Cement is one of the most crucial materials in modern construction industry. It works as the binding material, which keeps other materials such as bricks, steel together intact. Green cement is a relatively new concept yet it has been used widely in the construction industry. As an initiative to reduce environmental threats produced by manufacturing of cement, green cement has opted for construction. Green cement is a form of cement, which is produced with the help of a carbon-negative manufacturing process. It means harmful emissions during the manufacturing of cement are minimized, making that cement eco-friendly. Green cement offers various advantages over ordinary Portland cement. For instance, it reduces carbon dioxide emissions by up to 10%, it reduces water consumption by 20 percent.
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Global green cement market size was valued at US$ 21.43 billion in 2018 and is expected to witness a CAGR of 8.75% during the forecast period (2019-2027), reaching US$ 43.58 by 2026. Increasing demand for an eco-friendly substitute for traditional cement is expected to boost the global green cement market in the near future. Green cement reduces the carbon emission at construction sites by 40%, which is increasing its demand and subsequently driving the market growth. Green cement is used in commercial, residential, and industrial construction. Residential area was the largest in term of volume in 2015, accounting for 44.2% market share. Moreover, growing demand for the construction of offices, shopping malls, hospitals, theaters will support the market growth during the forecast period. Furthermore, green cement is also used as a repair material in the construction industry and as a binder in waste management. Key players around the world are conducting research and development activities to improve the manufacturing technology of green cement, which will eventually drive the market growth.
Growing urbanization in emerging economies such as India, China, and South Africa poses an excellent opportunity for green cement manufacturers to enhance their revenue during the forecast period.
Market Regional Analysis
Among regions, North America is expected to hold a significant market share in the global green cement market, exhibiting CAGR of 9.12% and reaching US$ 15.68 billion by 2026. This is owing to large presence of key players in the region. However, the construction industry in North America is mature, which may hamper the market growth. Asia Pacific is expected to witness significant market growth, owing to increasing demand for green cement from emerging economies such as India and China.
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Market Key Players
Key players operating the global green cement market include Holcim Ltd., Jaypee Group, Cemex, Eurocement group, Sinoma International Engineering Co., Ltd, and Lafarge Cement Company.