Green Concrete Industry:
Green concrete is a type of concrete which contains waste material as one of its components in its composition. Replacement of cement with fly ash and micro silica in large volume can improve its durability. The global green concrete market report by Market Research Future (MRFR) comprises drivers and restraints that can impact the industry as well as estimations for the period of 2019 to 2025 (forecast period). The COVID-19 outbreak and its implications on the industry are studied in high detail.
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The global green concrete market is expected to witness a 7.5% CAGR during the forecast period. It was valued at USD 20 billion in 2018. Advantages of superior thermal resistance and sound insulation compared to granite rock are one of the drivers of the market. The need for rapid construction times and the rising urbanization are propelling the market demand during the forecast period. The ability of green concrete for lowering carbon emissions and encouraging sustainability in developing and developed economies will favor the market.
The construction of energy-efficient infrastructure, demand for green buildings, and access to raw materials can fuel the market demand greatly. Investments by behemoth entities in green concrete can create awareness among builders and customers and positively impact the market. Recently, CarbonCure Technologies received an investment from Amazon for developing solutions for carbon dioxide removal. The acceptance of climate change globally and initiatives by prominent companies for leading the charge towards sustainable development can bode well for the market.
On the basis of end users, the global market has been segmented into commercial, residential, industrial, and infrastructure. The commercial segment has been further segmented into healthcare, R&D centers, public facilities, institutional, and others. The commercial segment is likely to hold the largest market share and is expected to be the fastest-growing segment in the global green cement concrete market. Rise in sustainable building construction practices in the commercial sector and changes in energy conservation and building codes has further boosted the demand for green concrete. With a focus on cost-effective and sustainable construction solutions, the demand is likely to gain pace during the coming years.
The residential construction sector is expected to register the highest growth rate. The rise in urbanization and the growing adoption of sustainable products are projected to drive the green concrete market in emerging economies during the forecast period. The demand for eco-friendly living spaces by residential customers can fuel the segment growth.
By region, the global green concrete industry has been segmented into North America, Asia Pacific (APAC), Europe, South America, and the Middle East & Africa (MEA).
Europe had dominated the global green concrete industry in 2018. The green concrete market is in the emerging stage and is currently confined to developed economies; however, increasing awareness about the benefits of green concepts would encourage its adoption of in developing countries in the coming years. It dominated the market in terms of revenue owing to the growing applications of green concrete as the building material in this region. Initiatives by the European Union (EU) to promote the application of recycled products as construction materials can drive the regional demand. Recently, Aggregate Industries launched green concrete solutions in the U.K. with varying degrees of carbon concrete as part of their offerings to realty moguls.
APAC is considered to be the fastest-growing region in the global green concrete market. This can be attributed to commitments by China and other developing economies in constructing green cities that adhere to international standards. In addition, the development of green concrete by using wind-blown sand and natural soil can halve the construction time and cost of buildings.
Eco Green Co., BASF, CeraTech Inc, Rpm International Inc., Pidilite Industries, CICO Technologies Ltd., Chryso SAS, The Dow Chemical Company, Cemex C.B., and Maipei Ltd are prominent names in the global green concrete market.
About Market Research Future:
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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