Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Green Cement Market.
The global green cement market is expected to grow at an 8.7% CAGR from 2023 to 2029. It is expected to reach above USD 46.82 billion by 2029 from USD 22.10 billion in 2022.
Green cement is a cementitious substance made from industrial waste such as waste from power plants, reclaimed concrete, waste from mining and quarrying, burnt clay, and slag. Green cement is largely employed in the construction of residential, non-residential, industrial, and infrastructural projects. Green cement has the potential to reduce carbon emissions by 40% to 50%. It also has excellent thermal and fire-resistant characteristics. Additionally, it has good alkali resistance throughout climate and weather variations.
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The Environmental Action Fund (EAF) offers financial aid to both voluntary and community sector groups to support the Government’s sustainable development projects within England. For this, EAF provided funds of $33.6 million to $1.01 billion up to 3years. Furthermore, the construction sector has a direct connection with several diverse sectors, such as energy, logistics, manufacturing, and so on. Therefore, growth in these sectors will assist in the green cement market growth. Additionally, China’s belt and road initiative will further propel the market growth during the forecast period.
Green Cement Market News
- October 2022: JSW Cement announced that it plans to invest more than INR 3,200 crore (USD 390 million) to establish an integrated green cement manufacturing facility in Madhya Pradesh as well as a split grinding unit in Uttar Pradesh. The combined cement capacity across both these units will be 5 metric tonnes per annum (MTPA).
- July 2022: Hallett Group announced the launch of a USD 125 million valued green cement project that will reduce Australian carbon dioxide (CO2) emissions by 300,000 tonnes per annum immediately, growing to approximately one million tonnes per annum in the future, is taking shape across Port Adelaide, Port Augusta, Port Pirie, and Whyalla.
- In July 2022, Holcim signed an agreement with Ol-Trans, the leader in ready-mix concrete in the Gdansk-Sopot-Gdynia area, to acquire its five concrete plants. With 2022 estimated net sales of CHF 27 million, the transaction will strengthen Holcim’s local ready-mix concrete network and firmly establish it as the leader in Northern Poland.
- In May 2022, HeidelbergCement has joined the First Movers Coalition (FMC), a public-private partnership between the US State Department, the World Economic Forum and forward-thinking companies from different industry sectors. The First Movers Coalition has been created in 2021 as a platform for companies to use their scale and create demand to make emerging clean technologies accessible and scalable.
Need for Green Cement
- Look around you. Every building, road and infrastructure project you see is built using concrete. Billions of tonnes every year. Cement and the concrete it makes, are both a necessity, and a challenge. A challenge because the process to manufacture cement results in GHG emissions. And as the world wakes up to the pressing challenge of global warming, abating and avoiding these emissions is critical. At the same time, Cement is a key ingredient for developing our cities and societies: construction material is responsible for putting roofs over the heads of billions. As the backbone of the housing and infrastructure market, it also fuels widespread economic growth.
- As the world’s third largest emitter of carbon dioxide, India’s ‘net-zero’ commitment will be consequential for the planet’s fight against climate change, more so in this decade as we strive to halve global emissions by 2030 to limit global warming to 1.5°C. Amongst India’s five climate targets, Prime Minister Narendra Modi has called for reducing 1 billion tonnes of carbon emissions by 2030, with India targeting to reach net-zero emissions by 2070.
- Industrial manufacturing—producing nearly 20 percent of India’s GHG emissions—is one of the hardest to abate. Almost half of these emissions come from just two industries — iron & steel and cement—making it critical to decarbonize these sectors if India is to achieve its net-zero goal. The cement industry as a whole is responsible for nearly 7% of the total CO2 emissions globally.
- Evolving regulations and the increasing frequency of natural disasters are changing how construction industries design, build and operate critical infrastructure, from public infrastructure to industries, to real estate.
- The cement industry’s role in providing sustainable infrastructure requires a holistic approach. This includes decarbonization of not only construction processes but materials as well- creating ways to manufacture and promote greener cement alternatives.
Future Hopes for Greener Concrete
- There are even more ideas on the horizon that haven’t come to fruition yet. Something like capturing CO2 during production is a promising idea similar to carbon capture during coal-fired electricity generation.
- Hopefully, another alternative will be carbon-negative cement, which would replace quicklime with magnesium oxide. Neither of these has quite gotten the momentum they need.
- But researchers know the potential of these ideas. The next steps are to get clients and contractors to use the newer, greener options. Keep an eye out for these alternatives! You can find sustainable options for just about everything.
North America dominated the green cement market with a share of more than 45%, followed by APAC and Europe.
