[28-07-2022, LONDON ] – New product lines that minimize the global warming potential (GWP) without compromising product quality are expected to propel the growth of the green building materials market over the forecast period.
The green building materials market consists of the sales of eco-friendly, durable, and recyclable green building materials that are both locally sourced and renewable. Green building materials use less water and are easier to maintain than comparable products, and they improve a building’s sustainability and efficiency because they emit fewer carbon emissions. The main types of green building materials are for structural, exterior, and interior applications, and their usage is increasingly being adopted across multiple sectors, including in the construction of residential and non-residential buildings.
Reference to the Global Market Model will evidence the rise in demand, with the Green Building Materials Global Market anticipated to grow from $248 billion in 2021 to $272 billion in 2022 at a compound annual growth rate (CAGR) of 9.7%. The increasing demand for green buildings is expected to drive the growth of the green building materials market in the coming years. Green building is the discipline of designing structures and employing procedures from site selection to design, construction, operation, service, remodeling, and deconstruction that are ecologically responsible and resource-efficient. As green building materials are utilized to produce green buildings, the demand for green building materials is expanding accordingly, with the market size projected to reach $388 billion in 2026 at a CAGR of around 9.4%. The market is further expected to grow to approach $553 billion by 2031 at a CAGR of 7.3%.
North America was the largest region in the green building materials market, accounting for around 34% of the global market in 2021, with Asia-Pacific and Western Europe following behind with around 32% and 19% of the global market respectively. However, Asia-Pacific is expected to overtake North America as the largest region by 2026 and then continue to outpace growth in all other regions until 2031 and beyond. Africa was the smallest region in the global green building materials market. By individual country, the USA had significantly the largest share of the global market, accounting for around 30%, with China half the size in second position with a share of 15%. The major developing countries of China and India are forecast to show the most growth in the period 2021 to 2026, with CAGRs of around 12% and 11%, respectively.
The market is divided into structural applications, which account for just under half of the market, and interior applications, which account for around 30%. Exterior and other types of applications make up the remainder of the market. All segments, though, are forecast to show similar growth rates in the period 2021 to 2026, with CAGR’s of around 9%.
In terms of trends, the introduction of environmentally-friendly products is gaining significant traction in the green building materials market, with major players in the industry concentrating on launching new product lines that minimize the global warming potential (GWP) without compromising product quality. The environmental benefits are documented in an Environmental Product Declaration (EPD), which provides independent and verified proof of the material’s environmental impact over its full life cycle.
Green Building Materials Global Market Report 2022 – By Type (Structural, Exterior, Interior, Other Types), By Application (Framing, Insulation, Roofing, Exterior Siding, Interior Finishing, Other Applications), By End Use (Residential Buildings, Non-Residential Buildings) – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provides green building materials market overviews, analyzes and forecasts green building materials market size, share, green building materials market players, green building materials market segments and geographies, the market’s leading competitors’ revenues, profiles and market shares.
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