In 2024, the green cement market is expected to grow US$35.680 billion from US$20.535 billion, by growing at the CAGR of 9.65% during forecast period. Green cement basically a name given to the cement in which an extra step is taken during the mix design and placement to insure that it will have long sustainable structure and life cycle with a low maintained surface, as it will help in the reduction of carbon footprint by reducing the emission of CO2 and will also help in energy and water saving.
On the basis of product the green cement market includes granulated blast furnace slag, fly ash based, recycles aggregates and others, while on the basis of geography is divided into North America, South America, Europe, Middle East and Africa and Asia Pacific.
Market Trends Increasing The Demand For Green Cement
Due to the awareness of the carbon footprints and the support of the government in constructing ecological buildings had increased the use of green cement, which are resulting in the growth of manufacturers of the green cement.we are representing green cement market share by region below.
As the market is growing the manufacturers of green cement are also focusing and investing in the technological advancements to refine the manufacturing process, as they are blending the raw material to produce a cost effective and efficient product for the production of green cement And currently North America is majorly contributing by investing in the construction of the green buildings.
Promotion of Green Cement By Government
Currently government is making many strict rules and regulations for using of green cement and also investing in the construction of the ecological buildings. There are many countries and regions like North America, Europe Asia Pacific where the government and environment protectionist like United States Environment Protection Agency made strict regulations for using green cement for the construction of the buildings. And by the focus of government towards the reduction of carbon footprints it is anticipated in the rapid growth in green cement market.
Green Cement Market By Application
By application, the green cement market is segmented into Commercial application, residential application and industrial application. The residential application held the largest share and estimated to dominate the green cement market with 52.49% share and further expected to grow rapidly, it is holding the largest share because of the rise in disposable income and reduction in the borrowing cost has anticipated in the increase demand of residential units. At the same time, the commercial applications of this segment are also growing due to the increase in the development projects like shopping centers, educational structures, etc. by the government and businessman whereas industrial application is expected to provide growth opportunities to the green cement manufacturers.
By application, the green cement market is divided into residential, commercial and industrial. The residential application holds the largest share in the green cement market in 2018 and is rapidly growing in forecasted period and will maintain its position till 2024, because of the low burrowing cost and increased personal income. The commercial application is also expected to grow in the expected forecast period due to the investments and development projects done by government and other private businesses for building malls, schools, etc. which will robust the growth of green cement market.