The green building materials market is set to grow to $377 billion by 2022, driven by sustainability and energy efficiency trends.
According to a new report published by Allied Market Research, titled, “Green Building Materials Market by Product Type and by Application – Global Opportunity Analysis and Industry Forecast, 2014–2022“ the green building materials market is expected to be $171,475 million in 2015, growing at a CAGR of 11.9% from 2016 to 2022 to reach $377,029 million by 2022. The exterior products segment dominated the market in 2015 with one-third share, in terms of revenue.
Emission reduction potential of green building materials, high asset value of green buildings, growth in public awareness regarding green materials, and increase in client & market demand are the major factors that drive the green building materials market across the globe. In addition, reduction in operating costs and enhanced worker productivity due to healthier indoor environment supplements the market growth. A wide variety of green building materials are available in the market including linoleum, galvalume panels, and fiber-cement composites. New low-rise and high residential buildings, retrofits of existing buildings, and new industrial buildings are the major areas where growth of green building materials is expected. DGNB, LEED, BREEAM, HQE, and EnergyStar are some of the certification systems that evaluate performance of the green buildings. They rate the buildings according to some set standards.
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Chemicals & Materials at Allied Market Research, “Though, cost concerns, market barriers and lack of government policies encouraging green construction are some factors, which hinder the growth of green building materials, continuous innovation and rise in growth of building and construction sector provides a great potential for market expansion.“
Exterior products accounted for more than one-third of the market in terms of revenue in 2015. Employment of green building exterior products in construction industry offers energy efficiency, durability, low maintenance, and operation cost and waste reduction over traditional construction techniques. Residential buildings segment holds the largest share by application in terms of revenue and is expected to grow at a CAGR of 11.2%. Increase in concerns regarding rise in energy prices, accelerating climate change, negative health impact associated with building materials, and stormwater runoff polluting rivers and lakes have reinforced the need for green building construction in the residential sector.
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Key findings of the study
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The prominent market players are Alumasc Group Plc (UK), Amvik Systems (Canada), BASF-STOCKS-70dc04b4-71c7-40d6-b399-c3163c3ba8c4>BASF SE (Germany), Bauder Limited (UK), Binderholz GmbH (Germany), E. I. du Pont de Nemours and Company (U.S.), Forbo International SA (Switzerland), Interface Inc. (U.S.), Kingspan Group plc (Ireland), and Owens Corning (U.S.)
The article discusses the growth and trends in the green building materials market, projected to reach $377 billion by 2022.
Emission reduction, high asset value, and increased public awareness drive the green building materials market.
Asia-Pacific is expected to lead the market during the forecast period.
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