The demand for new homes in the United States has been continuously increasing in recent years, owing to the country’s growing population and rising consumer incomes. The US Census Bureau has been issuing more permits for the construction of new residential buildings in response to the growing trend of multi-family buildings and the increase in migration to cities. The growth of new home development in the United States has also been fuelled by a reduction in typical household sizes, with single-family housing rising at a rapid rate. Furthermore, during the projected period, the aforementioned reasons, together with a growing focus on green buildings, are offering prospects for green cement to be used in the construction sector at a significant pace
Green Cement Market Dynamics
Driver
- The green cement market is driven due to the growing use of specialty green cementing polymer synthesis is the growth driver for the underground specialty cement industry. Utilized in wires and links, devices, conductive bundling, film and sheet, filaments, mouldings, and lines are the polymer created using specialty green cement. Specialty green cement is increasingly being employed to give polymers unmatched functions like UV security and conductive characteristics. Green cement also has a wide range of applications in the construction of printing inks as a result of its extraordinary pigmenting ability. The need for specialty green cement is being driven by the overall growing interest in printing inks in the packaging industry during the anticipated period.
- There has been a move toward eco-friendly supplies as environmental damage from carbon emissions is becoming more widely recognized. Green cement is therefore frequently used in domestic, business, and industrial construction. Furthermore, the use of green cement and the construction of eco-friendly buildings have been encouraged by stringent laws and regulations that have been passed by governments of both established and emerging nations.
Restraint
- The high expenditure needed to produce green cement is anticipated to adversely hinder market expansion. Because investing in a novel product or production technique carries a certain amount of risk, both manufacturers and consumers are hesitant to purchase green cement. Green cement production has comparatively greater startup and production costs than OPC manufacturing. Lack of product understanding among many consumers and in the construction industry across many countries is also having a negative effect on demand. Since the product is still being developed, many companies are spending more money on R&D initiatives to produce more advanced and practical products that may lessen the carbon impact of cement production.
Challenges
- Increase in the Construction Costs
- Lack of Awareness Regarding Green Cement
Green Cement Key Market Trends
- Green cement use has increased in the residential sector as a result of an increase in building rules and legislation that demand energy-efficient buildings.
- For instance, the latest changes to Canada’s energy code now require continuous below-grade insulation in residential constructions. Green cement is in high demand in emerging economies, including India.
- The emphasis on creating zero waste regions is growing as a result of rising demand for sustainable products and the adoption of strict carbon emission rules. Additionally, strict US Environmental Protection Agency (EPA) laws surrounding GHG emissions are driving up consumer demand for renewable energy sources in North America.
- Additionally, throughout the course of the forecast period, the residential green cement market is anticipated to be driven by rising consumer awareness of the energy advantages of green homes, particularly in developed countries.
Benefits of Green Cement Present Lucrative Opportunities
- Demand for green cement is anticipated to witness a spike due to its benefits. This type of cement is known for reducing the carbon footprint by about 40-50% during its production process.
- The main reason for the rising uptake of green cement in growing number of construction activities is the fact that it uses less water. Additionally, it provides excellent thermal insulation and superior fire resistance, which enables structures built with green cement to withstand temperatures up to 2400F.
- Green cement is known to offer unmatched insulation; therefore, it also makes the building resistant to moisture, thereby offering it a good protection against corrosion as well.
Green Cement in Residential Sector Generates Opportunities
The global green cement market is majorly driven by factors such as rapid urbanization in developing countries, growth in building & construction activities, rising demand for single homes, etc. Green cement market growth is a result of rising disposable money and shifting customer lifestyles. Due to its better thermal insulation and fire protection qualities, green cement is an excellent replacement for ordinary Portland cement (OPC). Green cement is in greater demand due to expanding building and growth in emerging industries. Green cement-built structures can endure temps of up to 2400°F.
Green cement is a material produced from industrial wastes, burnt clay, slag, power plant wastes, recycled concrete, etc. Additionally, because it offers superior resilience to alkali assault during weather changes, green cement is frequently used in a variety of building & construction projects. Manufacturers in the green cement industry can anticipate lucrative opportunities as a result of this aspect. Because of its superior insulation qualities, green cement provides security against rust.
