Global Building Materials Market
The global building materials market size was estimated at USD 998.36 billion in 2021, USD 1,070.45 billion in 2022, and is projected to grow at a CAGR of 6.50% to reach USD 1,865.75 billion by 2032.
A building material is any material used for building purposes, such as building materials for a house. Wood, cement, aggregates, metals, bricks, concrete and clay are the most commonly used building materials in construction. building materials marks the presence of aesthetics in design and defines the practicality of construction. Concrete is the most popular building material in the world. Cement is mainly used as a binder in concrete and is the base material for all types of structures and decorative applications such as houses, roads, schools, hospitals, and dams.
The size of the building materials market is determined by the increasing use of building materials in the residential and commercial sectors. Producers are active all over the world in the profitable building materials sector. To meet customer demands, building materials market players are increasing their capital expenditures while focusing on R&D activities and higher quality products. Furthermore, progress in infrastructure development in emerging countries is driving the demand for building materials. The construction industry is growing due to rapid industrialization and urbanization, necessitating expansion of construction infrastructure. Additionally, the country’s GDP is mainly contributed by the construction industry, which also employs a significant number of workers. Construction infrastructure development is a labour-intensive field that requires a lot of manpower, money and raw materials. According to the United States Geological Survey (USGS), US cement production has a fairly large and well-established base of 120.5 million tons per year. Cement is manufactured in either integrated plants or mills, although most U.S. production occurs in the former. Cement production in the United States is primarily controlled by multinational companies such as CRH Plc, Cemex, Lafarge Holcim, Lehigh Hanson, Argos USA Corporation and Buzzi Unicem. For instance, The Portland Cement Association (PCA) accounts for 93% of the United States’ cement manufacturing capacity and has more than 90 of her plants and distribution facilities in 32 states on the continental United States.
However, uncertain macroeconomic conditions will challenge the building materials market over the forecast period. The construction industry is highly sensitive to global and regional macroeconomic conditions. Uncertainty about general economic conditions has a negative impact on the industry. Other factors such as non-housing market conditions, labour and medical costs, and limited access to credit will continue to challenge market growth in the coming years. Furthermore, amid declining investor confidence, a weak economy and rising inflation effect the demand for building materials. Slow investment growth, high prices for key building materials, and energy costs all have a negative impact on production. Furthermore, the COVID-19 pandemic has undoubtedly impacted the building materials market. The virus has eroded the market share of building materials, reducing demand for construction projects as well as the supply of construction workers and building materials. Also, many construction projects have been cancelled, due to the COVID-19 outbreak.
Click Here to Access The Free Sample Report @ https://analyticsmarketresearch.com/sample-request/building-materials-market/42110/
Material Insights
The building materials market share growth in the aggregates segment will be significant during the forecast period. Rising urban population will drive demand for housing and related infrastructure that will thrive the global building materials market during the forecast period. Urbanization is progressing as the population increases. Various countries are building smart cities to alleviate congestion caused by population growth by efficiently solving problems related to public transportation and road networks. Thus, with the rising development of smart cities, the demand for building materials will increase.
Regional Insights
By region, the global building materials market is segmented into North America, Europe, Asia-Pacific, Central and South America, and the Middle East and Africa. The market for building materials worldwide is dominated by North America. The building materials market in the region is growing due to strict legislation regarding the use of environmentally friendly products in the construction sector. Moreover, the market size is increasing as green building technologies become more widely adopted and recognized in North America. Increasing use of green building technologies in multiple renovation and retrofit applications is expected to drive the North American building materials market size. According to the Associated General Contractors of America (AGC), the construction industry contributes significantly to the US economy. The industry has over 745,000 employers, employs over 7.6 million people and generates nearly $1.4 trillion worth of structure each year. The construction industry is one of the largest customers of manufacturing, mining and various services. Furthermore, APAC offers the greatest growth opportunity in the building materials market. China and India are the two most important countries for the market in this region. Rising demand for new infrastructure to provide residential and commercial space for the growing urban population is boosting construction activity in emerging markets, driving growth in the APAC building materials market during the forecast period.
Key Companies Insights
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.
Some of the key players operating in the global building materials market include:
Segments
By Materials
By Application
Read Full Research Report @ https://analyticsmarketresearch.com/reports/building-materials-market/42110/
By Geography
o U.S.
o Canada
o Mexico
o U.K.
o Germany
o France
o Italy
o Spain
o Russia
o Japan
o China
o India
o Australia
o South Korea
o ASEAN
o Brazil
o Argentina
o Colombia
o South Africa
o Saudi Arabia
o UAE
o Egypt
Global Building Materials Market: Size Estimation
Both the top-down and bottom-up approaches were used to estimate and validate the size of the market and to estimate the size of various other dependent sub-markets of various marketspaces. The key players in the markets are identified through secondary research, and their market contributions in different applications across regions and globally were determined through primary and secondary research. This entire process included the study of the annual and financial reports of the top market players and extensive interviews for key insights with industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources. All the possible parameters that affect the market covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analysed to arrive at the final quantitative and qualitative data. This data has been consolidated, and detailed inputs and analysis from Analytics Market Research added before being presented in this report.
Reasons to Purchase Building Materials Market Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
Frequently Asked Questions
• What is the market size and growth projections?
• What is the market size and growth projection for each of the market segments and sub-segments across Countries & Regions?
• What are the top performing segments, and countries / regions of each of the markets?
• What is the market size and growth rate across key countries / regions?
• How big is the global & regional market in terms of revenue and volume?
• How far market will grow in forecast period in terms of revenue and volume?
• What factors will influence demand and supply trends across each markets during the forecast period?
• What are the technology trends shaping various markets?
• Which country / region has more opportunities?
• What is the COVID-19 impact on the market and how long will it take to recover?
• Who are the key competitors of market Players?
• What are the market share (%) of Key Players?
• What are the Merger & Acquisition, New Product Launch, Recent Development within each of the Markets?
• What are PEST analysis, Ecosystem Analysis, Porter’s Five Forecast Analysis, Ansoff Matrix, and SWOT Analysis among other analyses for diverse markets?
Read Our More Blogs: https://www.linkedin.com/pulse/what-does-copper-hydroxide-fungicide-do-anamika-tawar
Overview and Scope A preclinical asset refers to all clinical trial supplies or equipment for…
Overview and Scope Hidradenitis suppurativa (HS) is a chronic skin condition that causes painful lumps…
Overview and Scope Cerebral palsy (CP) is an array of neurological illnesses that develop in…
Overview and Scope Artificial intelligence (AI) in accounting refers to the application of AI to…
Overview and Scope Alopecia areata, also known as spot baldness, refers to an autoimmune disorder…
Overview and Scope Artificial intelligence (AI) in education refers to applying AI in the classroom…