Green cement, a cementitious material that can be manufactured by using industrial waste, is becoming an important part of construction.
Green cement can reduce the carbon footprint needed to produce a ton of cement by 40-50 percent. It offers thermal and fire resistance properties and resistance to alkali attack during climate and weather changes. The trend towards green construction is a major factor in the growth of the green cement market.
Globally, sales of green cement are set to reach $37.76 billion by 2024, according to a new report. The commercial sector will be the fastest growing market and is expected to witness volume growth at a CAGR (compound annual growth rate) of 7.6 percent from 2016 to 2024.
Several properties of green cement, including greater resistance to extreme weather conditions, compressive strength and short setting time, are also expected to stimulate industry growth.
The North America market was valued at $6.78 billion in 2015 and will show a significant rise due to environmental regulations and increasing consumer demand for use of green materials.
Rising concerns over climate change will propel product consumption during the forecast period. The Asia Pacific region will witness significant revenue growth at a CAGR of 9.3 percent. The push for green construction and technological advancements will help the market stay strong.