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Green Building Materials Market By Product (Structural, Interior, Exterior, Solar Products and Others); By Application (Insulation, Roofing, Framing, Interior Finishing, Exterior Siding and Others); By End User (Commercial, Residential and Institutional); and Region - Global Analysis of Market Size, Share & Trends for 2019 - 2020 and Forecasts to 2030
Green building is a technology to create an infrastructure that is environmentally friendly. The aim of these designs is to reduce the negative impacts of residential and commercial buildings on human health and the environment by choosing, constructing, designing, maintaining, and disposing of green building materials at most over the entire life cycle. The construction of green buildings includes the materials such as straw bales, rammed earth, grass Crete, bamboo, wood, and recycled plastic. Green building materials are made up of renewable sources and recycled materials. Using green building materials provide various benefits including easy maintenance, waste reduction, temperature regulation, high return on investment, and improved air quality.
Global Green Building Materials Market to surpass USD 711.06 billion by 2030 from USD 270.26 billion in 2020 at a CAGR of 10.16% in the coming years, i.e., 2021-30. The market is estimated to grow owing to escalating constriction activities, growing government regulations, and initiatives to implement environmentally sustainable and energy-efficient building standards. Green building materials help in reducing global warming as they offer a lower carbon footprint. Additionally, rising consumer awareness towards health and energy efficiency is driving the market growth. The demand for green building materials is also increasing due to various monetary and environmental benefits. It improves the indoor air quality by eliminating the use of toxic paints which contain lead.
In August 2019, Owens Corning announced to invest $445mn in a green bond, substantial project.
In August 2019, CertainTeed launched CertaSeal INT, a new water-based, liquid acrylic, spray-on air sealing solution that offers code-compliant airtightness for homes. No air supply is required as it has no VOCs or off-gassing during installation.
Global Green Building Materials Market is segmented by Application into insulation, roofing, framing, interior finishing, exterior siding, and others. Insulation segment held the largest market share in the year 2020 owing to its ability to conserve energy. Insulation lowers the energy consumption, reduces noise, increases comfort, and averts condensation issues in buildings. Properly fitted green insulation provides several benefits including financial and improvements in comfort to homeowners.
Global Green Building Materials Market is divided by End User into commercial, residential and institutional. Residential segment held the largest market share in the year 2020 and will continue to dominate the market in the coming years. With the increasing health concerns among populace regarding the energy efficiency and rising disposable income, the construction of green buildings in residential sector is increasing. Besides, due to the growing number of building regulations and policies mandating energy-efficient sustainable structures, the green building construction is rising.
Growing government regulations for energy saving and environmental emissions
Increasing government policies and investments and pressure from environmental regulations regarding emissions are the major factors fueling the market growth. To promote green building construction, the government of various countries especially developed countries has started the programs and incentives which is spurring market growth. Furthermore, high-performance green construction, such as the U.S. Recovery and Reinvestment Act, is also facilitated by governments in different developed countries. Advent of new technology and rising research and development activities to analyze efficient construction methods and building procedures is projected to further drive the demand for green building materials.
Increasing awareness among consumers regarding energy efficiency
Growing health concerns and responsibility towards environmental safety and rising demand for efficient energy usage is estimated to surge the demand for green building materials in the coming years. Over the last few years, a significant increase has been seen in stress levels and associated health concerns among the populace. Home and work environments have a significant effect on an individual's well-being, contributing to an increased consumer tendency towards esthetically pleasing green buildings that look desirable and help relieve physical and mental issues at the same time. In addition, construction of green building provides various financial and economic advantages including low construction costs, cost savings on utility bills for households or occupants and high value of property.
Dearth of raw materials
Lack of raw material, requirement of high initial cost and time-consuming process of construction is likely to restrict the market growth. The materials used in the construction of green buildings such as grass Crete, hempcrete, bamboo, rammed earth and wood are not usually available. The method of using these materials in construction entails exorbitant investment and requires skilled professional, which makes the process of construction green projects capital intensive.
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Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Green Building Materials Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and Middle East, and Africa. Global Green Building Materials Market in North America held the largest market share in the year 2020. North America will continue to dominate the global Green Building Materials Market because of the favorable government policies regarding the usage of green building materials in construction activities along with renovation activities. The construction industry in the region is expanding due to the growing population and increased demand for houses. Mexico has been witnessing high demand for housing, for which, the region is attracting noticeable investment into construction. Hence all these favorable trends in the regional construction sector is anticipated to drive the demand for green building materials.
Green Building Materials Market Segments:
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