The global green concrete market size is bound to display a stupendous CAGR of 9.45% over the forecast period (2020-2027), according to the latest report by Market Research Future (MRFR). Green or recycled concrete is a construction material that contains waste components as part of its composition. This has led to its demand among builders aiming to gain environmental or sustainable living credibility. Urban development schemes and efforts to adhere to environmental agency guidelines can drive its demand significantly.
The demand for economically viable solutions and sustainable building materials in the construction sector can drive market demand. Government efforts for lowering carbon emission worldwide have led to efforts by raw material manufacturers in looking for alternative solutions. Development of energy-efficient infrastructure and green building codes for driving sales of real estate can bode well for green concrete producers. Large population in urban areas coupled with demand for living solutions can explode over the forecast period. Light asset models followed by various construction companies are expected to spur the market demand significantly. China, India, and Middle East countries are changing building regulations to cater to environmental guidelines. This can support the demand for green concrete.
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Infrastructural development schemes for stimulating the economy through government schemes can prove to be fruitful to the green cement market. Adoption of green concrete in renovation or refurbishment of old buildings can be an indicator of the growing demand for the material. For instance, the National Infrastructure Plan (NIP) by the government of Mexico for developing infrastructure in sectors of tourism, hospitality, communication and transport, and energy may bode well for the market. Rise in residential and commercial construction projects with special consideration for water transport and marine structures boos the prospects of the green cement industry. Circular construction building models can facilitate the market growth.
COVID-19 Impact:
The COVID-19 pandemic has slowed the demand for green concrete owing to government policies dictating the suspension of infrastructural projects. Movement restrictions of construction workers to curb the spread of the coronavirus also affected the market demand. Green concrete producers have seen revival of their demand owing to relaxed restrictions given to construction projects. Replacement of concrete or coarse aggregates coupled with reduced consumption of natural river sand, natural limestone, clay, and shale can boost the market’s prospects.
Industry Trends:
Sustainable construction is fast emerging to replace current construction models owing to awareness of climate change. Adherence to environmental guidelines as well as green building codes can drive the demand for green concrete. Cement producers are launching green variants of building material to support sustainable living. For instance, ACC Cement, one of the biggest cement producers in India, introduced clients to ECOPact range of cement that has a lower carbon content compared to its normal products. Renewable target goals of countries for reducing carbon emissions can favor the green concrete market greatly.
Segmentation:
On the basis of end users, the global market has been segmented into industrial, residential, commercial, and infrastructure. The commercial segment has been further segmented into RD centers, public facilities, institutional, healthcare, and others. The commercial segment is likely to hold the largest market share over the forecast period. It is expected to be the fastest-growing segment in the global green cement concrete market. Increasing sustainable building construction practices in the commercial sector 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. This is evident by the expedited construction of malls in newly developed areas. On the other hand, 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.
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Regional Segmentation:
The green concrete market covers regions of North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
Europe is touted to dominate the global market owing to awareness of green buildings and introduction of environment friendly guidelines by regulatory agencies. It can lead in demand for green concrete owing to its applications in real estate. Initiatives by the European Union for lowering carbon emission rates and follow green policies may work in the favor of the green concrete market. HOLCIM Romania has launched ECOPact, a range of green concrete, for its clients looking to develop green buildings. Commitment to net zero carbon emissions is likely to be a huge catalyst in the regional market.
APAC is projected to capture a large market share in the coming years due to investments by India and China on their domestic infrastructure. Increase in foreign direct investments and subsidies given to real estate developers to encourage adoption can drive regional market demand. The New Development Bank by countries belonging to BRICS have rolled out schemes for green concrete in an effort to stimulate the market growth.
Competitive Analysis:
The green concrete market is expected to highly competitive in nature owing to rise of sustainable steps taken by companies and efforts for lowering carbon emissions by governments. Rise of infrastructural projects and environmental codes can dominate the innovations of green cement.
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Key players involved in the market are Rpm International Inc., Pidilite Industries, Maipei Ltd, CICO Technologies Ltd., The Dow Chemical Company, Chryso SAS, Eco Green Co., CeraTech Inc, BASF, and Cemex C.B.
Industry News
Hoffmann Green Cement Technologies is using green cement for building 4 new schools in Vendée, France. It has collaborated with GCC for further development projects in the region. This move can signal the development of low-carbon buildings in the coming years.
Sustainable Living Schemes to Drive Global Green Concrete Market Demand
The global green concrete market is set to expand owing to awareness of the eco-friendly material and investments in infrastructural schemes. Environmental guidelines and new building codes aiming to conserve energy can drive its demand. The COVID-19 pandemic and its impact on green concrete demand in the background of climate change are revealed in the article.
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