Supplementary Cementitious Materials Market is Expected to Reach USD 39.58 Billion by 2030
As per the report published by Kings Research, the global Supplementary Cementitious Materials Market was valued at USD 23.80 billion in 2022 and is projected to reach USD 39.58 billion by 2030, growing at a CAGR of 6.74% from 2023 to 2030.
The supplementary cementitious materials (SCM) market is experiencing significant growth due to a range of factors that contribute to enhanced sustainability in construction projects. Such materials include fly ashes, slag cement, and silica fume, which offer improved properties like strength, durability, and reduced carbon footprint. Factors like favorable government regulations, rapid urbanization, and infrastructure development have also contributed to the market's growth.
- Based on the application, the ferrous slag segment held the largest market share of 38.42% in 2022
- On the basis of the region, the Asia Pacific region accounted for the largest market share of 49.91% in 2022
Building Strong Partnerships for a Sustainable Future: Purebase Corporation and National Materials Organization Collaborate to Revolutionize California's SCM Market
February 2022: Purebase Corporation, a diversified resource company, has recently disclosed a strategic partnership with a prominent national vertically integrated materials organization aimed at establishing a novel supplementary cementitious material (SCM) market in California, USA.
Growing Awareness for reducing Carbon Footprint Is propelling Market Growth
The construction industry is a major end-user of supplementary cementitious materials because of their extensive application as a cement supplement to enhance its features, such as strength, durability, and reduced penetrability. Additionally, the industry is the largest end-users of these materials. This is mainly due to the rising demand for eco-friendly and sustainable construction materials, supplemented by government initiatives aimed at reducing carbon footprint, leading to a surge in its market growth.
The application of supplementary cementitious materials in construction is becoming increasingly prevalent and, significant steps have also been taken toward leveraging the benefits of these materials. This is particularly so in the construction industry, as it enables builders and contractors to enhance the overall quality and sustainability of their projects.
Sustainability in Action: Asia Pacific's Dominance in Construction Industry Accelerates with the Growing Market for Supplementary Cementitious Materials
The Asia Pacific dominated the market share at 49.91% in 2022 and is growing at a CAGR of 6.74% from 2023 to 2030. The Asia Pacific construction industry is mainly driven by China, which is responsible for more than 60% of global cement production. Additionally, China is a significant steel manufacturer of crude steel which accounts for 996 million metric tons, which is approximately around 100 million metric tons of steel slag.
However, to reduce the country's carbon footprint, China is focusing on enhancing the sustainability of its industries and plans to increase the usage of fly ash and ferrous slag. This development is likely to expand the market for supplementary cementitious materials during the forecast period.
Market Players Focusing on Expanding Geographical Presence to Expand Product Portfolio
The market is consolidated/fragmented with key players such as Charah Solutions, Inc., CR Minerals Company, LLC., ArcelorMittal, Boral, BASF SEm, CEMEX, S.A.B. de C.V., CemGreen ApS, LAFARGE, SIKA AG, and Tata Steel, among others. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their business globally and enhance their competitive position.