Green cement volumes to rise at a CARG of 7.6% up to 2024
According to report published by Grand View Research, global green cement market is expected to reach US$37.76bn by 2024. Growing awareness regarding reduction in carbon emissions and its detrimental effect on the environment will fuel market growth.
The commercial sector will be the fastest-growing green cement market and is expected to witness volume growth at a CAGR of 7.6 per cent from 2016 to 2024 as a result of its increasing application in commercial establishments such as office spaces, shopping malls, theatres and hospitals, according to Grand View Research.
Furthermore, the study suggests that superior properties including greater resistance to extreme weather conditions, compressive strength and short setting time are expected to stimulate industry growth.
The North America market was valued at US$6.78bn in 2015 and will show significant rise owing to stringent regulations of the Environmental Protection Agency (EPA) and increasing consumer demand for the clean source of energy. Strict rules by regional agencies on account of the rising concerns over climate change will propel product consumption over the forecast period.
The Asia Pacific region will witness significant revenue growth at a CAGR of 9.3 per cent from 2016 to 2024 in light of growing construction sector in the emerging economies of India and China which will result in market expansion.
Owing to stringent laws regarding pollution and necessity for developing green construction, cement producers are diversifying and integrating their role across the value chain. Manufacturers are also investing heavily in research and development. Key participants in the green cement sector include China National Building Material Co Ltd, Cemex, Italcementi, Calera Corporation, LafargeHolcim and HeidelbergCement AG.
In May 2016 structural construction for Chile ‘Green Town Program’ phase I was completed. This step is a landmark achievement for CNBM in promoting the ‘Green Town’ strategy. Green town and green building projects will drive the green cement sector significantly.
