According to a recent report published by Allied Market Research, titled, “Alternative Building Materials Market by Material, End User, Application and Region: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the alternative building materials market size was valued at $189.8 billion in 2020, and is expected to reach $330.3 billion by 2030, registering a CAGR of 5.8% from 2021 to 2030. The alternative building materials market consists of revenue generated by sales for environment friendly building material such as wood, bamboo, recycled plastic and other eco-friendly material. These material are used to construct walls, windows, doors and roofs of residential and non-residential infrastructures. The alternative material are introduced to with a view to build sustainable buildings and to minimize pollution generated while manufacturing traditional building material.
Increase in awareness about using environment friendly material and strict restriction implemented by government for manufacturing and using traditional material has lead people to opt for alternate building material. In addition, acquiring the LEED (Leadership in Energy and Environmental Design) green certification from the government authorities on building eco-friendly buildings makes the owner eligible for several grants from the government and also gets concession in taxes. Further, manufacturing of these alternative material emits less carbon as well as requires less energy for manufacturing. These are some of the driving factors for the alternative building material market.
However, lack of strength and finishing of the walls and roofs constructed by using the alternative material is not efficient and durable, which acts as restraining factor to the alternative building materials market growth. In addition, outbreak of COVID-19 has led to halt in construction and manufacturing activates across the globe. Halt in logistics services has led to halt in the construction industry, which, in turn, hinders the growth of the alternative building materials market.
However, industries are gradually back on track and vaccine discovery has led to recovery of the alternative building materials market by mid-2021. On the contrary, advanced research and introduction of sustainable, durable and strong alternative material will help in conservation of environment and make people to opt for these materials, which is a major opportunity for the growth of the alternative building materials market.
The alternative building materials market is segmented on the basis of material, end user, application and region. On the basis of capacity, the market is divided into bamboo, recycled plastic, wood and others. Depending on end user, it is classified into residential and non-residential. On the basis of application, the market is divided into construction, furniture and flooring. By region, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Italy and rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
Key Findings Of The Study
- By material, the wood segment was the highest revenue contributor in 2020.
- By end user, the residential segment generated the highest revenue in 2020.
- By application, the flooring segment generated the highest revenue in 2020.
- By region, the Asia-Pacific generated the highest revenue in 2020.
The major players profiled in the alternative building materials market include Bauder Ltd., ByFusion Global Inc., CarbonCure Technologies Inc., JD Composites, Kirei, Neular, Plasticiet, Rammed Earth Enterprises, Rammed Earth Works and Takataka Plastics. Major companies in the market have adopted strategies such as product launch, business expansion and partnership, to offer better products and services to customers in the alternative building materials market