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The global advanced building materials market was valued at $56.7 billion in 2021, and is projected to reach $111.7 billion by 2031, growing at a CAGR of 6.8% from 2022 to 2031.Advanced building materials can be defined as materials that are more sustainable and have superior technical properties than conventional building materials.
Increase in government expenditures for infrastructural development such as construction & infrastructure developments largely drives the market. Industries, such as construction and tunnels, require concrete and wall cladding, precast products & elements. By 2040, the global population is estimated to grow by approximately two billion with the urban population growing by 46%, triggering massive demand for infrastructure support such as roads, subways, tunnels, common areas, and commercial infrastructures. Need for reduced construction time and cost-effective products are driving the demand of advance material for construction applications. In addition use of ready-mix concrete and precast products & elements saves a lot of construction time. For instance, in February 2020, a road was built in Nagpur, India, using precast concrete pavement in six hours, which would have taken around 8-10 days or more otherwise. Similarly, in January 2021, Gage Brothers Concrete Products built a 440,000 sq. ft. N95 manufacturing facility in just 52 days using precast concrete components.
Development in manufacturing technology of advance building material is one of the major driving factors of the market. Many key innovators are also providing advance building material. For instance, in September 2021, Kingspan Group has acquired Ondura in order to expands its roofing and waterproofing sector throughout Europe and North Americas. Such factors are driving the demand of advanced building materials industry.
Advance building material manufacturing cost price is on higher side as compare to conventional building material. These advance materials require advance machines to perform the operation. Therefore, customers who do not require equipment continuously or for long term, cannot opt to buy such expensive machine. In addition, not all customers can afford to buy such expensive equipment. Higher cost of advanced building materials impedes growth of the market. Moreover, alternative construction materials are also green materials that are completely ecofriendly and emit zero radiations or harmful gases while manufacturing. Thus, increase of environment-friendly construction material acts as restraint for the advanced building materials market.
The demand for advanced building materials decreased in 2020, owing to low demand from different regions due to lockdowns imposed by the government of many countries. The COVID-19 pandemic has shut-down production of various products for the advanced building materials end-user, mainly owing to prolonged lockdowns in major global countries. This has hampered the growth of the advanced building materials market significantly during the pandemic. The major demand for advanced building materials was previously noticed from giant manufacturing countries including the China, U.S., Germany, Italy, and the UK which was badly affected by the spread of coronavirus, thereby halting demand for advanced building materials. This is expected to lead to re-initiation of construction industry at their full-scale capacities, which is likely to help the advanced building materials market to recover by end of 2022.
Rise in demand for construction & infrastructure developments largely drives the market growth. Industries, such as roads & railways, tunnels, residential & non-residential construction, and mining, are continuously developing, which, in turn, is creating the need for construction of new infrastructure. In addition, advance material such as wall cladding, external wall cladding, concrete bricks & block, sealant reduce the construction time. This leads to rise in demand for advance building material products & elements, thereby creating a major opportunity in emerging countries. Such instances are expected to offer advanced building materials market opportunity.
The advanced building materials market is segmented on the basis of type, material, application and region. Based on type, the market is bifurcated into green materials, and technically advanced. Based on material, the market is divided into advanced cement, cross laminated timber, structural insulated panel, sealants, and other. Based on application, the market is divided into building construction and infrastructure.
By type: The advanced building materials market is categorized into green materials, and technically advanced. Green building materials are non-toxic, environment-friendly, and green, leading to improved occupancy health, lowered energy cost, and reduced energy consumption. Green materials is expected to exhibit highest CAGR during forecast period. Technically advanced are modern techniques and practices that include the most recent advancements in materials technology, design procedures, quantity surveying, structural analysis, and design, are covered under this segment. Technically advanced is expected to exhibit largest share in type segment in advanced building materials market during forecast period.
By material: The advanced building materials market is classified into advanced cement & concrete, cross laminated timber, structural insulated panel, sealants, and other. The advance cement & concrete offers properties such as high-strength concrete, high-performance concrete (HPC), ultra-high-performance concrete, stamped concrete, and self-consolidating concrete. Cross Laminated Timber (CLT) is a type of prefabricated engineering lumber that consists of layers of cross-stacked timber, joined by structural adhesives on the wider side and sometimes even the shorter side. Structural Insulation Panels (SIP) are high performance building systems for residential and light commercial use. The panels consist of an insulating foam core sandwiched between two structural faces, usually OSB (Oriented Strand Board). Sealant are the material used to block the passage of fluids through openings in walls, corner passage, in a constructed building/ infrastructure. It is a type of mechanical seal. The others segment in advance building material includes advanced fire protection materials, advanced paints, and advanced water proofing solutions. Sealants is expected to exhibit highest CAGR during forecast period. Advanced cement & concrete is expected to exhibit largest share in material segment in advanced building materials market during forecast period.
