The global green concrete market in 2018 was valued at 20 billion and is likely to grow at a 7.5% CAGR between 2019- 2025 states the recent Market Research Future (MRFR) analysis. Green concrete is a form of concrete that is made from eco-friendly concrete wastes. It ensures a sustainable structure as well as a long life cycle and with a low maintenance surface that helps to reduce the impact of the concrete on the environment such as wastewater, carbon dioxide emissions, energy savings, and others. Infrastructures, industrial, commercial, and residential are the major end users of green concrete.
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Various factors are propelling the global green concrete industry share. As per the current MRFR report, such factors include the growing demand for sustainable and cost-effective building materials in the construction sector, rising urban population that has increased the need for infrastructure for catering to the surging demand for water, power, and food, favorable initiatives undertaken by different organizations, and the growing adoption of green buildings.
On the contrary, volatility in crude oil cost, shortage of raw materials, the higher price of green concrete over conventional products, and the ongoing COVID-19 impact are factors that may impede the global green concrete market growth over the forecast period.
The MRFR report offers an inclusive segmental analysis of the global green concrete market based on end users.
By end users, the global green concrete market is segmented into infrastructure, industrial, commercial, and residential. The commercial segment is again segmented into research and development centers, healthcare, institutional, public facilities, and others. Of these, the commercial segment will command the largest share in the market over the forecast period. Rising practices of sustainable building construction in the construction sector are adding to the growth of the segment. Green concrete, especially in commercial building construction, has been introduced as a vital solution. With the growing focus on sustainable and cost-effective construction solutions, its demand is growing at an accelerated pace. This will be followed by the residential construction sector that is predicted to grow at a high CAGR for the increasing adoption of sustainable products and a rise in urbanization.
Based on the region, the global green concrete market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, & the Middle East and Africa. Among these, Europe is likely to dominate the green concrete market over the forecast period. Growing awareness regarding the perks of green concepts is encouraging the use of green concrete especially in developing countries in the future, increasing applications as a building material, and favorable initiatives undertaken by the European Union for promoting recycled product application as construction materials are adding to the global green concrete market growth in the region.
The global green concrete market in North America is predicted to grab the second-largest share during the forecast period, and followed by the Asia Pacific region. The global green concrete market in the APAC region is predicted to grow at a fast pace over the forecast period. Increasing use of sustainable construction materials in Malaysia, Singapore, Indonesia, China, and India is boosting the demand for green concrete in the region.
The global green concrete market in the MEA is predicted to have sound growth over the forecast period. Rising investments in the construction sector, coupled with the growing infrastructure, are adding to the global green concrete market growth in the region.
Leading contenders profiled in the global green concrete market report include BASF (Germany), Maipei Ltd (US), Rpm International Inc. (US), The Dow Chemical Company (US), Pidilite Industries (India), Cemex C.B. (Mexico), Chryso SAS (France), CICO Technologies Ltd. (India), Eco Green Co. (China), and CeraTech Inc (US), among others.
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