In 2017, the global green cement market size was valued at USD 20.24 billion and is expected to grow significantly in the coming years owing to its eco-friendly nature. Out of the most widely used construction materials in the world, cement is the major contributor to the climate change. The cement production involves large amount of CO2 emission, contributing to about 8 percent of global CO2 emissions per year. Hence, the demand for green cement is growing year-on-year dealing with the fact that, the new eco-friendly alternative has less carbon footprint than the traditional cement manufacturing processes. This, eventually, will have a positive impact on the global green cement market.
It’s being expected that by 2031, the Green Cement market cap will hit US$ 73.7 Bn at a CAGR growth of about 11.3 %.
According to the report provided by International Energy Agency, global cement production is set to rise to over 5 billion tons a year over the next 30 years. Economic development and rapid urbanization in regions such as South-east Asia and Africa will increase the demand for new construction and thus for cement. Also, the demand for cement is not limited housing. Cement is required to provide clean water, sanitation and energy services. According to the Paris agreement on climate change, the annual emissions of the cement sector should fall by 16 percent by 2030. Therefore, many organizations are working on alternatives for production of traditional cement, one them is green cement. As a result, the global green cement market is poised to grow significantly in the forecast period.
Disruptive trends around the cement industry can create new opportunities to accelerate the growth green cement market. 3D printing is one such example of a disruptive technology which can be used as an alternative for constructing houses without any need of concrete.
The global green cement market is segmented on the basis of its applications, which includes residential, commercial, industrial and others. Among these, the residential segment had the highest market share followed by commercial. In developed regions of North America and Europe, green cement market share is high owing to its use for residential purpose undertaken by small, private projects. However, with the advent of urbanization and economic development, nations such as India, China, South Korea and Japan are slowly switching to Portland cement alternatives. Hence, the commercial segment of the global green cement market is anticipated to grow with the highest growth rate in the forecast period.
Geographically, the global green cement market is segmented into five regions North America, Europe, Asia-Pacific, Latin America and Middle-East & Africa. Among these, North America has the largest green cement market share owing to the stringent government regulations. Moreover, countries such as the US and Canada are characterized by higher adoption of sustainable solutions to lower harmful environmental impact. For instance, Virginia based company called Ceratech have developed a product called Ekkomaxx which comprises of 95% fly ash and 5% liquid additives. Also, a research conducted at the Massachusetts Institute of Technology Concrete Sustainability Hub found that by lowering the ratio of calcium to silica would reduce the greenhouse gas emissions by 60%. However, the highest growth rate of the green cement market is anticipated in the forecast period is for Asia-Pacific region.
The competitive landscape of global green cement market consist of global as well as some regional players including Anhui Conch Cement Company, CEMEX S.A.B. de C.V., Calera Corporation, China National Building Material Company Limited (CNBM), LafargeHolcim, HeidelbergCement AG, Ecocem Ireland Ltd, Taiheiyo Cement Corporation, Taiwan Cement Corporation, Votorantim cimentos S.A. and others. Major cement manufacturers are re-examining their business models with the advent of growing competition, investor expectations and climate-risk. There will always be a first mover advantage for the players who align deep cuts in emissions with significant opportunities and increased profitability in this evolving green cement market.
Green Cement Market Scope
|Revenue forecast in 2031
|US$ 73.7 Bn
|CAGR of 11.3% during 2021-2031
|By Type, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Anhui Conch Cement Co., Ltd., Holcim Group, UltraTech Cement Limited, Cemex, China National Building Material Co., Ltd. (CNBM), Ital cement, Heidelberg Cement, Navrattan Blue Crete Industries Pvt., Ltd, Siam Cement Group Public Company and Taiheiyo Cement Corporation.
Key segments of the global green cement market
Application Overview (USD Billion)
Regional Overview, (USD Billion)
- North America
- Asia Pacific
- Latin America
- Middle-East & Africa