New York (US), April 28, 2023 (GLOBE NEWSWIRE) -- Advanced Building Materials Market Overview
According to a Comprehensive Report by Market Research Future (MRFR), “Advanced Building Materials Market Information by Material Type, Application, and Region - Forecast till 2030", The market for advanced building materials can increase from USD 57.47 billion in 2022 to USD 91.74 billion by2030, developing at a rate of 6.02% between 2022 and 2030.
Market Synopsis
The project's construction period is shortened by the use of advanced building materials including concrete brick and block, sealant, wall cladding, and others. Compared to other traditional materials, these materials are very efficient, strong, and perform well. Modern construction materials are stronger, more effective, and more durable than conventional materials.
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Market Competitive Landscape:
The affluent companies in the advanced building materials industry are
- Kingspan Group Plc
- PPG Industries Inc.
- BASF SE
- DowDuPont Inc.
- Saint-Gobain Group
- Cemex
- APV Engineered Coating Inc.
- Oerlokon Balzers Coating India Limited
- Sherwin-Williams Company
- Knauf Gips KG
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 91.74 billion |
| CAGR | 6.02% (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Material Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increased government spending on infrastructure development Reduced construction time and cost-effective products |
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The major market participants are investing considerably in R&D to expand their product portfolios, which will spur further market growth for advanced building materials. Through a variety of strategic actions, including the introduction of new products, contractual agreements, mergers and acquisitions, escalating investments, and cooperation with other businesses, market participants are also enlarging their worldwide presence. Competitors of Advanced Building Materials must provide products that are affordable to survive and prosper in a market that is becoming more and more competitive.
Manufacturing locally to cut operating costs is one of the main business methods used by manufacturers in the advanced building materials sector to benefit customers and increase the advanced building materials market sector.
Market USP Covered:
Market Drivers:
The need for advanced building materials is anticipated to rise as government spending on infrastructure development, including repairing roads, bridges, and other transportation-related facilities, increases. The market is expanding primarily as a result of rising demand for infrastructure and building projects. The demand for advanced building materials is also rising as a result of the desire for faster construction and more affordable goods. The industry is also being driven by improvements in the production technology of advanced building materials.
Demand for infrastructure such as roads, subways, tunnels, public spaces, and commercial infrastructure will increase significantly as a result of the world's population growth. By 2040, there will be an additional two billion people on the planet, with metropolitan populations expected to increase by 46%. Innovative construction materials are in high demand because consumers want goods with shorter manufacturing cycles and lower production costs. Construction time is also significantly decreased by using precast and ready-mixed concrete components.
Market Restraints:
The usage of substitute materials for construction and the expensive initial investment in advanced building material machines restrain market expansion.
Nonetheless, the industry will get a substantial boost from the mounting demand for infrastructure and building projects. The demand for additional infrastructure is being driven by the ongoing development of industries including roads, trains, tunnels, residential and commercial buildings, and mining. Throughout the projected year, such situations are anticipated to present profitable possibilities.
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COVID 19 Analysis
The global pause in logistical and production operations brought on by the COVID-19 outbreak has disrupted the supply chain, preventing the market for sophisticated construction materials from expanding. Nevertheless, as governments throughout the world loosen regulations for restarting corporate operations, this scenario is anticipated to improve.
In addition, the primary driver of market expansion is the increase in demand for building and infrastructure projects.
Market Segmentation
By Material Type
Advanced cement and concrete, sealants, structural insulated panels, cross-laminated wood, and other materials are included in the market segmentation for advanced building materials based on material type. In 2021, the advanced cement and concrete category retained the lion's share, accounting for a sizeable portion of the revenue generated by the advanced building materials market. The CAGR for sealant is anticipated to be the highest throughout the forecast period. Among of the most widely utilized building materials in the modern construction sector are modern cement and concrete. Compared to conventional materials, these materials provide a number of advantages, including higher strength, better durability, and lower environmental effect. Advanced construction materials often include sealants because they help keep moisture and air from penetrating a structure's shell.
By Application
Residential, Industrial and Commercial, make up the market segmentation for advanced building materials. Using cutting-edge building materials in residential construction aims to provide more resilient, energy-efficient, secure, and environmentally sustainable homes. Modern building materials provide improved structural strength and resilience to weather, seismic activity, and other risks. Examples include insulated concrete forms, energy-efficient windows, sealants, and engineered timber. Modern construction materials are extremely adaptable and may be used in a variety of ways. The construction of environmentally friendly and energy-efficient buildings is one of the important applications.
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Regional Insights
In 2021, Asia-Pacific held the greatest market share (40.09%). Throughout the anticipated time, it is anticipated to have tremendous growth. The need for environmentally friendly and energy-efficient building materials is rising, and this is causing the Asia-Pacific advanced building materials market to expand and change quickly. Some of the world's fastest-growing economies are found in this region.
The market for advanced building materials is anticipated to develop at the fastest rate in North America due to the region's expanding industrial and retail sectors. Due to the rising birth rate and the government's expanding emphasis on a healthy environment, the population in the entire region is anticipated to climb. It is anticipated that the region's demand for advanced construction materials would increase as a result of the reduced price of advanced building materials.
The need for advanced building materials has increased due to the boom in construction projects across Europe, notably in the commercial and residential sectors. These materials, which are used to increase buildings' energy efficiency and longevity, include high-performance concrete, lightweight materials, and cutting-edge insulation systems. Moreover, the UK market for advanced building materials was expanding at the quickest rate in the European area, while the German market for such materials retained a sizeable market share.
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