As per the latest report by IMARC Group, entitled “Green Building Materials Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global green building materials market size reached US$ 223.1 Billion in 2018. Green building materials serve as eco-friendly alternatives to conventionally used construction materials. Wood, straw bales, bamboo, hempcrete, recycled plastic, ferrock, stone, ashcrete, timbercrete and mycelium are some of the most commonly used green building materials. The aim of using these materials is to construct energy-efficient structures that aid in maintaining the ecological balance in nature. These materials are either naturally available, such as stone and wood, or are derived from natural resources, such as hempcrete, which is a concrete-like material produced from the woody inner fibers of the hemp plant.
Global Green Building Materials Market Trends:
A thriving construction industry across the globe, especially in emerging economies, is one of the major factors that is influencing the sales of these materials. Owing to the rising awareness about the deteriorating environmental conditions among the masses, there has been an increase in the construction of green buildings across both residential and commercial sectors as people are now more inclined toward a sustainable way of living. Additionally, the abundant and easy availability of essential green building materials such as thatch, mud and clay significantly reduces the overall operational and maintenance cost of these buildings. Moreover, since green buildings aid in addressing various environmental issues such as atmospheric pollution and changing climatic conditions, governments of several countries are introducing policies and undertaking initiatives to encourage their construction. For instance, the Government of the United Kingdom has adopted the Building Research Establishment Environmental Assessment Method (BREEAM) rating system for green buildings. Such rating and certification systems are expected to promote the benefits of green construction, thus creating a positive outlook for the market. On account of the aforementioned factors, the global green building materials market value is anticipated to reach US$ 432.5 Billion by 2024, expanding at a CAGR of 11.7% during 2019-2024.
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- On the basis of the application, insulation exhibits a clear dominance in the market, followed by roofing, framing, interior finishing, exterior siding and others.
- On the geographical front, the market has been categorized into Europe, North America, Asia Pacific, Middle East and Africa, and Latin America. Amongst these, North America accounts for the majority of the total market share.
- The competitive landscape of the market has also been examined in the report with some of the major players operating in the market being Alumasc Group Plc, Bauder Limited, Binderholz GmbH, CertainTeed Corporation; RedBuilt, LLC; PPG Industries, DuPont, Forbo International SA, Interface Inc., Kingspan Group plc, Lafarge, BASF SE, Owens Corning and National Fiber.
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