Sep 14, 2022, 07:30 ET
- The extensive use of fly ash and slag-based green cements in manufacturing industries throughout the world is anticipated to drive market expansion.
- Governments are launching campaigns to highlight the advantages of utilizing green cement for environmentally friendly residential construction. According to projections, this factor is expected to raise demand for green cement across the Asia Pacific.
WILMINGTON, Del., Sept. 14, 2022 /PRNewswire/ -- In 2020, the global green cement market size stood at US$ 22.7 Bn. The sales forecast for green cement market anticipates the global market to rise at a CAGR of 11.3% during the forecast period, from 2021 to 2031. The global market for green cement is anticipated to surpass valuation of US$ 73.7 Bn by 2031. The demand for green cement is being driven by its growing use in various building and construction projects to reduce carbon footprint, across various countries.
In order to gain an advantage over competitors, businesses in the green cement market can expedite product innovation and open up new income streams. Market participants are expanding their service offerings so as to acquire a competitive advantage. Due to soaring demand from rapidly developing countries and expanding projects of infrastructural development, the green cement market is growing. In developing nations, market expansion is influenced by a number of variables, including industrialization, rising population, and growing urbanization.
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The market for green cement is likely to observe an increase in the number of manufacturing firms from India and China. Due to the increasing demand for green cement in the Asia Pacific region, market participants are concentrating on its growing potential. Manufacturers in the green cement market are likely to observe growth due to its expanding usage in a variety of end-use sectors, including building and construction activities in Asia Pacific.
Key Findings of Market Report
- Green cement is frequently utilized in a variety of building and construction projects since it offers great resistance against alkali assault amid seasons change. Green cement is in greater demand due to expanding building and development activities in growing industries. For manufacturers competing in the green cement market, this feature is anticipated to provide profitable opportunities. The exceptional insulating qualities of green cement provide resistance against corrosion.
- By satisfying the rising demand from the rapidly expanding infrastructure & development projects, market participants are expected to profit handsomely. Rapid urbanization and increasing industrial activities are estimated to remain growth frontiers for green cement market in the years to come.
- Since it is made with hazardous materials including silica and chromium, Ordinary Portland Cement (OPC) production and use result in emissions of around 5% to 10% of carbon dioxide. In addition, as OPC manufacture demands high temperatures for kiln operation, there are growing worries about the environmental risks associated with its usage. Due to its greater thermal insulation and fire-resistant qualities, environmentally friendly green cement is an excellent replacement for ordinary Portland cement (OPC), which is likely to widen scope for green cement market.
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Global Green Cement Market: Key Players
Some of the key market players are
- China National Building Material Company Limited (CNBM)
- CEMEX S.A.B. de C.V
- Taiwan Cement Corporation
- Taiheiyo Cement Corporation
- Ecocem Ireland Ltd
- HeidelbergCement AG
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Global Green Cement Market: Segmentation
- Fly Ash Based
- Slag Based
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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