Africa’s green cement market to hit $870m by 2028
TLDR
- Africa's green cement and concrete market is projected to grow at a compound annual growth rate of over 10%.
- Large-scale infrastructure projects in Nigeria, Egypt, and Kenya will be key contributors to this growth.
- Research and Markets forecasts the market to reach $867.9 million by 2028.
The green cement market in Africa is positioned for significant growth, driven by emerging technologies and increasing investor interest in the continent's extensive sustainable construction sector.
Currently valued at $485.1 million in 2022, Africa's green cement and concrete market is anticipated to experience a compound annual growth rate of over 10%. Projections indicate that it will reach $867.9 million by 2028, as per recent forecasts from Research and Markets.
This growth is attributed to a surge in large-scale infrastructure projects across various African nations. Key initiatives such as hydropower plants, oil refineries, port expansions, and residential and commercial building projects in countries like Nigeria, Egypt, and Kenya are expected to contribute significantly to the expansion of the green cement and concrete market during the forecast period.
Key Takeaways
UN figures highlight a substantial challenge in providing affordable housing across Africa, projecting that the current deficit may increase to around 200 million by 2030. Given the overwhelming demand for housing, there is a pressing need to decarbonize the construction industry. The increasing adoption of green building construction practices, which contribute to the reduction of water waste, energy consumption, and air pollution, is also driving the demand for green cement in Africa. Green building practices not only address environmental concerns but also enhance the indoor environment. They improve lighting sources, thermal conditions, ergonomic features, and air quality, contributing to a more sustainable and comfortable living and working space. As the continent strives to address its housing challenges, the incorporation of green cement and sustainable building practices emerges as a crucial element in promoting both environmental responsibility and improved living conditions.
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