Newark, April 08, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 476.19 billion in 2023 global sustainable construction market will reach USD 1195.28 billion by 2033. Adopting circular economy principles in construction, emphasizing resource efficiency, recycling, and waste reduction, presents an upcoming opportunity. Sustainable construction practices focusing on circular economy principles will likely gain prominence. Furthermore, the growing emphasis on achieving net-zero and positive energy buildings provides an opportunity to develop and adopt innovative technologies and construction methods that contribute to energy self-sufficiency and reduced carbon emissions. Additionally, opportunities exist for integrating carbon capture and storage (CCS) technologies in construction processes. This aspect can involve capturing and storing carbon emissions produced while manufacturing construction materials or as part of building design. Developing smart cities and sustainable infrastructure projects also presents opportunities for incorporating advanced technologies, IoT (Internet of Things), and data analytics to optimize energy usage, improve transportation systems, and enhance overall urban sustainability. Moreover, with an increasing focus on resilience to climate change, there are opportunities for developing and adopting construction practices that enhance the resilience of buildings and infrastructure to extreme weather events, rising sea levels, and other climate-related challenges.
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Key Insight of the Global Sustainable Construction Market
Asia Pacific is expected to witness the highest market growth over the forecast period.
The Asia Pacific region is undergoing speedy urbanization and community growth, increasing the need for infrastructure and buildings. This growth presents an opportunity to integrate sustainable construction practices from the early stages of development. In addition, the rising middle-class population in the region is driving the demand for high-quality, sustainable housing and commercial spaces. This demographic shift contributes to the growth of the sustainable construction market. The Asia Pacific region is also experiencing rapid technological advancements in the construction sector. Innovations in sustainable building materials, energy-efficient systems, and smart construction technologies contribute to the region's growth in the sustainable construction market. Most importantly, governments across the Asia Pacific increasingly recognize the importance of sustainable development. Many countries have introduced policies, regulations, and incentives to promote and mandate sustainable construction practices, attracting investments in eco-friendly building projects. Besides, the Asia Pacific region attracts international collaborations and investments in sustainable construction. Global companies and organizations partner with local entities to bring advanced sustainable technologies and practices to the region.
In 2023, the exterior products segment held the largest market share at 48.37% and a revenue of 230.33 billion.
The product type segment is classified into exterior products, interior products and others. In 2023, the exterior products segment held the largest market share at 48.37% and a revenue of 230.33 billion.
In 2023, the residential segment dominated the market with the largest share of 44.82% and revenue of 213.43 billion.
The application segment is split into residential, commercial and others. In 2023, the residential segment dominated the market with the largest share of 44.82% and revenue of 213.43 billion.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $ 476.19 billion |
| Market Size in 2033 | $ 1195.28 billion |
| CAGR | 9.64% |
| No. of Pages in Report | 237 |
| Segments covered | by Product Type, Application, Regions |
| Drivers | Environmental Awareness and Regulations |
| Opportunities | Innovation in Sustainable Materials |
| Restraints | Higher Initial Costs |
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Advancement in market
In May 2023: Sika has successfully finalized the acquisition of MBCC Group following the attainment of all required regulatory approvals. Through this synergistic transaction, Sika enhances its presence in all regions, fortifies its portfolio of products and services throughout the entire construction life cycle, and accelerates the sustainable evolution of the construction industry.
Market Dynamics
Driver: Market demand and consumer preferences.
Growing consumer awareness of environmental issues is sparking a heightened demand for sustainable living spaces, driving a surge in eco-friendly construction projects. With an increasing understanding of the ecological impact of traditional construction methods, consumers are actively seeking alternatives that prioritize environmental conservation. This shift in mindset is steering the construction industry towards adopting sustainable practices, as individuals prefer eco-conscious living spaces. The rising demand for sustainable construction projects underscores a broader societal commitment to minimizing the ecological footprint of urban development and promoting environmentally friendly lifestyles.
Restraint: Risk aversion in the industry.
The construction industry, known for its cautious approach, is often reluctant to embrace novel sustainable technologies and materials. Builders may hesitate to experiment with these alternatives due to uncertainties surrounding their performance, durability, and long-term maintenance implications. The risk-averse nature of the industry is driven by concerns about potential challenges and the unfamiliarity associated with integrating sustainable elements into traditional construction practices. This caution stems from a desire to ensure that new approaches meet the industry's rigorous standards for reliability and longevity before being widely adopted. Thus, the industry's hesitancy to embrace sustainable innovations reflects a careful evaluation of potential risks and a commitment to maintaining established standards of construction excellence.
Opportunity: Smart cities and urbanization.
The global shift towards urbanization and the burgeoning development of smart cities presents a distinctive opportunity for sustainable construction to be pivotal in shaping energy-efficient and environmentally friendly urban landscapes. As populations gravitate towards urban areas, the demand for innovative and eco-conscious construction practices has intensified. With its emphasis on resource efficiency, reduced environmental impact, and incorporation of green technologies, sustainable construction aligns seamlessly with the goals of creating modern, forward-thinking urban spaces. When coupled with the evolution of smart cities, the global trend towards urbanization catalyzes the integration of sustainable construction practices.
Challenge: Skills and training gaps.
Implementing sustainable construction practices faces a potential obstacle in the form of a shortage of skilled professionals specifically trained in this field. Thus, the need for more qualified individuals poses significant challenges in effectively executing and managing projects that adhere to eco-friendly standards. Sustainable construction involves a nuanced understanding of environmentally conscious building materials, energy-efficient technologies, and innovative methodologies, requiring a specialized skill set. Addressing this skills gap becomes crucial for successfully advancing sustainable construction initiatives. Investing in education and training programs focusing on sustainable practices can be pivotal in cultivating a qualified workforce.
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Some of the major players operating in the global sustainable construction market are:
• Alumasc Group Plc
• Amvic Inc.
• AECOM
• Bauder Ltd.
• Balfour Beatty
• Binderholz GmbH
• Clark Group
• CEMEX
• Florbo International SA
• Gilbane Building company
• Gensler
• Hensel Phelps
• Johnson Controls
• LafargeHolcim
• Saint-Gobain
• Skanska
• Siemens AG
• Sika AG
• The Whiting- Turner Contracting Company
• The Turner Corp.
• Veolia Environnement S.A.
• WSP Global Inc.
Key Segments cover in the market:
By Product Type
• Exterior Products
• Interior Products
• Others
By Application
• Residential
• Commercial
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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