The cement and concrete market is segmented by type of product into cement, ready-mix concrete, concrete pipe, brick, and block, and other concrete products. Of these segments, the global cement market was the largest in 2018, accounting for nearly 40% of the total share, and is set to grow at an annual rate of 10.5% to 2022, putting on a value of nearly $261 billion. The segment which will put on the second most value to 2022 is the ready-mix concrete market, growing at 10.4% annual rate, reaching around $220 billion.
The cement industry includes establishments that manufacture different types of cement such as hydraulic cement and non-hydraulic cement, cement clinkers, and natural cement, which is obtained from calcined earth. The cement market is further segmented into portland cement, clinkered cement, aluminous cement, hydraulic cement and white cement.
Cement companies are increasingly manufacturing green cement to reduce carbon emissions and improve environmental performance and energy efficiency of end products. Green cement is an eco-friendly form of cement produced with the help of a carbon-negative manufacturing process. The raw materials used in the production of green cement include discarded industrial wastes such as blast furnace slag and fly ash. Green cement is characterized by high long-term strengths and high durability. It has the potential to reduce the carbon footprint of construction sites by 40%. Major green cement manufacturing companies include CEMEX, CNBM, CeraTech, LafargeHolcim, Kiran Global Chems, Anhui Conch Cement Company and Siam Cement Public Company. The global green cement market is expected to grow at an annual rate of 11.3% during 2017-2024, indicating significant potential for cement manufacturers in the market.
Similarly, ready-mix cement manufacturing companies are adopting environmentally-friendly solutions to help reduce environmental pollution caused by the cement manufacturing industry. Cement manufacturing activities are responsible for major greenhouse gas emissions such as carbon dioxide. According to Carbon Disclosure Project, cement production accounts for 6% of global carbon emissions, making it the second biggest source of carbon emissions after the steel industry. Various technological systems contributing to reduced greenhouse gas emissions caused by cement production are available in the market. CarbonCure Technologies Inc. works towards utilizing excess carbon dioxide by injecting it into concrete and cement products. This system chemically converts carbon dioxide into mineral form, thereby reducing the emissions. It also strengthens the cement and reduces the costs of production, without effecting its properties.
Companies in the cement market are collaborating with other companies to encourage research on the industry’s high carbon footprint. The Low Carbon Technology Partnership initiative (LCTPi) of the World Business Council for Sustainable Development (WBCSD) is a group of cement industry leaders who plan to reduce CO2 emissions by 20-25% by 2030. The group aims to adopt substitutes of fuel components, develop new low carbon components, and improve the production processes.