By application: The advanced building materials market is divided into building construction and infrastructure. Building construction application requires advanced building material is technologically advanced and is especially made to support the construction of robust and long-lasting buildings. These materials are used in the construction of all kinds of buildings, such as industrial, residential and commercial. They are composed of concrete admixtures, polymer composites, adhesives, and sealants, which help in enhancing the structural integrity of the building. Infrastructure segment in application is the collection of facilities and systems that serve a country, city, or other geographic area, and includes the services and facilities required for the economy, households, and businesses to function. Infrastructure is expected to exhibit highest CAGR during forecast period. Building construction is expected to exhibit largest share in application segment in advanced building materials market during forecast period.
By region: The advanced building materials market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In 2021, Asia-Pacific had the highest revenue in advanced building materials market share. And LAMEA is expected to exhibit highest CAGR during forecast period.
The major players profiled in the advanced building materials market include Saint-Gobain group, DowDupont Inc., Kingspan Group Plc, PPG Industries Inc., BASF SE, APV Engineered Coatings Inc., Cemex, Knauf Gips KG, Oerlikon Balzers Coating India Limited, and Sherwin-Williams Company.
Major companies in the market have adopted acquisition, partnership and business expansion as their key developmental strategies to offer better products and services to customers in the advanced building materials market.
Some examples of acquisition in the market
In October 2022, Kingspan Group has acquired CALOSTAT brand of high-performance insulation in order to provides high insulation and speciality chemicals business throughout Germany. Such instances drive the market of advance building materials market.
In September 2022, Kingspan Group has acquired Ondura in order to expands its Roofing and Waterproofing sector throughout Europe and North Americas.
In February 2022, Sherwin-Williams Company has acquired AquaSurTech, to expands its coatings solutions in the building products market.
In April 2022, Sherwin-Williams Co. has acquired European industrial coatings business of Sika AG top expands it coating solution. This will increase the customer reach of the company.
In February 2022, Kingspan Group plc has acquired Troldtekt A/S, a manufacturer of sustainably produced wood-based acoustic boards in order to expands it advanced insulation and innovative building solutions. Such instances drive the market of advance building materials market.
Business expansion and partnership in the market
In May 2021, Saint-Gobain has invested approx. 320 $ in India for manufacturing of advance building material such as advance concrete, 3D printing and many more. Such instance decrease the construction time and complete the construction project before planned time. Such instances drive the market of advance building materials market.
In August 2022, Kingspan has collaborated with AquaTrace to provide smart roof solutions. AquaTrace offers intelligent waterproofing monitoring technology and Kingspan Insulation’s offers high performance flat roof insulation for roof system.
In September 2022, BASF and GS Engineering and Construction has Memorandum of Understanding (MoU) on a strategic partnership collaborated for development of modular solutions for Carbon Capture.
In August 2022, CEMEX has expanded its production plant in Jamaica by means of this business expansion to increase the cement production capacity at CEMEX’s Jamaica cement plant by up to 30%. Such instances drive the market of advance building materials market.
In July 2022, CEMEX has invested in COBOD, a global leader in construction-grade 3D printers. by means of this investment CEMEX´s strategy to deliver a superior customer experience enabled by digital technologies.
Investment in the market
In October 2022, Knauf Group has invested more than EUR 200 million to expands its presence in Romania by opening two new plants‐‹ production output, manufacturing more than 75,000 tonnes of Mineral Wool every year to satisfy growing demands in Central and Eastern Europe. Such instances drive the market of advance building materials market.
August 2022, PPG has invested $9.0 million to expand an existing product line at its Temple, Texas facility pending final negotiations with Temple EDC, the City of Temple, and Bell County. The project, which includes the expansion of PPG’s adhesives and sealants line, will result in the creation of jobs.
PPG’s Temple Adhesive and Sealant plant manufactures the company’s LIQUID NAILS and MULCO products, some of the construction industry’s leading adhesives. In 2020 alone, the Temple facility produced approximately 48 million tubes of Liquid Nails. Such instances drive the market of advanced building materials market growth.
Key Market Segments
Key Market Players