The green cement and concrete sector was valued at approximately US$ 28,662.51 million in 2022 and is anticipated to grow to around US$ 39,973.97 million by 2030, reflecting a compound annual growth rate (CAGR) of 4.2% from 2022 to 2030.
The increasing investment in sustainable infrastructure is creating significant opportunities within the green cement and concrete market. This trend encourages the use of environmentally friendly alternatives, fosters economic development, and enhances living standards. Moreover, it provides a means for nations to align their infrastructure advancements with climate objectives by engaging in initiatives that reduce carbon emissions, including sustainable construction and green manufacturing practices. The construction and infrastructure sectors are prioritizing the reduction of their carbon footprints, as they are major contributors to environmental degradation. The World Bank is actively promoting increased capital investment in infrastructure development to support high-quality, sustainable projects that contribute to both economic and environmental sustainability. The rising awareness of carbon emissions is expected to further propel the growth of the green cement and concrete market.
In the fiscal year 2023, the World Bank allocated US$ 12.8 billion to enhance infrastructure financing in developing nations. The organization is focused on removing barriers that hinder private-sector investments and is working on project pipelines that attract private investors to participate in the overall development process. India has made significant strides in building national highways that connect various trade, freight, and passenger routes, with an estimated 13,800 km of highway construction planned for 2023-2024. In the United States, notable infrastructure projects such as Madison Square Garden, the Fontainebleau in Las Vegas, and the Amazon HQ2 office space at National Landing exemplify high-profile infrastructure initiatives that create opportunities for green cement and concrete.
The market share of green cement and concrete in North America has been steadily increasing in recent years, driven by a heightened awareness of the environmental consequences associated with traditional cement production. In both the United States and Canada, numerous cement manufacturers are actively investigating sustainable production methods by utilizing alternative raw materials and implementing carbon capture technologies. For example, in 2020, CEMEX introduced its first carbon-neutral concrete in Mexico, developed at its research and development facility in Switzerland. Additionally, government initiatives aimed at reducing carbon emissions are expected to further boost the green cement and concrete market share in the region. In 2023, the Cement Association of Canada unveiled a Concrete Zero action plan designed to cut carbon emissions within Canada?s cement and concrete sector.
Governments in the US, Canada, and Mexico are making substantial investments in the development of non-residential infrastructure, which includes airports, hospitals, hotels, office buildings, and educational institutions. Contemporary builders are increasingly focusing on green cement and concrete to create appealing infrastructure. The construction industry in the United States is extensive and varied, covering residential, commercial, and civil engineering projects. The expanding construction sector is driving the demand for cement and concrete in the US. Factors such as population growth, urbanization, and large-scale infrastructure projects are continuously fueling this demand. According to data from the Associated General Contractors (AGC), the construction industry in the US is a significant contributor to the national economy, generating approximately US$ 2.1 trillion in structures annually. Consequently, the rising demand for construction activities is positively influencing the need for green cement.
Furthermore, the US government is implementing various sustainable initiatives that are likely to further stimulate the growth of the green cement and concrete market. For instance, in 2022, CEMEX USA entered into a corporate agreement valued at US$ 3.7 million with the US Department of Energy to develop and install carbon capture technology at its cement facility. Therefore, due to the surge in construction activities, government initiatives, and the presence of key players in the green cement and concrete market, significant growth is expected in the coming years.
Key players in the green cement and concrete market include ACC Cement (part of the Adani Group), China National Building Material Company Limited (CNBM), Green Cement Inc, Anhui Conch Cement, Holcim Ltd., JSW Cement Limited, and Navarattan Group. Additionally, several other important companies in the green cement and concrete market have been analyzed to provide a comprehensive overview of the market and its ecosystem.