Dublin, Aug. 28, 2024 (GLOBE NEWSWIRE) -- The "Green Building Materials Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The green building materials market is expected to register at a CAGR of 8.91% during the projected period of 2024-2029.
There has been significant growth in the global green building materials market owing to imperative factors such as an increase in environmental awareness followed by the rising need for sustainable construction practices. Various types of green building materials are gaining popularity such as fiber cement siding, bamboo, fly ash, thermally modified wood, and recycled plastic among others in the residential and construction industries due to their energy efficiency, durability, and even moisture resistance. The residential sector on the other hand is expected to witness significant growth when it comes to the green building materials market as it is regarded to be the major end-user industry for green building materials. In this regard, there are factors as well such as the increasing awareness and affinity towards green building materials and the government regulations favoring the continuous increase in the use of these materials in the end-user sector.
Over the years, green building materials have turned out to be energy-efficient, which makes them an ideal choice when it comes to the construction sector thereby driving the growth of the market. The growth of the green building materials market is further driven by regulatory support, growing consumer awareness, and the economic viability of these materials. Governmental policies in support of green building construction ensure the standard practices across all construction sectors. Furthermore, companies operating in the market are increasing their investments in research and development activities and improving product quality to meet consumer requirements.
Key Market Insights
- The growth in urbanization in developing countries is turning out to be a significant factor that is driving the growth of the green building materials market. As cities expand, there is a corresponding increase in construction projects, which in turn drives the demand for green building materials. In this regard, China is regarded to be the world's largest construction market. According to the National Development and Reform Commission (NDRC), the Chinese government has prioritized the country's 13th Five-Year Plan, which has imperative schemes for green building initiatives. Furthermore, the country's national climate commitment calls for 50% of all new buildings constructed by 2020 to be certified green. On the other hand, green cement, which is produced using industrial waste such as fly ash and slag, is particularly attractive due to its ability to minimize waste disposal issues and reduce the reliance on fossil fuels in traditional cement production. The growth in building and construction activities, including residential and non-residential projects, is thus contributing to the market expansion, as developers and builders seek to comply with environmental regulations and consumer preferences for sustainable materials.
- The increasing demand for sustainable construction practices is another key growth driver for the green building materials market. Under the Leadership in Energy and Environmental Design (LEED) portfolio, many countries are playing an important role in making significant strides in green building leadership such as Japan which has made significant contributions and continuous to expand its LEED portfolio. According to the U.S. Green Building Council, Japan currently has 268 projects participating in LEED, comprising approximately 29.5 million square feet of space. Similarly, as of October 2022 by the USGBC, the United States accounts for 20,125 Certified LEED projects, 21,068 Silver Projects, 21,206 Gold Projects, and 7,027 Platinum Projects. On the other hand, India has around 4,500 IGBC-registered green building projects, amounting to over 4.53 sq ft of footprint according to the World Green Building Council.
- As of June 2021, the CII-IGBC and the IIA signed an agreement to boost green building methods in the area of architectural planning and design. Consumers and developers are increasingly prioritizing eco-friendly materials to reduce the environmental impact of construction projects. Green cement aligns with this trend by offering superior thermal insulation and fire resistance properties, making it a preferred choice for building projects.
- Technological innovations and strategic collaborations are crucial growth drivers for the green cement market. Companies are investing in research and development to improve the quality and efficiency of green cement production. Additionally, the demand for the green building materials market is further expected to grow owing to governmental initiatives. Green housing incentive schemes are being provided by the governments of various countries to promote the construction of green residential projects. For instance, tax credits in the United States and Spain, subsidies in New Zealand, and the Green Market Incentive Program in Singapore are promoting the construction of green residential buildings in the country which is further likely to drive the market growth.
North America region to dominate the green building materials market during the forecast period.
The North American region is expected to dominate the green building materials market during the forecast period, driven by several key factors. In North America, the high level of consumption of green buildings across all types of construction activities is regarded to be the primary factor that is driving the growth of the green building materials market. The Leadership in Energy and Environmental Design (LEED) rating system is considered highly essential and is most commonly used in the green building rating system across the world, especially in the United States. LEED-certified system provides a framework that is efficient, cost-saving as well as carbon-saving, towards the formulation of green building materials.
According to the USGBC, in 2021, Mexico recorded the 9th position globally in terms of square feet (sq.ft) of the LEED certification with 47 LEED green building projects representing more than 955,000 gross square meters (GSM) of space. Furthermore, over the years Mexico also certified 531 LEED projects, totalling nearly 11 million GSM.
According to the US Energy Information Administration, in 2021, the residential and commercial sectors consumed energy more than 10 quadrillion Btu (3.1 trillion kWh) in 2019 and 11.6 quadrillion Btu (3,36 trillion kWh) in 2021, thus accounting for 28% of the overall end-use consumption in the United States.
The high energy demand for electricity from buildings has been frequently seen to be very high and the US government in this regard formulated plans to transform the majority of the homes in the lower-income demographics to make them part of the energy-efficient structures and moderate the country's bills.
Key Topics Covered:
1. INTRODUCTION
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
3.1. Key Findings
3.2. Analyst View
4. MARKET DYNAMICS
4.1. Market Drivers
4.1.1. Increasing demand for Insulation and Energy-efficient buildings
4.1.2. Favorable government policies for green buildings
4.2. Market Restraints
4.2.1. High Initial capital investments compared to conventional buildings
4.2.2. Threats from Substitutes
4.3. Porter's Five Forces Analysis
4.4. Industry Value Chain Analysis
5. GREEN BUILDING MATERIALS MARKET BY APPLICATION
5.1. Introduction
5.2. Framing
5.3. Insulation
5.4. Roofing
5.5. Exterior Siding
5.6. Interior Finishing
5.7. Other Applications
6. GREEN BUILDING MATERIALS MARKET BY END-USER INDUSTRY
6.1. Introduction
6.2. Residential
6.3. Commercial
6.4. Industrial and Institutional
6.5. Infrastructure
7. GREEN BUILDING MATERIALS MARKET BY GEOGRAPHY
7.1. Global Overview
7.2. North America
7.3. South America
7.4. Europe
7.5. Middle East and Africa
7.6. Asia-Pacific
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Major Players and Strategy Analysis
8.2. Market Share Analysis
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Competitive Dashboard
9. COMPANY PROFILES
- BASF
- Binderholz
- DuPont
- Holcim
- Kingspan Group
- Owens Corning
- PPG Industries Inc.
- Saint- Gobain (Certainteed)
- Sika
- Soben International (Asia-Pacific) Ltd
For more information about this report visit https://www.researchandmarkets.com/r/z8vsrk
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