Upsurge in construction activities coupled with increasing green building initiatives across the world should positively influence the green cement market outlook over the coming years.
The green cement market is slated to foresee tremendous revenue growth in coming years due to increasing awareness about the use and benefits of eco-friendly raw materials in construction. Several global governments are actively encouraging the use of sustainable products in order to tackle the looming threat of climate change. Taking the European Green deal for instance, wherein the EU devised an action plan to turn environmental and climate challenges into opportunities to make its economy sustainable. This plan includes making sure that the buildings and constructions are more energy-efficient, which created a remunerative leeway for the use of green cement, thereby stimulating its demand.
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According to report, the green cement market would likely surpass a valuation of approximately $678.2 million by 2026.
Rapid urbanization and a growing population across emerging economies would likely fuel green cement market landscape. Surging investments towards healthcare infrastructure development would also fuel the construction industry expansion, thereby fostering the overall green cement industry outlook.
The Europe green cement market dominated the global market, accounting for more than 30% of the overall industry share. Rapidly growing adoption of green cement owing to supportive regulatory scenarios, tax reliefs as well as other benefits would fuel the Europe green cement industry size. The European construction market is slowly recovering and starting to expand at a steady rate as several countries come out of strict lockdowns. Moreover, the region’s steadily expanding construction industry supported by its favorable regulatory environment should effectively propel the Europe market size further.
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With respect to product, the recycled aggregate segment is projected to witness the fastest growth in terms of volume, recording a CAGR of 3.5% through the analysis period. Increasing green building initiatives and construction activities across Europe and North America are propelling the segment share. Additionally, recycling concrete aggregate is becoming highly important since natural aggregate sources are rapidly depleting.
In terms of application, the industrial segment is likely to create substantial demand for green cement owing to the immense expansion of the manufacturing industry in Eastern Europe and the Asia Pacific. Several global organizations are shifting their respective manufacturing plants to emerging economies due to the ready availability of raw materials and cheap labor. This aforementioned trend is momentously driving the industrial construction sector growth worldwide. In fact, the industrial segment is projected to register a CAGR of 4.8% throughout the forecast timeframe.
The construction industry is being adversely affected due to the worldwide lockdowns triggered by the COVID-19 pandemic. However, the sector is poised to bounce back considerable in the near future as countries, that have COVID-19 under control, begin to ease restrictions and focus on kickstarting the economy.
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The competitive landscape of the green cement market is inclusive of players such as Siam Cement Public Company, Navrattan Blue Crete Industries, Heidelberg Cement, Kiran Global Chems, CNBM, Anhui Conch Cement Company, CEMEX, and LafargeHolcim among others.
Key players operating in the green cement market are growingly focusing on implementing strategic growth plans such as partnerships, acquisitions, and mergers among others. Taking August 2020 for instance, Breedon Group, a leading construction materials firm, reportedly signed a deal to acquire select assets from Cemex, a leading green cement manufacturing company. As per instructions from the CMA (Competition and Markets Authority), the acquired assets would be operated under the name, Pinnacle Construction Materials, a newly created business led by the firm’s own management team and working out of its own office.
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