The global green concrete market is expected to witness growth over the forecast period on account of increasing social awareness towards eco-friendly products. Shifting preference from synthetic based chemicals towards eco-friendly products in the construction industry to reduce greenhouse emissions is likely to augment the market growth. Rapid industrialization and urbanization have fuelled the demand for tunnels, roads, bridges, water retention structures, warehouses, and houses which in turn are expected to have positive impact on market for green concrete. Fluctuating crude oil prices, depletion of petroleum reserves in Middle East coupled with is likely to fuel the market growth. Reduced utility consumption for the production of green concrete is likely to be a potential factor to drive the market.
Green concrete is referred to as the concrete consisting of material as a partial or complete replacement for concrete or coarse aggregates. The material applied for the substitution of conventional concrete products can be residue obtained in the manufacturing process. Incorporation of green concrete allows a reduction in greenhouse emission gases along with reduced consumption of natural resources such as clay, shale, natural river sand, limestone, and natural rocks in the construction industry. Coal-fired power plants produce fly ash as a by-product which can be incorporated as a replacement to natural concrete for construction. Fly ash has certain benefits which include better strength, durability, and reduction in permeability and thus in turn induces fewer occurrences of premature failure.
Governments of the U.S. and European Union countries are taking initiatives to promote the application of recyclable material for construction. The implementation of recycle program by U.S. government in Michigan State for contractors and their unused products for growing piles of unused concrete, gravel, pea stone, and granite to hundred feet and later crushing to provide sub-base for driveways and roads. This program is helping save disposal costs to contractors and in turn, is expected to be incorporated for the application in the concrete mixture.
Asia Pacific is expected to be a promising market for green concrete in the near future over rapid increment in construction expenditure by governments of India and China. Supportive government policies such as tax reliefs and the introduction of foreign direct investment in India to promote infrastructural development are likely to augment the demand for green concrete. The government of India announced 12th Five Year Plan, which aims to increase expenditure on infrastructural development in the construction of houses, offices, roads, and rails. The policy is aimed at regulating norms of foreign direct investment and promotes private-public partnerships which are expected to increase demand for construction materials.
Europe is expected to be a potential market for green concrete on account of supportive government policies supporting bio-economy at the domestic level. Europe 2020 strategy is intended to reduce greenhouse gas emissions by 20%, increasing energy derived from renewable sources by 20% and rising energy efficiency by 20%. The strategy is aimed at promoting the procurement of eco-friendly products and tax redemption for member states on their consumption. In 2011, the European Commission implemented the Construction Products Regulation for ensuring the availability of reliable information pertaining to the consumption of naturally derived sustainable products for contractors and professionals. As a result, green concrete is expected to be utilized in the construction industry of Europe in the near future.
Construction industry growth in Brazil on account of implementation of PAC program and upcoming sports events Summer Olympics 2017 is expected to have a positive impact on the market in the near future. In 2014, the Government of Mexico under the National Infrastructure Plan (NIP) promulgated and implemented the program to promote infrastructural development in different sectors such as communication and transport, energy, water, urban development, and housing, and tourism. This regulatory move is expected to augment construction industry growth and thus in turn fuel green concrete demand in the near future. The Middle East is expected to be a positive market for green concrete in vague of supportive government policies to promote sustainable development. In April 2015, Dubai Municipality Corporation initiated a movement mandating the application of green concrete for all new projects. This program is intended for promoting the application of green concrete at the domestic level. Abu Dhabi Municipality also initiated numerous projects mandating the application of green concrete.
Key market players include The Dow Chemical Company, Eco Green Co., Rpm International Inc., BASF, Cemex C.B., BASF, Pidilite Industries, Mapei Ltd., Chryso SAS, and CICO Technologies Ltd.
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The global construction industry once booming due to the residential and commercial construction in China and the U.S., has been affected by the suspension of the construction activities across the impacted economies. The construction industry in the U.S. is expected to take a major hit due to labor shortages and the lockdown imposed by the government during COVID-19, which is expected to be aggravated by the resulting supply chain issues and financing pressures due to the non-adherence to the completion times. The report will account for Covid19 as a key market contributor.