NEWARK, Del, Feb. 14, 2023 (GLOBE NEWSWIRE) -- The green building materials market is expected to hold a valuation of US$ 334 billion in 2023. The market is expected to record a CAGR of 11.2% during the forecast period. By 2033, the market size is expected to cross the mark of US$ 962 billion.
Leaders worldwide have started taking measures to control carbon emissions. The Japan government announced that Japan would reduce emissions by 46% by 2030 relative to 2013 levels. Likewise, in December 2022, the United States government announced US$ 3.7 billion to start America’s carbon dioxide removal industry.
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It is imperative to know that the construction sector is an important cog in the wheel when it comes to reducing emissions. Thus, the application of green building materials, which are meant for no carbon emissions, is expected to assist in this mission of controlling greenhouse gases.
On a product level, green building materials offer numerous benefits. These come with low operating costs and also provide thermal insulation. Their application also improves the air quality. With so much to offer, the demand for green building materials is expected to surge during the forecast period.
The global construction market is going to cross the valuation of US$ 14.4 trillion by 2030. With surging awareness regarding the benefits of green building materials, the market certainly has bright prospects going ahead.
However, the high initial cost of the green buildings and the split-incentive system are expected to hinder market growth.
Thus, from the insights provided by FMI researchers, it can be concluded that "stringent measures to control carbon emissions, the ability to provide thermal insulation, huge construction industry, and several other factors are expected to surge the growth of green building materials market during the forecast period."
Key Takeaways:
- The market is expected to grow at 11.2% between 2023 and 2033.
- In 2023, the market value is expected to be US$ 334 billion.
- By 2033, the figures might cross US$ 962 billion.
- Based on regional analysis, North America is expected to hold the dominant market share.
- The United States market is expected to grow at 10.9%.
- The United Kingdom market is anticipated to surge at 10.2%.
- China market is projected to advance at 10.5%.
- Japan market is expected to record a CAGR of 9.6%.
- South Korea market is projected to post a CAGR of 8.9%.
- Based on type, the structural segment is expected to hold the dominant share and is anticipated to grow at 11%.
- Based on application, roofing is anticipated to be the dominant segment and is projected to surge at 10.8%.
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Competitive Landscape
Sustainability happens to be the buzzword for all the manufacturers operating in the green building materials market. The processes operated by the key players are entirely on the lines of sustainability goals. The manufacturers are also acquiring other players to expand their footprints and cater to new markets. The implementation of the latest technologies like Machine Learning is expected to assist in the production of high-quality green building materials. The companies are also reaching out to individuals on a personal level to convey the importance of these materials. To do this on a large scale, the manufacturers are investing massive amounts in marketing activities.
Dominant players in the green building materials market are DuPont, PPG Industries, RedBuilt, BASF SE and IsoHemp.
Key Development: In February 2022, DuPont, the United States-based chemical company announced an agreement to divest the majority of its mobility and materials segment to Celanese.
Market Segmentation
By Type:
- Structural
- Interior
- Exterior
- Others
By Application:
- Framing
- Insulation
- Roofing
- Interior & Exterior Finishing
By End User:
- Residential
- Commercial offices & Buildings
- Institutions
By Region:
- North America
- Latin America
- Asia Pacific
- Europe
- The Middle East and Africa
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage/Taxonomy
2.2. Market Definition/Scope/Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
Old Source: Green Building Materials Market likely to accounting for 9.8% CAGR through 2022-2032: FMI
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