The green cement and concrete market was valued at US$ 28,662.51 million in 2022 and is projected to reach US$ 39,973.97 million by 2030; it is expected to grow at a CAGR of 4.2% during 2022–2030.
Growing investment in sustainable infrastructure paves the way for green cement and concrete market opportunities, encouraging the application of eco-friendly alternatives, promoting economic growth, and improving livelihoods. It also offers a pathway for countries to incorporate their infrastructure development and climate goals together by participating in projects that decrease carbon presence, including sustainable and green construction and manufacturing ecosystems. The construction and infrastructure industry are focusing on reducing its carbon footprint, as it is considered to be the key contributor to environmental pollution. The World Bank strives to drive more capital spending into infrastructure development to support high-end, sustainable projects that sustainably expand the economy and the environment. Such growing concern of carbon foot prints are expected to the drive the green cement and concrete market growth.
In fiscal 2023, the World Bank provided US$ 12.8 billion to reinforce infrastructure financing in developing countries. The World Bank is working to eliminate constraints preventing private-sector investments and working on the project pipelines that attract private-sector financiers to get involved in the overall process. India has progressed in constructing national highways connecting all trade, freight, and passenger points. Nearly 13,800 km of highway development is foreseen in 2023–2024. In the US, infrastructure projects such as Madison Square Garden, Fontainebleau in Las Vegas, and Amazon HQ2 office space at
National Landing are examples of high-end infrastructure projects paving opportunities for green cement and concrete.
The green cement and concrete market share in North America have been steadily gaining momentum over the past few years, fueled by a growing awareness of the environmental impacts of traditional cement production. In the US and Canada, various cement manufacturers have been actively exploring sustainable methods of cement production by incorporating alternative raw materials and deploying carbon capture technologies. For instance, in 2020, CEMEX launched its first carbon-neutral concrete in Mexico, developed in its research and development center in Switzerland. Furthermore, government initiatives to reduce carbon emission is another factor anticipated to fuel the green cement and concrete market share in the region. In 2023, the Cement Association of Canada presented a Concrete Zero action plan to reduce carbon emissions in Canada's cement and concrete industry.
Governments of the US, Canada, and Mexico are investing significant amounts in the development of nonresidential infrastructures, including airports, hospitals, hotels, office buildings, and universities. Modern-day builders emphasize green cement and concrete to build an attractive infrastructure.
The construction industry in the US is vast and diverse, encompassing residential, commercial, and civil engineering projects. A growing construction sector is propelling the demand for cement and concrete in the US. The nation's population growth, urbanization trends, and extensive infrastructure projects also fuel this demand continuously. For instance, as per the data provided by the Associated General Contractors (AGC), the construction sector in the US is one of the major contributing sectors to the US economy and generates ~US$ 2.1 trillion worth of structures each year. Thus, the increased demand for construction activities is positively affecting the demand for green cement.
Additionally, the US government is taking various sustainable initiatives that are further expected to fuel the green cement and concrete market growth. For instance, in 2022, CEMEX USA signed a corporate agreement worth US$3.7 million with the US Department of Energy to develop and install carbon capture technology in its cement plant. Thus, owing to increasing construction activities, government initiatives, and the presence of key green cement and concrete market players in the country, the green cement and concrete market is anticipated to grow in the coming years.
ACC Cement (Adani Group), China National Building Material Company Limited (CNBM), Green Cement Inc, Anhui Conch Cement, Holcim Ltd., JSW Cement Limited, and Navarattan Group are among the key green cement and concrete market players profiled during this study. In addition, several other important green cement and concrete market players have been studied and analyzed during the study to get a holistic view of the green cement and concrete market and its ecosystem.