Green Cement Market revenue to exceed $678.2 Mn by 2026
Published Date: October 26, 2020 Authors: Kiran Pulidindi, Sayan Mukherjee
Green Cement Market size is likely to cross USD 678.2 million by 2026; according to a new research report by Global Market Insights, Inc.
Rapidly growing construction industry in developing economies will drive market growth
The world construction market is expected to grow at a significant rate owing to rapidly growing economies such as India, China, Brazil, South Africa, etc. Green cement is witnessing increasing demand from upcoming markets owing to the product’s green nature. It’s eco-friendly nature minimizes the carbon footprint of cement production and resolves environmental issues regarding global warming. According to experts, cement is responsible for around 8% of the world's carbon dioxide (CO2) emissions. Green cement can reduce carbon footprint by 40%; thus, as a sustainable business practice, more construction companies are adopting it for construction.
Apart from reducing carbon dioxide emissions, green cement exhibits excellent qualities such as reduced porosity and enhanced mechanical strength. The product manufacturing process also helps to maintain cement strength. Green taxes can be levied on traditional Portland cement, raising product prices twice; thus, green cement is also more economically viable compared to other options available in the market. As it offers price and quality benefits, green cement is witnessing strong demand from developing economies.
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The rising construction industry in Asia pacific due to rising infrastructure spending and increasing demand for residential dwellings and commercial spaces will drive the green cement market demand. However, structures or buildings, which are made to last for longer period cannot use green cement. Green cement has a shorter lifespan compared to traditional cement; thus, limiting the area of applications.
Browse key industry insights spread across 200 pages with 151 market data tables & 16 figures & charts from the report, “Green Cement Market Size By Product (Fly-Ash Based, Slag Based, Recycled Aggregates), By Application (Residential, Commercial, Industrial), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
The covid-19 has a significant impact on the construction industry globally. The construction industry is labor-intensive and highly depend on economic growth of a country. Covid-19 pandemic has slowed down the economy & thus hampering the market growth. Moreover, the shortage of labor has created new challenges for the construction industry.
Increasing demand for precast concrete will drive slag-based green cement market growth
The slag-based green cement segment to register 2.9% CAGR growth in terms of volume through 2026. It is heavily used in precast concrete, ready-mixed concrete, soil cement, masonry, and high temperature-resistant building products. Precast concrete has been witnessing a strong demand in Europe and North America. Increasing population and rising urbanization are propelling the precast concrete demand.
Rising growth of residential dwellings demand in North America and Europe
Residential application will reach approximately USD 321.4 million revenue by 2026. Increasing population in North America and Europe is fueling the demand for residential dwellings such as houses, apartments, bungalows, etc. Europe construction started to bloom in the recent years owing to increasing residential apartment demand. Increasing working class population in the cities will drive residential construction.
Increasing commercial and residential construction activities in North America
North America green cement market which is estimated to witness CAGR of over 3.5% during 2020 to 2026. North America is witnessing strong growth of construction activities in the residential & commercial sector. The increasing need for additional office spaces in major cities will drive product demand in the commercial construction sector. The renovation of aging infrastructure in countries, such as the U.S., will also drive the regional market demand.
Strategic partnerships and agreements will help manufacturers to push products into the market
Green cement is comparatively new and the market will largely be driven by increasing need for eco-friendly materials in construction. Strategic partnerships and agreements will push products in the market, creating more green cement market growth opportunities. In July 2020, Hoffmann Green Cement Technologies announced that it signed an exclusive supply agreement with CAPREMIB, a precast concrete designing company.