The global market for green cement is expected to grow to US$38.1 billion by 2024 from US$14.8 billion in 2015, according to a recent report from Transparency Market Research, a CAGR of 11.3% between 2016 and 2024.
Europe currently accounts for a significant share of the green cement market and is expected to remain a key consumer sue to increasing demand for sustainable construction materials. Meanwhile, rising population is expected to drive demand for green cement – as well as other construction materials – in Asia Pacific.
Demand in the Middle East and Africa will also provide a “lucrative market for green cement in the next few years owing to the rise in construction activities coupled with increase in demand for sustainable product,” Transparency Market Research said in a press release.
Green cement reduces the carbon footprint of construction activities by substituting cementitious industrial wastes, such as fly ash from coal-fired power plants and slag from the steel and iron processing industry, for traditional cement.