Green Cement Market
According to Fortune Business Insights, The global green cement market size was valued at USD 35.65 billion in 2023 and is projected to grow from USD 39.32 billion in 2024 to USD 83.28 billion by 2032, exhibiting a CAGR of 9.9% during the forecast period. North America dominated the green cement market with a market share of 37.17% in 2023.
Green cement, an eco-friendly alternative, is produced using discarded waste such as blast furnaces and fly ash. The increasing demand for residential buildings due to global infrastructure developments and population growth is driving the market growth. Fortune Business Insights presents this information in their report titled "Green Cement Market, 2024–2032."
Major Players Profiled in the Report:
- JSW Cement (India)
- Green Cement Inc. (U.S.)
- Holcim Ltd (Switzerland)
- ACC Limited (India)
- UltraTech Cement Limited (India)
- Anhui Conch Cement (China)
- CEMEX S.A.B. de C.V. (Mexico)
- CRH plc (Ireland)
- CarbonCure Technologies Inc. (Nova Scotia)
- Heidelberg Cement (Germany)
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Segments
Growing Adoption and Environmental Benefits Propel Fly Ash's Market Leadership
By type, the market is segmented into fly ash, slag, recycled aggregate, and others. The fly ash segment dominates the market and is expected to maintain its leadership due to increasing adoption as a sustainable alternative to portland cement.
Green cement is an environment-friendly cement mainly processed through discarded waste, including blast furnaces and fly ash. The manufacturing process of this cement is extremely energy sufficient as major producers use advanced technologies, thereby aiding in lowering carbon emissions. According to JK Lakshmi Cement Ltd., green cement in buildings can reduce up to 40% of their carbon footprint.
Growing Consumer Preference and Regulatory Support Fuel Residential Segment's Growth
By application, the market is classified into residential, non-residential, and infrastructure. The residential segment holds the largest green cement market share globally, driven by increasing consumer demand for sustainable buildings to improve living standards, with government regulations supporting green building construction activities.
From the regional ground, the market is segmented into North America, Europe, Asia Pacific, and Rest of the World.
Report Coverage
The research report presents a comprehensive market examination, emphasizing crucial elements, including the competitive environment, distribution channels, and prominent product categories. Furthermore, the report provides valuable observations on market trends and significant industry advancements. Apart from the aforementioned factors, the report encompasses numerous variables that have bolstered market expansion in recent times.
Drivers and Restraints
Increased Product Adoption Gains Ground in Residential Construction, Catalyzing Market Growth
The rising demand for green cement in residential buildings, driven by population growth, urbanization, and consumer disposable income is expected to boost its adoption. Increasing building policies and codes for energy-efficient structures also contribute to the product's adoption in the residential sector. Government projects in Canada, such as the New Building Canada Plan and Affordable Housing Initiative, are further driving product adoption in the industry.
However, limited awareness, complexities in advanced manufacturing, and high expenses associated with technology may impede the adoption of products, impeding the green cement market growth.
Regional Insights
North America Leads with Rising Infrastructure Development and Favorable Regulations
The North America market size was USD 12.0 billion in 2022, driven by rising infrastructure development, supportive environmental regulations, and urbanization. The U.S. holds the dominant share and is expected to lead the market during the projected period.
The Asia Pacific market is thriving due to the development of the construction industry and growing population, leading to increased adoption of green cement in commercial and residential spaces.
Information Source: https://www.fortunebusinessinsights.com/green-cement-market-107251
Competitive Landscape
Leading Players Pioneering Sustainable Solutions to Sustain Market Dominance
Major players in the market are actively engaged in processing green-cement and implementing initiatives to reduce global CO2 emissions. They focus on developing sustainable solutions to lower carbon emissions and achieve emissions below the global average. These efforts demonstrate their commitment to environmental sustainability and the advancement of green construction materials.
Key Industry Development
November 2023: Heidelberg Cement launched the low-carbon cement brand to reduce greenhouse gas emissions during the cement manufacturing and mixing process.
October 2022: JSW Cement planned to invest USD 390 million to begin an integrated green cement production facility in Madhya Pradesh and a split grinding unit in Uttar Pradesh. The proposed investment includes a 2.5 MTPA grinding capacity, 15 MW Waste heat recovery system, and 2.5 MTPA clinker capacity.
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