The fly ash market is estimated to grow from USD 3.4 billion in 2018 to USD 4.5 billion by 2023, at a CAGR of 6.0%.
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Browse 145 market data Tables and 32 Figures spread through 136 Pages and in-depth TOC on "Fly Ash Market”
Environment-friendly construction product
Fly ash is an environment-friendly product and partially replaces Portland cement. According to Waste Advantage Magazine, 2014, the production of every ton of Portland cement results in the production of one ton of CO2. Cement production accounts for around 5% to 8% of the total greenhouse gas emissions from human sources. Using one ton fly ash in cement production saves enough energy to provide electricity to an average American home for 24 days.
As a result, governments across the world are forming regulations for an increase in the use of fly ash in various applications, which serves as an opportunity for players operating in the fly ash market.
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Decreasing use of thermal power in the energy mix
The power sector is increasingly shifting towards the generation of renewable energy sources, such as wind, hydro, and solar energy in the energy mix. Renewable sources of energy have low variable costs associated with them as compared to thermal power generation. Of late, the focus among countries has been the shift to the production of electricity using cleaner energy. China, the largest producer of thermal power, is also witnessing a shift in its energy mix. Due to the growing significance and increasing capacities of solar and wind energy in the country, the creation of thermal energy is expected to fall in the future. In India, thermal power production is growing at a positive rate, although the increasing use of alternate sources of energy in the country is expected to lead to a decline in the share of thermal power in the energy mix in future.
Since fly ash is a byproduct of the coal combustion process in thermal plants, a lower emphasis on thermal power production is expected to reduce the supply of fly ash. Thus, the future of the fly ash industry is directly co-related to thermal power production, which could serve as a challenge for the fly ash market.
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