Asia ex-China and China to drive green cement consumption from 2023 to 2028
- The market is expected to grow at a CAGR of 6.0 percent during 2023E-2028F
- Middle East & Africa’s market size to be the fastest growing at a CAGR of 8.9 percent
- Fly ash is expected to account for 41.2 percent of the total usage for the production of green cement in 2028F
Greenwich (CT), USA, May 26, 2023 – The market for green cement is expected to grow at a CAGR of 6.0 percent from 2023E-2028F maintaining robust growth. In the same period, the Global green cement market size is forecasted to reach USD 191.4 billion, according to CW Research's 2023 update of the Global Green Cement Market And Forecast Report.
“Global consumption of green cement is expected to grow at a CAGR of 3.4 percent in 2023E-2028F. Residential construction currently holds the largest market share and is the main driver of the green cement market", shared Lucas Pimenta, Junior Business Analyst at CW Group.
Asia-ex China to have the highest demand growth
From 2023E to 2028F, Asia excluding China is the region expected to have the highest consumption growth at a compound annual growth rate (CAGR) of 5.1 percent. This growth is driven by rapid urbanization and industrialization, which has created a greater need for construction materials. Many countries across Asia have implemented regulations and policies that require the use of green building materials, including green cement, in residential construction. As a result, there has been a significant increase in the demand for green cement, positioning India as the second largest producer of green cement, following China.
Middle East & Africa’s market size is forecast to grow at a CAGR of 8.9 percent
A significant share of Nigeria's cement production is green cement, making it the main type of cement used. Overall, due to Nigeria's significant production capacity and the growing market pressure to adopt environmentally friendly practices, it is anticipated that the Middle East and Africa region will see substantial demand for green cement, accounting for 36 percent of its total production capacity.
Fly ash to dominate consumption
Fly ash has the largest consumption to produce green cement and is expected to grow at a CAGR of 2.0 percent from 23E-28F and reach more than one billion tons. By 2028F, it is projected that fly ash will contribute to 41.2 percent of the overall utilization to produce green cement. Fly ash is widely used in the production of green cement on a global scale. This is primarily because fly ash is a by-product obtained from burning coal in power plants, and it is readily available in many regions worldwide.
The Global Green Cement Market and Forecast Report is CW Research’s comprehensive assessment of the worldwide green cement industry and presents the latest market data (demand and supply) covering the 2018-2023F period, with a 5-year medium-term forecast until 2028. The report includes green cement consumption and production figures, regional breakdown, and consumption of green cement by type.