According to a new report published by UnivDatos Markets Insights, the Green Building Material Market is expected to grow at a CAGR of around 11% from 2022-2028. The analysis has been segmented into Application (framing, insulation, roofing, exterior siding, interior finishing, and others); End-User (residential, commercial, and industrial); Region/Country.
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The Green Building Material Market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the green building material market. The green building material market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the green building material market at the global and regional levels.
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Market Overview
Green building material is also called an eco-friendly building material. It can be defined as the building materials used to construct a building with a low environmental impact. They are composed of renewable resources. In recent years, the demand for green building materials has risen dramatically due to the rising awareness of its benefits as well as the growing concern toward better insulation, and an eco-friendly environment. For instance, U.S. Green Building Council (USGBC) has named Hesse as the top state in Germany with the highest number of LEED-certified green buildings. Hesse is home to nearly 3 million GSM (grams per square meters) of building space comprising 95 LEED-certified projects.
The Green Building Material Market is expected to grow at a steady rate of around 11.2% owing to the increasing demand for energy-efficient buildings coupled with the growing adoption of green building materials in commercial, healthcare, and other sectors. Major companies in the market offer green building materials for the construction industry with advanced use of renewable sources. For instance, In Nov 2021, Sika announced its plan to acquire MBCC Group to accelerate its growth strategy and reinforce its position as a sustainability champion in the global construction industry.
Some of the major players operating in the market include BASF SE, Owens Corning, CertainTeed Corporation, Sika AG, National Fiber Supply Inc., PPG Industries Inc., Alumasc Group Plc, RedBuilt LLC, LafargeHolcim Ltd., Kingspan Group Plc.
COVID-19 Impact
Due to travel limitations and the projected dismal financial performance of market players in 2020, the spread of the COVID-19 pandemic has hurt the green building material industry. Supply chain execution, regulatory and policy changes, labor reliance, working capital management, and liquidity and solvency management are all major concerns for green building material manufacturers. Since the COVID-19 epidemic has considerably diminished by the beginning of 2021, a lot of businesses are resuming operations. In terms of demand and supply, North America, as the construction industry, is controlling the global construction industry. North America’s supply shortages have triggered a chain reaction throughout the world.
The global green building material market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on application, the market is segmented into framing, insulation, roofing, exterior siding, interior finishing, and others. The insulation category is to witness higher CAGR during the forecast period owing to the growing excellent energy efficiency and increased emphasis on installing interior insulation solutions. Green building materials are being adopted to provide recycled construction of the building due to improper insulation in the buildings. Furthermore, the entry of global players into emerging markets adds to the growth of the market. For instance, CFMoto, a Chinese manufacturer of ATVs, announced its plan to launch its products in the Indian market.
· Based on end-user, the green building material market has been classified into residential, commercial, and industrial. The residential category is to witness higher adoption of green building materials during the forecast period. This is mainly due to the rising number of building regulations and policies mandating energy-efficient structures. This has created a market for environment-friendly and energy-conserving materials used in residential construction. For instance, In May 2020, SmartLam North America and RedBuilt announced their partnership to supply Cross-Laminated Timber (CLT) products and solutions to architects, engineers, and contractors for projects using the popular mass timber building technology.
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Green Building Material Market Geographical Segmentation Includes:
· North America (U.S., Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
North America is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the regulations on environment-friendly materials used in the construction industry as emerging economies of the region are driving the growth of the market. Moreover, wide expansion of applications along with growth in the commercial and residential industry and healthcare sector is further expected to support the market growth of green building materials. In addition, the growing implementation of green building technology in many retrofitting and renovating applications further accelerates the green building material market growth in the region. Also, major players in the market continue to invest in green building materials for the construction industry with advanced use of renewable sources. For instance, in 2020, according to the U.S. Green Building Council (USGBC), 1,171 projects have been certified with LEED certification for green buildings in the U.S. with 281.05 million GSF land.
The major players targeting the market include
· BASF SE
· Owens Corning
· CertainTeed Corporation
· Sika AG
· National Fiber Supply Inc.
· PPG Industries Inc.
· Alumasc Group Plc
· RedBuilt LLC
· LafargeHolcim Ltd.
· Kingspan Group Plc
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the green building material market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the green building material market?
• Which factors are influencing the green building material market over the forecast period?
• What are the global challenges, threats, and risks in the green building material market?
• Which factors are propelling and restraining the green building material market?
• What are the demanding global regions of the green building material market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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