Geopolymer Market to Reach $62.5 Billion, Globally, by 2033 at 20.5% CAGR: Allied Market Research

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Aug 22, 2024, 10:20 ET

The rise in adoption of sustainable construction practices and the surge in demand for lightweight and strong materials are driving the demand for geopolymers. As the global construction industry increasingly prioritizes environmental awareness, there is a growing need for alternatives to traditional building materials with high carbon footprints, such as Portland cement.

WILMINGTON, Del., Aug. 22, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Geopolymer Market by Product Type (Geopolymer Concrete, Geopolymer Binder, and Others), and Application (Cement and Concrete, Furnace and Reactor Insulators, Composites, Decorative Artifacts, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2033". According to the report, the geopolymer market was valued at $9.7 Billion in 2023, and is estimated to reach $62.5 Billion by 2033, growing at a CAGR of 20.5% from 2024 to 2033.

Prime determinants of growth

The global geopolymer market is experiencing growth due to several factors such as a rise in adoption of sustainable construction practices, and surge in demand for lightweight and strong materials. However, variability in raw material availability hinders market growth to some extent. Moreover, rapid infrastructure development presents additional opportunities for geopolymer.

The aerospace and automotive industries are increasingly turning to geopolymer materials due to their lightweight and strong properties. Geopolymers offer a viable alternative to traditional materials such as metals and composites, meeting stringent performance requirements while reducing overall weight. This weight reduction translates to improved fuel efficiency in automobiles and enhanced payload capacity in aerospace applications. Moreover, geopolymer-based components exhibit excellent resistance to corrosion, heat, and fatigue, ensuring longevity and reliability in demanding operating conditions. According to the Aerospace Industries Association (AIA) , the aerospace and defense industry's workforce generated $952 billion in combined sales in 2022, a 6.7% increase from the prior year. In addition, the A&D industry generated $418 billion in economic value, which represented 1.65% of total nominal GDP in the U.S. As these industries prioritize sustainability and performance, the surge in adopting geopolymer materials drives the demand for the geopolymer market.

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Report coverage & details:

Report Coverage

Details

Forecast Period

2024–2033

Base Year

2023

Market Size in 2023

$9.7 billion

Market Size in 2033

$62.5 billion

CAGR

20.5 %

No. of Pages in Report

340

Segments Covered

Product, Application, and Region.

Regional Scope

North America, Europe, Asia-Pacific, LAMEA

Drivers

Rise in adoption of sustainable construction practices

Surge in demand for lightweight and strong materials

Opportunity

Growth in emphasis on recyclability and circular economy

Restraint

Variability in raw material availability

Geopolymer concrete segment maintains its dominance by 2033

By product type, the geopolymer concrete segment held the highest market share in 2023 and is estimated to maintain its leadership status throughout the forecast period. Geopolymer concrete offers superior durability and strength compared to conventional concrete. Its chemical composition and curing process result in a denser and more tightly bonded material, exhibiting excellent resistance to corrosion, chemical attack, and abrasion. This enhanced durability extends the service life of structures, reducing maintenance costs and mitigating the need for frequent repairs or replacements. Furthermore, geopolymer concrete offers versatility in design and application. Its customizable properties allow for tailored formulations to meet specific project requirements such as strength, setting time, and workability. This adaptability makes it suitable for a wide range of applications, from infrastructure projects to architectural elements, facilitating innovation and creativity in construction design.

Cement and concrete segment is expected to lead the market by 2033

Based on application, the rigid and panel segment held the highest market share in 2023 and is estimated to dominate during the forecast period. The manufacturing process of Portland cement is highly energy-intensive and generates significant carbon dioxide emissions where geopolymer synthesized using industrial by-products such as fly ash, blast furnace slag, and other aluminosilicate materials, which reduces the consumption of natural resources and minimizes greenhouse gas emissions. In addition, the economic benefits associated with geopolymer technology further drive its application in the cement and concrete industry.

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Asia-Pacific is expected to grow faster throughout the forecast period

Based on region, Asia-Pacific was the fastest growing region in terms of revenue in 2023. Geopolymers, being a low-carbon alternative to traditional cement, offer promising solutions for reducing greenhouse gas emissions associated with construction activities. As countries in Asia-Pacific grapple with urbanization and infrastructure demands, the need for eco-friendly construction materials becomes increasingly urgent. Geopolymers, with their potential to minimize carbon footprints while maintaining structural integrity, align well with the region's sustainability goals. Furthermore, the abundance of raw materials suitable for geopolymer production in many Asia-Pacific countries contributes to the growing adoption of this technology.

Leading Market Players: -

Orica Limited
BASF SE
Milliken & Company Inc.
PCI Augsburg GmbH
Wagners
Schlumberger Ltd
Corning Inc.
Ceramic Powder Technology AS
Banah UK Ltd

Want to Access the Statistical Data and Graphs, Key Players' Strategies: https://www.alliedmarketresearch.com/geopolymer-market/purchase-options

The report provides a detailed analysis of these key players in the global geopolymer market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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