The global green building materials market reached a value of US$ 280.5 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 523.7 Billion by 2027, exhibiting at a CAGR of 11.06% during 2022-2027, according to the latest report by IMARC Group.
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.
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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.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Global Green Building Materials Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.