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 surpass US$ 962 billion.
Leaders worldwide have started taking measures to control carbon emissions. The Japanese government announced that Japan would reduce emissions by 46% by 2030 relative to 2013. Likewise, in December 2022, the United States government announced US$ 3.7 billion to start America’s carbon dioxide removal industry.
Knowing that the construction sector is an important cog in the wheel regarding reducing emissions is imperative. Thus, applying 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 will surge during the forecast period.
The global construction market will 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.
However, the high initial cost of the green buildings and the split-incentive system are expected to hinder market growth.
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“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.—Insights shared by Lead Analyst at Future Market Insights
- The market is expected to grow 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 9%.
- The United Kingdom market is anticipated to surge at 2%.
- China market is projected to advance at 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 8%.
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. Implementing the latest technologies, like Machine Learning, is expected to assist in producing high-quality green building materials. The companies are also reaching out to individuals personally to convey the importance of these materials. The manufacturers invest massive amounts in marketing activities to do this on a large scale.
Dominant players in the green building materials market are
- PPG Industries
- BASF SE
Key Development: In February 2022, DuPont, the United States-based chemical company, agreed to divest most of its mobility and materials segment to Celanese.
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- Interior & Exterior Finishing
By End User:
- Commercial offices & Buildings
- North America
- Latin America
- Asia Pacific
- The Middle East and Africa
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
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