USD 312.5 billion
Report ID:
SQMIG25G2009 |
Region:
Global |
Published Date: June, 2024
Pages:
242
|Tables:
92
|Figures:
72
Global Green Building Materials Market was valued at USD 379.57 billion in 2022 and is expected to rise from USD 425.12 billion in 2023 to reach a value of USD 1052.58 billion by 2031, at a CAGR of 12% during the forecast period (2024–2031).
Over the forecast period, growth in the market is expected to be driven by rising government initiatives to enforce ecologically and energy-friendly building standards. Building using green materials has a lower carbon footprint, therefore reduces the effects of global warming. Additionally, compared with competitors, these require less water and are simple to maintain. As a result, rising consumer demand for the products as a result of various environmental and financial benefits is anticipated to fuel market growth over the forecast period.
As consumers and developers place a high value on inexpensive, environmentally, and energy-efficient homes, the construction sector is predicted to experience increasing demand. The comeback in building activity as a result of increasing demand for residential and commercial developments also adds to market growth. The government's increasing emphasis on green architecture and energy-efficient construction as a response to the recent global crisis is anticipated to have an impact on product demand. High performance green building materials and rising energy prices are the main market drivers. The industry's expansion could be hindered, though, by uneven energy regulation enforcement and consumers or are very price sensitive.
Due to the simple access to raw materials and the substantial number of suppliers operating in the market, the industry displays low supplier bargaining power. The producers choose to send their products directly to customers or specific industries. Third-party distributors do exist, nevertheless, as a result of major corporations expanding internationally.
US Green Building Materials Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 312.5 billion
Largest Segment
Online
Fastest Growth
Online
Growth Rate
6.8% CAGR
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Global Green Building Materials market is segmented into product, Application and region. Based on Product, the market is segmented into structural, interior, exterior and others. Based on application, the market is segmented into exterior siding, interior finishing, insulation, framing, roofing, and others. Based on the region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Product
At present, the structural segment is dominating the green building materials market. This could be attributed to the fact that the construction of the core framework of any building does use sustainable and eco-friendly material necessarily. Beams, columns, load-bearing walls, amongst others, are the crucial parts of a building structure and do have a high environmental impact. With the increasing emphasis on carbon footprints and energy efficiencies in building construction, surging demand is being created for green structural materials like recycled steel, bamboo, and engineered wood. These materials offer the required strength and durability, and, above all, help achieve sustainability goals, shaping the structural segment as the biggest in the market.
The interior segment is expected to register the fastest growth rate in the green building materials market. This rapid growth is fueled by endless consumer demand for a healthy and sustainable living environment. Currently, interior products, such as eco-friendly paints, insulation materials, flooring, and furniture have become popular due to people's enhanced awareness of indoor air quality and its implications for health. Again, innovations in low-VOC, non-toxic materials and the trend toward green certifications of buildings are raising the pace of adoption for green interior products. As more and more home and business owners give greater importance to making their interiors sustainable, this segment grows significantly.
Analysis by Application
The insulation group is currently leading the way in the green building materials market. This domination is caused by the vital function of insulation in elevating energy efficiency and reduction of greenhouse gas emissions in buildings. Through giving the utmost effective insulation, the necessity of heating or cooling the buildings can be cut way down, which in turn significantly brings down disbursements on energy. The ability to increase regulatory standards and building codes that are focusing on energy efficient features, with several other green insulation materials such as recycled fiberglass, cellulose, natural fibers is experiencing a fast increase in demand. While materials like these have great thermal performance qualities, they also pose attributes that lead one closer to achieving sustainability goals—through the utilized distributed material resources or their renewable and/or recycled nature.
The fastest growing segment in the market for green building materials is interior finishing. This growth is mainly attributed to the rise in awareness and demand from consumers for creating a healthy indoor environment. Green interior finishing materials, such as low-VOC paints, sustainable flooring, and green wall coverings, will be more and more favored moving into the future, as people are increasingly emphasizing the indoor air quality and indoor living spaces that are non-toxic. One more driver of the growing adoption rate of interior sustainable finishes comes from the growing trend of green building certifications through LEED and WELL. The interior finishing segment is fast-growing as more and more homeowners and business owners work towards making their interior spaces eco-friendly and health-sensitive.
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The global market is anticipated to be dominated by North America. There is a considerable need for environmentally friendly and energy-efficient building materials in the region due to its well-established construction sector. The market in North America is expanding as a result of the region's presence of numerous important players and the rising adoption of green building standards and codes like LEED and Energy Star. The region's green building materials market is expanding as a result of government policies and laws encouraging their usage, as well as rising public awareness of their advantages for the environment and human health. Additionally, the North American market in the U.S. had the biggest market share, while the market in Canada had the fastest rate of growth.
The fastest-growing market is still in the Asia-Pacific region. The main market contributors for green construction materials are China, Japan, and India. This market has an extraordinary growth rate due to the extensive infrastructure upgrades. Due to the region's expanding residential building market, Asia Pacific is predicted to increase at the fastest rate, 12.0%, during the projection period. The region's product demand is anticipated to be driven by the Paris Climate Agreement, which China and India ratified in attempt to combat climate change, as well as growing infrastructure development in both countries.
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Green Building Materials Market Drivers
Increasing Demand for Eco-friendly Products
Growing Demand of Traditional Construction
Green Building Materials Market Restraints
Growing environmental issues
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The market for green building materials will expand even more as a result of major market players spending heavily in R&D to expand their product lines. In addition, market participants are launching new products, entering into contracts, acquiring companies, increasing investments, and working with other organizations, among many other significant market changes, in an effort to expand their global footprint. In order to expand and survive in a market that is becoming increasingly competitive and growing, competitors in the green building materials industry must offer products at an affordable price.
Green Building Materials Market Top Player’s Company Profiles
Green Building Materials Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global Green Building Materials Market analysis, the market is being driven by the growing use of these materials in both residential and non-residential sectors. Around the world, firms are active in the lucrative green building materials sector. These businesses are increasing their capital expenditures while putting a greater emphasis on R&D activities and higher-quality products in order to keep up with consumer demands. The ongoing construction of infrastructure in emerging nations is a factor in the market for green building products' quick growth.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 379.57 billion |
Market size value in 2031 | USD 1052.58 billion |
Growth Rate | 12% |
Base year | 2023 |
Forecast period | 2024–2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Green Building Materials Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Green Building Materials Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Green Building Materials Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Green Building Materials Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG25G2009