Green Cement Market Report Scope
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Report Attribute
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Details
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Market size value in 2022
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USD 22.10 billion in 2022
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Revenue forecast in 2029
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USD 46.82 billion by 2029
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Growth rate
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CAGR of 8.7% from 2023 to 2029
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Base year for estimation
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2022
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Historical data
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2017 – 2022
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Forecast period
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2023 – 2029
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Quantitative units
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Volume in kilo tons, revenue in USD million and CAGR from 2023 to 2029
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Report coverage
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Revenue forecast, company ranking, competitive landscape, growth factors, and trends
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Segments covered
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Product, application, region
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Regional scope
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North America; Europe; China; Asia; Pacific; Central & South America; MEA
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Country scope
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U.S.; Canada; Mexico; Germany; U.K.; France; Italy; Poland; Spain; India; Japan; Thailand; Malaysia; Indonesia; Vietnam; Singapore; Philippines; Brazil; Argentina; Saudi Arabia; UAE; Oman
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Key companies profiled
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HeidelbergCement AG, LafargeHolcim Ltd., UltraTech Cement Ltd., Taiwan Cement Corporation, ACC Limited., Taiheiyo Cement Corporation, Anhui Conch Cement., CEMEX S.A.B. de C.V., Ecocem Ireland Ltd., Calera Corporation, and Green Island Cement Limited
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Key Market Opportunities
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Green cement is becoming more popular in the residential sector as a result of an increase in the number of building rules and policies requiring energy-efficient structures.
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Some of the major players in the green cement market are
- ACC Limited
- Anhui Conch Cement
- Solidia Technologies
- Taiheiyo Cement Corporation
- UltraTech Cement Limited
- Votorantim Cimentos
- Ecocem Ireland Ltd.
- Heidelberg Cement
- Kiran Global Chems
- LafargeHolcim Ltd.
- Navrattan Blue Crete Industries
- Taiwan Cement Corporation
- CNBM
- Navrattan Group
- Italcementi
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Key Market Segments:
Green Cement Market by Product Type, 2023-2029, (USD Million), (Kilotons)
- Fly-Ash Based
- Slag Based
- Recycled Aggregates
- Others
Green Cement Market by Product Type, 2023-2029, (USD Million), (Kilotons)
- Residential
- Commercial
- Industrial
- Others
Green Cement Reduces Carbon Footprint
The global green cement market is negatively affected by halted businesses and industrial activities during the coronavirus outbreak. The building & construction industry is also suffered due to prolonged lockdown and disruption in supply chain. Green cement is widely used in residential and non-residential construction projects across the globe. There is an increasing demand for green cement from industrial and infrastructure applications as well. One of the top reasons of popularity of green cement in various end-use industries is its capability of reducing carbon footprint by 40-50% at the time of its production.
In addition, excellent thermal and fire resistance properties of green cement make it a good choice for building & construction projects. Many developers and builders are adopting environment-friendly products to reduce the carbon footprint, and its harsh effects on the environment. After successful vaccination drives, the residential sector is booming, thus creating lucrative opportunities for the market players in the green cement market. The strong presence of manufacturers operating in the green cement market is driving market growth amid the coronavirus pandemic. Increasing usage of green cement in building & construction, residential & non-residential, industrial, and infrastructure applications is contributing to market expansion.
Increasing demand for sustainable construction materials
Limited availability of raw materials, depletion of natural fuel resources, and rising cement demand and environmental concerns are acting as challenges for the cement industry. This is boosting demand for alternative fuels from renewable energy resources and supporting recycling of waste materials. It is estimated that for the production of every ton of OPC, an equal amount of carbon dioxide gets released into the atmosphere. The energy requirement during the production of OPC can be reduced with cement manufactured from locally available minerals and industrial wastes. These can be blended with OPC either as a substitute or can be fully replaced with novel clinkers. Green cement minimizes carbon footprint of cement production by 40%. The emission of carbon dioxide with the help of green cement can be limited to 30% or even less in comparison to the conventional methods. Moreover, the need for freshwater in RMC can be minimized by around 50% with the help of green cement. Increasing initiatives regarding the construction of green buildings and demand for sustainable cements for green building construction are expected to increase the utilization of green cement. Green cement is resistant to temperature changes and can therefore reduce the costs involved in cooling and heating.
High investment required for the production of green cement
High investment required for the production of green cement is expected to adversely affect the market growth. The risk associated with investment in an innovative product or production technology is preventing manufacturers as well as consumers from investing in green cement. Set-up and production costs for green cement is relatively higher than that for production of OPC. Moreover, lack of awareness regarding the product in the construction sector a number of countries and among many consumers is also adversely affecting demand. Since the product is at an early stage of development, many companies are increasingly investing in research and development activities to produce more advanced and effective product, which could further minimize carbon footprint of cement production. Manufacturing companies and investors can adopt green cement manufacturing process with the help of incentives offered by the government.
Key Question Answered
- What is the current size of the green cement market?
- What are the key factors influencing the growth of green cement?
- What is the major end-use industry for green cement?
- Who are the major key players in the green cement market?
- Which region will provide more business opportunities for green cement in future?
- Which segment holds the maximum share of the green cement market?
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