Published By : 22 Dec 2016 | Published By : QYRESEARCH
The global market for green cement is likely to tread along healthy growth track due to its own advantages. This type of cement is known for providing superior fire resistance and excellent thermal insulation. Its property of utilizing less water is translating into its greater uptake in construction activities.
According to a report by Transparency Market Research (TMR), the valuation of the global green cement market was US$14.80 bn in 2015 and is poised to rise to US$38.10 bn by 2024, expanding at a CAGR of 11.3% from 2016 to 2024.
Government Initiatives for Green Architecture to Back Growth of Market
With the increasing global average temperature, there is a pressing need to reduce carbon footprints. This trend is creating high demand for green cement as it is derived from waste materials such as used oils, foundry sand, solid recovered fuels, filter cakes, sewage sludge, animal meals, and fly ashes. The market is also receiving a fillip from favorable government initiatives, which are promoting green architecture to ensure sustainable infrastructure. The upcoming projects such as the construction of nuclear power plants, bridges and pavements, and other infrastructural developments are estimated to immense growth opportunities for the market.
Rapid Infrastructural Development to put Asia Pacific at Forefront
The key regions studied in the report are North America, Europe, Asia Pacific, and Rest of the World. Europe represented the lion’s share in terms of revenue in 2015. The growth of the region can be attributed to the presence of strict government policies aiming at the reduction of carbon footprints and the growing skepticism related to the taxes that could be imposed on industrial emissions. However, Europe is expected to lose its position to Asia Pacific during the forecast period. The phenomenal demand for green cement across the region is fuelled by the increasing construction activities and rapid infrastructural development. Moreover, the increasing government initiatives towards the development of sustainable living spaces are likely to bode well for the growth of the market. The high demand for green cement from the residential sector is contributing to the growth of the North America market.