Green Concrete Industry:
Green concrete is a type of concrete which contains waste materialas one of its components in its composition. Replacement of cement with fly ashand micro silica in large volume can improve its durability. The global greenconcrete market report by Market Research Future (MRFR) comprises drivers andrestraints that can impact the industry as well as estimations for the periodof 2019 to 2025 (forecast period). The COVID-19 outbreak and its implicationson 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 togranite rock are one of the drivers of the market. The need for rapidconstruction times and the rising urbanization are propelling the market demandduring the forecast period. The ability of green concrete for lowering carbonemissions and encouraging sustainability in developing and developed economieswill favor the market.
The construction of energy-efficient infrastructure, demand forgreen buildings, and access to raw materials can fuel the market demandgreatly. Investments by behemoth entities in green concrete can createawareness among builders and customers and positively impact the market.Recently, CarbonCure Technologies received an investment from Amazon fordeveloping solutions for carbon dioxide removal. The acceptance ofclimate change globally and initiatives by prominent companies for leading thecharge towards sustainable development can bode well for the market.
On the basis of end users, the global market has been segmentedinto commercial, residential, industrial, and infrastructure. The commercialsegment has been further segmented into healthcare, RD centers, publicfacilities, institutional, and others. The commercial segment is likely to holdthe largest greenconcrete market share and is expected to be the fastest-growing segmentin the global green cement concrete market. Rise in sustainable buildingconstruction practices in the commercial sector and changes in energyconservation and building codes has further boosted the demand for greenconcrete. With a focus on cost-effective and sustainable constructionsolutions, the demand is likely to gain pace during the coming years.
The residential construction sector is expected to register thehighest growth rate. The rise in urbanization and the growing adoption ofsustainable products are projected to drive the green concrete market inemerging economies during the forecast period. The demand for eco-friendlyliving spaces by residential customers can fuel the segment growth.
By region, the global green concrete market 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 todeveloped economies; however, increasing awareness about the benefits of greenconcepts would encourage its adoption of in developing countries in the comingyears. It dominated the market in terms of revenue owing to the growingapplications of green concrete as the building material in this region.Initiatives by the European Union (EU) to promote the application of recycledproducts as construction materials can drive the regional demand. Recently, Aggregate Industries launched green concrete solutions in theU.K. with varying degrees of carbon concrete as part of their offerings torealty moguls.
APAC is considered to be the fastest-growing region in the globalgreen concrete market. This can be attributed to commitments by China and otherdeveloping economies in constructing green cities that adhere to internationalstandards. In addition, the development of green concrete by using wind-blownsand and natural soil can halve the construction time and cost of buildings.
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Eco Green Co., BASF, CeraTech Inc, Rpm International Inc.,Pidilite Industries, CICO Technologies Ltd., Chryso SAS, The Dow ChemicalCompany, Cemex C.B., and Maipei Ltd are prominent names in the global greenconcrete market.
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