Green building materials market to thrive
According to a recent analysis issued by FMI, the green building materials market size is likely to reach $823 Bn by 2032, up from $265 Bn in 2021, accounting for 11.8% CAGR through 2022-2032.
Green construction materials play an essential role in the growth of such structures. From design through demolition, green building materials are necessary for sustainability and efficiency.
Manufacturers are primarily concerned with creating conventional consumer goods. Customisations based on customer preferences, on the other hand, are predicted to be the way forward, boosting demand for green building materials market.
Due to Sustainable growth and a decrease in difficulties connected to environmental degradation and natural resource depletion, green construction materials are becoming increasingly popular, leading to the adoption of green building materials market.
Low operational and maintenance costs and the pressure of environmental rules relating to emissions are the primary drivers of the global green building materials market.
Furthermore, governments in developed nations have implemented regulations and incentives to encourage green building, which has aided the market’s growth.
- Insulation is expected to be the fastest-growing application, rising at a pace of 11.7% during the projected period due to its excellent energy efficiency and increased emphasis on installing interior insulation solutions.
- Green construction materials are required to combat the health risks posed by climate change, pollution, and carbon footprints. It has been discovered that employing green building materials in the construction sector substantially reduces carbon dioxide (CO2) emissions.
- The Indian government has encouraged green construction, such as the Green Rating for Integrated Habitat Assessment (GRIHA). It has mandated that all central government and public-sector buildings receive at least a 3-star rating under GRIHA, enhancing the sales of green building materials.
- The future of green building technology provides several options to repair the damage that has been done to the world and the environment. Building materials that retain air cleansing materials, micro-grids, net-zero structures, and smart glass are just a few of them.
- North America owns a significant green building material market share. The rise of the green building material market in the area is being driven by strict rules on the use of environmentally friendly products in the construction sector.
- Exposed to extreme climate conditions and government initiatives, the Asia Pacific and Latin America are also seeing increased demand for green building materials market and are likely to be very attractive markets for green building materials.
Acoustical Surfaces, Cemex S.A., Green Build Products, Cold Mix Manufacturing Corp, Green Build Products, Green Fiber LLC, National Fiber Technology LLC, and Novagard Solutions are some of the key players in the green building materials market.
Some of the growth strategies identified include mergers and acquisitions, trends and analyses relating to strategic collaboration among partners, and mutual agreements and partnerships.
To enhance their geographical footprint, the top players are using novel product launch tactics.
Sika announced its consumer purchase intention MBCC Group in November 2021 in order to accelerate its growth strategy and strengthen its position as a global sustainability champion in the construction sector.
SmartLam North America and RedBuilt established cooperation in May 2020 to provide Cross-Laminated Wood (CLT) supplies and solutions to architects, engineers, and contractors working on projects utilising the popular mass timber building technology.
In the Pacific Northwest, West Coast, and Southwest, which encompasses nine states, RedBuilt will be the only distributor of SmartLam CLT.
The use of natural resources has been strained by the rising global population and growing urbanisation. Concept of sustainable growth and a drop in challenges connected to environmental degradation and natural resource depletion, green construction materials are becoming increasingly popular.
View the report here.