Pozzolan Market: Introduction
The global pozzolan market was valued at ~US$ 57 Bn in 2018 and is anticipated to expand at a CAGR of 5% during the forecast period. Among material types, the artificial pozzolan segment dominated the global pozzolan market in 2018. Artificial pozzolan is a byproducts or wastes of various industrial processes, such as fly ash and slag, which are used as pozzolanic materials in the cement industry. Rise of investments in the industrial sector is likely to drive the production of artificial pozzolan during the forecast period. Among end uses, the residential segment accounted for a dominant share of the global pozzolan market in 2018. This can be primarily ascribed to increase in investments in the global residential sector. In addition, the demand for green and sustainable construction materials is estimated to boost the global demand for pozzolan in the near future.
The pozzolan market in Asia Pacific is estimated to expand at a substantial pace during the forecast period, owing to rapid development of infrastructure, growth in urbanization, and increase in the purchasing power of consumers in the region.
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Key Drivers of Pozzolan Market
Growth of the global construction industry is estimated to boost the global pozzolan market during the forecast period. According to the World Economic Forum, the global construction industry employs more than 100 million people worldwide and accounts for 6% of the global GDP. The global construction industry is estimated to expand at a CAGR of 4.2%, in terms of value, between 2018 and 2023. The global industry is witnessing increasing opportunities from residential, nonresidential, and infrastructure projects. This, in turn, is likely to fuel the global market for pozzolan during the forecast period. Moreover, the demand for cement is increasing worldwide, owing to rising population, industrialization, and urbanization. Concrete is the most widely used manmade material on the earth. On an average, every person consumes almost 2.3 cubic yards of concrete worldwide every year. The use of pozzolanic materials reduces emissions of carbon dioxide, which is a leading greenhouse gas (GHG) responsible for global warming. Pozzolanic materials exhibit good mechanical strength and excellent stress-strain behavior when used as additives or substitutes for cement. Thus, the demand for pozzolanic materials from the cement industry is high for their use in sustainable construction. This, in turn, is anticipated to boost the global pozzolan market during the forecast period.
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Asia Pacific Offers Lucrative Opportunities to Pozzolan Market
Asia Pacific is anticipated to be a highly attractive region of the global pozzolan market during the forecast period. The market in Asia Pacific is estimated to expand at a significant pace between 2019 and 2027, as the construction industry in the region is growing due to rising population. Investments in urbanization and industrialization are increasing. In countries such as China, India, South Korea, and Singapore, the development of infrastructure is rising. Also, generation of artificial pozzolan, such as fly ash and blast furnace slag, in the region is high.
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Major Developments in Pozzolan Market
On September 6, 2018, Boral Resources acquired 4.5 million tons of pozzolanic deposits located in central Utah, which would be processed for blending with fly ash to extend supplies for the concrete industry in Western states. The material was contained in large surface piles, which were immediately accessible for excavation. The material can be blended with the fly ash sources to increase the volume of concrete-quality pozzolan available in the market in Western states.
Competition Landscape of Pozzolan Market
The global pozzolan market is highly fragmented. Various international as well as local players hold a significant share of the global market. Key players operating in the global pozzolan market are Charah Solutions, Inc., Sunrise Resources plc, Kirkland Mining Company, I-Minerals Inc., Burgess Pigment Company, Nevada Cement Company, IMERYS, Hess Pumice Incorporated, CR Minerals Company, LLC, Vulcan Ceramics Co Pvt Ltd, and CARBO Ceramics Inc.
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