According to a report by Grand View Research, Inc., global green building materials market is anticipated to value USD 364.6 billion by 2022. Growing requirement for energy –efficient and environment-friendly construction materials is anticipated to propel demand for green building materials. These eco-friendly building materials are likely to reduce impact of global warming owing to low carbon footprint. In addition, these installations can expected to consume less water during hardening and are easy to maintain.
High demand for green building materials attributed to numerous environmental and monetary benefits can influence growth of market. Growing number of manufacturing companies attributed to easy availability of raw materials to produce green building materials can fuel market growth. Rising focus of government globally on construction of green buildings to attain high energy-efficiency can influence growth of market over next few years. Rising demand for residential and commercial buildings attributed to increasing population can stimulate market growth. Increasing energy costs and rising green buildings standards can augment growth of market over the forecast period (2012 to 2022).
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However, presence of price sensitive consumers and uneven enforcement of energy regulation can restrain growth of market during the forecast period.
The green building materials market can be segregated on the basis of product, application, and region. Based on product, the market can be categorized into interior, exterior, structural, and others. In 2016, structural segment dominated the market and accounted for 60% of global market share. It is expected to grow at CAGR of 11.4% during the forecast period. Rising concerns to reduce carbon emissions and provide superior durability at low cost can fuel product demand over the forecast period.
Similarly, interior segment is likely to witness substantial growth attributed to growing consumer awareness regarding environmental benefits of such products. Enhanced lightening, superior aesthetics, and improved indoor air quality offered by green buildings materials as interiors can fuel market growth.
Based on application, the market can be classified into roofing, framing, insulation, exterior siding, interior siding, and others. Insulation segment is expected to dominate the market and account for largest market share over the forecast period. It can contribute for market share equivalent to USD 85.9 billion by 2022 attributed to high levels of energy conservation. In addition, growing number of construction activities in commercial and residential sector can fuel growth of segment in next few years.
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Roofing is estimated to contribute well for growth of market attributed to rising demand for non-toxic rubber roofing. Superior durability and weather resistance offered by rubber roofs can surge its demand among consumers over next few years.
Regional segmentation includes North America, Europe, Asia Pacific, and rest of the world. In 2016, North America dominated the market and accounted for 35% of global market share. The market is expected to grow at similar pace in this region attributed to favorable government policies and building codes. In addition, rising number of renovation activities is likely to stimulate demand for green building materials over next few years.
In Asia Pacific, the market is anticipated to witness significant growth at CAGR of 12% over the forecast period. It is expected to gain market share equivalent to USD 78.4 billion by 2022. Continual growth of residential sector in the region attributed to increasing population requiring shelter can foster market growth. In addition, Paris agreement signed by India and China to fight climate change coupled with rising infrastructural development in economies can surge product demand during the forecast period.
Some of the leading companies offering green buildings materials are Alumasc Group Plc, Bauder Limited, CertainTeed Corporation, BASF SE, and PPG Industries. The market is expected to exhibit forward integration by raw material suppliers attributed to high profit margins and demand. In addition, favorable buildings codes, regulations, and certifications can augment growth of market. This, in turn, can increase number of new entrants in the market. In addition, regional dominance of major companies is likely to decrease owing to increase in import activities. Moreover, development of advanced products is anticipated to spur growth of market during the forecast period.
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