Green cement is a cementitious material made from industrial waste that can reduce the carbon footprint of construction activities by 40-50 percent. Green cement is known to offer good insulation; make structures resistant to moisture and offer protection against corrosion as well.
A new report by Transparency Market Research predicts the global green cement market to reach $38.1 billion by 2024, expanding at a CAGR (compound annual growth rate) of 11.3 percent between 2016 and 2024.
Slag-based cement accounted for the major share of the market. Green cement is primarily used in the residential sector, but the usage of green cement in non-residential complexes and infrastructure is also rising rapidly.
Europe accounted for a significant share in the market in 2015 followed by Asia Pacific. This is expected to continue during the forecast period due to the increasing demand for sustainable products. Rising stringent regulation on carbon emission, emphasis on creating zero waste regions and implementation of carbon taxes are some of the factors fueling the market. Further rise in population is another factor that is expected to propel the market in Asia Pacific. The Middle East & Africa is also projected to be a lucrative market for green cement in the next few years due to the rise in construction activities, coupled with increase in demand for sustainable product.
The growth of this market will help the construction industry become more eco-friendly and improve projects for the future.