Concerns For Carbon Emission Boosting Demand For Green Cement
Green Cement Market is manufactured from industrial wastes such as fly ash using advanced technology process that helps in minimizing the emissions of carbon dioxide and other greenhouse gas emission during operations. The Environmental Protection Agency (United States) stated that global greenhouse gas emission has increased from 9896 MtCO2e in 2000 to 12166 MtCO2e in 2015. Moreover, greenhouse gas emission is expected to reach 15434 MtCO2e by 2030. Global green cement market is majorly driven by the government initiatives and rising environmental concerns. Further, as per the Building and Construction Authority (BCA), the total demand of construction or the value of construction contracts to be awarded in year 2017 to reach between $28.0 billion and $35.0 billion, higher than the estimated value of $26.1 billion for 2016. Global cement industry accounts for about 7% of the total carbon emission. As per International Energy Agency, rising construction activities are expected to propel the production of cement as much as to 23% by 2050 from the present value. Thus, different countries and producers across the globe are continuously focusing on reducing the carbon emission during cement production. Under World Business Council for Sustainable Development (WBCSD), a collaboration of 23 major cement producers introduced Cement Action Plan of the Low Carbon Technology Partnerships initiative (LCTPi) to focus on reducing carbon emissions by 20-25% by 2030. Moreover, in 2015, Portland Cement Association members have stated that they are committed towards reduction in CO2 emissions to 10% by 2020 from 1990 as baseline.
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Government Initiatives in construction to promote green cement market
As per the data released by the National Precast Concrete Association, the U.S. cement industry immense efforts on continuous improvement to manufacture a superior product while improving energy efficiency and minimizing emissions of greenhouse gas during production process. Moreover, the Government of India has shown focus on infrastructure development to boost economic growth and is aiming at 100 smart cities by 2022. It has planned to increase investment in infrastructure to $ 1 trillion dollars in the 12th Five Year Plan. The Airports Authority of India (AAI) is planning to increase its capital expenditure towards infrastructure for 2017-18 by 25% to $ 0.37 billion, primarily with intentions to accommodate the increasing air traffic, as stated by the chairperson of airports authority of India. In addition, as per Organisation for Economic Co-operation and Development (France), South Korea investment in construction industry has increased from $0.18 trillion (198.5 trillion KRW) in 2014 to $0.21 trillion (234.2 trillion KRW) in 2016. Further, the government of India also aims to enhance the facilities and capacity of the railways for storage and handling to reduce transportation costs and ease the transportation of cement. These measures would lead to augmented construction activity thereby boosting the global green cement market.