The global lower carbon cement market is estimated to garner a sizeable revenue and grow at a CAGR of 8.5% over the forecast period, i.e., 2022 – 2030. The growth of the market can be primarily attributed to the need to combat climate changes, giving rise to the usage of sustainable products that cause less harm to the environment. Along with these, rapidly growing urbanization and increasing construction activities across the globe are projected to offer abundant growth opportunities to the market in the near future. According to the United Nations Conference on Trade and Development (UNCTAD), by 2019, the share of urban population in the world increased to 55.7, up from 51.1 percent in 2009. The rate was highest in developed regions, accounting for 80.5 percent of the population. Furthermore, government efforts to reduce carbon dioxide emissions across the globe, and rising development of net zero buildings are also expected to significantly drive market growth in the upcoming years.
The market is segmented by type of product into recycled aggregates, fly ash based, slag based, limestone based, and others, out of which, the recycled aggregates segment is anticipated to hold the largest share in the global lower carbon cement market. This can be accounted to the rapidly growing urbanization which is elevating the use of recycled aggregate concrete for construction projects, landscaping and home improvements. Apart from this, this type of cement is highly reliable, safe to use, and conserves landfill space, which is also expected to boost the growth of the market segment in the years to come. Additionally, on the basis of application, the residential segment is predicted to acquire the largest share during the forecast period owing to the high economic growth in developed and developing regions, which is raising the need for infrastructural development. CLICK TO DOWNLOAD SAMPLE REPORT
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
On the basis of geographical analysis, the global lower carbon cement market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to acquire the largest share and witness noteworthy growth over the forecast period on the back of the increasing population, leading to a mounting need for economic development in the region. As per the World Bank, in 2020, the population of South Asia was 1.857 billion, up from 1.836 billion and 1.814 billion in 2019 and 2018.
In addition, growing concerns associated with carbon dioxide emissions is also expected to augment the sales of lower carbon cement in the region. Moreover, the market in North America is also projected to gather a significant share during the forecast period owing to stringent regulations associated with carbon emissions, and high disposable income of the region.
The global lower carbon cement market is further classified on the basis of region as follows:
Our in-depth analysis of the global lower carbon cement market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are rising need to combat climate changes across the globe, and rapid growth of urbanization.
The market is anticipated to attain a CAGR of 8.5% over the forecast period, i.e., 2022 – 2030.
Low awareness about the benefits of this cement in underdeveloped regions is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the increasing population, leading to a mounting need for economic development in the region.
The major players in the market are Hoffman Green Cement Technologies, Celitement GmbH & Co. KG, The Holcim Group, SCHWENK ZEMENT KG, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type of product, application, and by region.
The recycled aggregates segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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