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Supplementary Cementitious Materials Market Insights and Global Outlook 2024
Supplementary Cementitious Materials Market Insights
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According to The Business Research Company's, The supplementary cementitious materials market size has grown strongly in recent years. It will grow from $21.99 billion in 2023 to $23.55 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to increasing focus on sustainable construction, the need to repurpose industrial byproducts, increasing awareness of climate change, rapid urbanization, and the need for more resilient infrastructure.
The supplementary cementitious materials market size is expected to see strong growth in the next few years. It will grow to $31.16 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to the need for low-carbon materials, availability and disposal concerns of fly ash, overall growth in global cement, supportive policies and regulations, and increasing construction activities. Major trends in the forecast period include innovations in concrete technology, improved concrete properties, infrastructure development, research and development in material science, and technological integration.
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Market Drivers and Trends:
The growth in the construction industry is expected to propel the growth of the supplementary cementitious material market going forward. The construction industry encompasses businesses and organizations involved in the planning, design, development, construction, renovation, and maintenance of structures and infrastructure such as buildings, roads, bridges, utilities, and other physical facilities. The construction industry is expanding due to urbanization, infrastructure development, and increasing demand for residential and commercial spaces. Supplementary cementitious materials are required in the construction industry to improve concrete properties such as strength, durability, and sustainability while reducing the environmental impact of cement production. For instance, in May 2024, according to the report published by the Bureau of the Census, a US-based agency of the Federal Statistical System, construction spending during March 2024 was $2,083.9 billion, representing a 9.6% increase compared to March 2023, while during the first three months of 2024, spending amounted to $461.0 billion, showing a 10.6% increase over the same period in 2023. Therefore, the growth in the construction industry is driving the growth of the supplementary cementitious material market.
Major companies operating in the supplementary cementitious materials market are developing technologically advanced products, such as alkali-activated slag and fly ash, to better serve customers. Alkali-activated slag and fly ash are supplementary cementitious materials used to produce sustainable concrete. For instance, in September 2021, Betolar Plc., a Finland-based materials technology company, launched Geoprime. It is an alkali-activated additive tailored for slag and fly ash, crucial in enhancing concrete production. It offers a remarkable 80% reduction in CO2 emissions compared to ordinary portland cement (OPC). Geoprime addresses the increasing need for sustainable and economical construction materials, with significant potential for rapid global expansion.
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Major Key Players of the Market:
BASF SE, Tata Steel Limited, CEMEX SAB de CV, Sika AG, Taiheiyo Cement Corporation, Buzzi SpA, Elkem ASA, FLSmidth Group, Votorantim Cimentos, Argos, Boral Limited, Eagle Materials Inc., Ferroglobe Plc, Adelaide Brighton Cement Ltd., JK Cement Ltd., CRH Canada, Charah Solutions Inc., Bharathi Cement Corporation Private Limited, HeidelbergCement AG, Carbon Upcycling Technologies, LafargeHolcim Ltd., Advanced Cement Technologies LLC, CemGreen ApS, CR Minerals Company LLC
Supplementary Cementitious Materials Market 2024 Key Insights:
• The supplementary cementitious materials market size is expected to see strong growth in the next few years. It will grow to $31.16 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%.
• Rising Construction Industry Drives Growth In Supplementary Cementitious Materials Market
• Technological Advancements In Supplementary Cementitious Materials
• Asia-Pacific was the largest region in the supplementary cementitious materials market in 2023
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