PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1358224
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1358224
Green Cement Market size was valued at USD 32,540.8 million in 2022, expanding at a CAGR of 12.6% from 2023 to 2030.
Green cement is a revolutionary development in the construction industry. It is a sustainable eco-friendly cement that can reduce the global carbon footprint of cement production. According to statistics, traditional cement production accounts for around 8% of global carbon dioxide emissions, however this can be greatly reduced by using green cement. The construction industry has continuously sought better, stronger, and more long-lasting concrete.
As a result, green cement appears to be the ideal solution. It is environmentally good since it uses industrial waste, minimizes carbon dioxide emissions, and requires less energy to produce. In addition, Green cement, is extremely resilient and long-lasting. It exhibits high early strength, resilience, durability, crack resistance, and low chloride permeability. It has three to four times the corrosion resistance of regular cement. Green cement is the building material of the future. It is not only environmentally beneficial, but it also serves as an excellent replacement for traditional cement due to its high tensile strength and corrosion resistance. Modern houses constructed with such materials are evaluated highly in the green homes grading system, which is an excellent inducement for builders to go green.
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. Asia Pacific is expected to dominate the growth of the Green Cement Market, due to industrialization and rising infrastructure development activity. As industries expand, there is a greater need for infrastructure, which increases demand for construction materials such as green cement. Regional governments are heavily investing in infrastructure projects such as roads, bridges, airports, and urban development plans. China's industrial production increased 3.7% year-on-year in July 2023, slowing from a 4.4% rise in June and below forecasts of 4.4%, due to softer rises in manufacturing activity (3.9% vs. 4.8%) and mining output (1.3% vs 1.5%), predicted by Trading Economics. Europe is projected to second largest market for green cement in the forecast period, due to Rising Demand from the Residential Construction Industry.
The green cement sector is well-equipped for expansion. Existing large businesses and new entrants will strive for market supremacy. Demand is being driven through regulatory forces and shifting customer tastes toward more sustainable products. Companies that can create high-quality green cement at reasonable prices while effectively marketing its environmental and performance benefits will certainly succeed. Many prominent cement makers have launched a line of green cement products in anticipation of the industry trend toward sustainability. This means that big traditional cement industry huge companies can be both competitors and participants in the green cement market.
In Feb 2023, CEMEX, S.A.B. de C.V. announced nowadays that it has signed an agreement with green fuels producer ETFuels, to transform CO2 from CEMEX's Alicante cement plant in Spain into green fuels. This carbon utilization project, groundbreaking in its scope and potential contribution to European energy security, demonstrates significant progress in testing and scaling technologies that are designed to contribute to accelerating decarbonization efforts in the cement production process.
The scope of this report covers the market by its major segments, which include as follows: