The partnership between CarbonMeta and EcoMena allows it to utilise a worldwide trade secret license for upcycling construction waste material, as well as industrial waste byproducts into cement-free pavers that capture CO2 during the manufacturing process.
According to the Freedonia Group, an international research company that focuses on industrial markets, the market for bricks, blocks and pavers in the residential segment will grow 1.9% every year until 2025, reaching $3.7 billion.
“Our goal is to collaborate with EcoMena and establish subsidiary operations to develop and market cement-free pavers and mortars globally,” said Lloyd Spencer, CEO of CarbonMeta.
Different research has been done in 2021 to evaluate the carbon capture and storage (CCS) market. One previously featured in Carbon Herald valued the CCS market at $3.36 billion in 2019. It is also projected to reach $6.15 billion by 2027, growing at a CAGR of 7.88% from 2020 to 2027.
Earlier in November, CarbonMeta rebranded and changed their name from CoroWare Inc. The company opted to keep its stock ticker COWI but decided the name change was needed to show how it is now focused on waste upcycling into high-value carbon products.