Global green concrete market is likely to witness growth on account of paradigm shift towards environmental protection and sustainability. Shifting focus of manufacturers from traditional synthetic concrete towards eco-friendly substitute is likely to augment the market have a positive impact on market. Green concrete consists of waste or residual material such as radioactive material obtained from manufacturing process from numerous industries. Construction industry growth in India, China and Middle East countries in light of regulatory support for infrastructure improvement is expected to drive green concrete market in the near future. Chemical manufacturers have increased their expenditure on the development of naturally derived chemicals in order to reduce reliance on crude oil and natural gas as feedstock which is likely to have a favorable factor for market.
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Asia Pacific is likely to be lucrative industry for green concrete in vague of expeditive expenditure by governments of India and China to improve domestic infrastructure. Supportive government measures such as increase in foreign direct investment and tax benefits in order to promote infrastructural development in India and China are expected to fuel the demand for green concrete. In 2014, New Development Bank for BRICS countries was established in Shanghai, China which is intended to promote infrastructure development. This joint effort of BRICS will have a positive impact on the construction industry and in turn is likely to augment green concrete market.
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Lucrative construction market in Brazil in vague of upcoming Summer Olympics 2017 and implementation of PAC program is expected to fuel the demand for eco-friendly construction material. In 2015, government of Brazil announced package of infrastructure projects aimed at improvement of country’s productivity with construction of roads, airports, ports and railways to be commenced from 2018 and is likely to have positive impact on the industry. Middle East is expected to be a promising green concrete market due to presence of supportive government policies aimed at sustainable development. In 2015, Municipal Corporation of Dubai mandated the application of eco-friendly construction materials for all new infrastructure projects. Key market player include CeraTech Inc, Eco Green Co., CICO Technologies Ltd., Chryso SAS, BASF, Cemex C.B., Pidilite Industries, The Dow Chemical Company, Rpm International Inc. and Maipei Ltd.
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