Green cement’s global market value is forecasted to grow from US$21.42 billion in 2018 to US$43.59bn by 2026.
Reports & Data, a U.S. headquartered global business market intelligence consultancy, says the multi-billion dollar rise in green cement sector value will be fuelled by a compound annual growth rate (CAGR) of 8.7% during the 2018-2026 period.
The market is said to be primarily driven by the growing construction activities in emerging economies, increased use of alternative fuels from renewable and waste materials and increased efforts to reduce carbon emissions.
In its new report Reports & Data notes that the green cement market is highly fragmented in nature with different players involved in production and distribution.
An environmentally friendly replacement for the Portland cement, green cement is in its introduction stage as several companies are still carrying out research and development activities to improve the properties and capabilities of the product. Due to strict environmental regulations, government initiatives to improve tax conditions and subsidies for the production of green materials, demand is expected to rise further over the forecast period.
The Reports & Data research report continues: “Due to the emergence of Limestone Calcinated Clay Cement (LC3) and Frerrocrete technologies to improve the effectiveness of green cement, the green cement market is expected to witness rapid technological developments over the forecast period.
“As alternative fuels derived from waste materials such as solid recovered fuels, foundry sand, animal meals, used oil, filter cakes, sewage sludge, and fly ashes are increasing, demand for green cement is also increasing. The main factor that boosts this market's growth is the growing need to reduce carbon emissions and use clean and green fuel. The global green cement market is also supported by governments around the globe in promoting sustainable building and green architecture, which is certified as a leader in energy and environmental design (LEED).”
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