious material, made from industrial waste. The industrial waste comprises fly ash and slag. Fly ash is a waste derived from coal power plant and slag is a waste derived from steel or iron processing industry. Green cement reduces carbon footprint of construction activities by 40-50%. Green cement offers excellent corrosion resistance and also withstand high temperature. Green cement used in residential, non-residential, industrial and infrastructure sector
Green cement is prominently used in residential sector followed by non-residential sector. Increasing investment in residential projects coupled with increasing population density across urban regions has been fueling the demand for green cement since the last few years. This trend is expected to continue during the forecast period. However, factors such as strength and durability maintenance, high cost associated with recycling and latest technology can affect market growth. Product improvement and exploration of new technology are projected to provide lucrative growth opportunities for the green cement market.
In terms of product type, slag based cement accounted for major share of the green cement market. In terms of applications, residential sector accounted for major share of the green cement market in 2015. It is expected to expand significantly during the forecast period due to rising population and growing industries. The usage of green cement in non-residential complexes and infrastructure is also rising rapidly. This is expected to boost the market.
In terms of volume, Europe accounted for a significant share in green cement market in 2015 followed by Asia Pacific. This trend is expected to continue during the forecast period due to the increasing demand for sustainable product. Rising stringent regulation on carbon emission, emphasis on creating zero waste region and implementation of carbon taxes are some of the factors fuelling the market. Further rise in population is another factor that is expected to propel the green cement market in Asia Pacific. North America held substantial market share in 2015; however, demand for green cement is projected to remain stable in these regions due to the average growth of construction materials. Middle East & Africa is projected to be a lucrative market for green cement in the next few years owing to the rise in construction activities coupled with increase in demand for sustainable product.
Major players in the green cement market includes LafargeHolcim, Cemex, Ecocem Ireland Ltd, China National Building Materials and HeidelbergCement AG
The Green Concrete Market report segments the market into three areas: product type, application analysis and regional analysis. The product type includes fly ash-based, slag-based, geopolymer, and others. The report segments the application analysis into residential, nonresidential, industrial and infrastructure.
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