The global Green Building Materials market is forecast to reach USD 573.91 Billion by 2027, according to a new report by Reports and Data.
Green building is a technology for developing an environmentally friendly infrastructure.
The goal of these structures is to reduce the negative impacts of residential and commercial constructions on human health and the environment through better site selection, construction, design, maintenance, and disposal at the most, along the full life cycle of green building materials.
The positive effect of these materials on human health mainly stimulates the market.
Besides, the governments of various developed countries facilitate high-performance green buildings; an example of this is the US recovery and reinvestment law.
Due to frequent climate change and extreme weather conditions, consumers prefer to adopt green roof technology to maintain the temperature inside the structure as well as to recover rainwater.
However, the unavailability of high performance, eco-friendly green building materials, and cost issues are the key factors hampering the market growth.
The cost of the construction of green buildings is higher than that of typical buildings.
The market anticipates significant growth due to the strict regulations adopted by the North American and European governments, which focus on green building technologies.
Also, attempts by various NGOs and companies to raise awareness of the adoption of sustainable technologies would stimulate the market for green building materials in the future.
The market presents a growing activity of integration in the long term by the suppliers of raw materials because of the growing demand and the infinite growth prospects of the market.
The regional dominance of industry participants is expected to decrease due to the growing demand for imports.
This trend should continue over the next few years and should propel market growth.
The COVID-19 impact:
The COVID-19 pandemic is expected to have a massive downward impact on the global Green Building Materials market in 2020, the reason being the halt in the residential and commercial construction applications, which are responsible for the significant demand.
After the pandemic, however, trends discussed in the study of the global market do hold ground.
Also, supply chain disruptions and production shutdowns have resulted in a downgraded outlook for the production of green building materials, which will have short-term impacts on market sales that could have lasting effects.
While the industry expects things to return to near normal state well before the end of 2020, negative demand shock caused by the crisis is likely to last.
Further key findings from the report suggest
- The exterior siding segment is expected to grow at a significant rate of 11.5% during the forecast period, with increasing demand for intelligent lighting, solar products, building systems, and HVAC systems.
- The fall in the cost of green buildings over time and the growing awareness of recycled construction are likely to generate opportunities for the residential construction market during the forecast period.
- North America has dominated the market worldwide, with government efforts and regulations to make the use of green building materials mandatory and to raise awareness.
- The Asia-Pacific region is expected to experience significant growth in the global market over the forecast period. Southeast Asia has seen significant growth in the adoption of sustainable building practices. This is mainly attributed to growing concerns over national energy security and environmental degradation in several countries, such as Thailand, Hong Kong, Malaysia, Singapore, and Indonesia.
- Key participants include PPG Industries, Interface Inc., Kingspan Group Plc, Lafarge, Owens Corning, National Fiber, RedBuilt, LLC, Binderholz GmbH, Bauder Limited and Alumasc Group, among others.
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