Green Building Materials Market Expected to Reach $511.2 Billion by 2030-Allied Market Research

According to a new report published by Allied Market Research titled, “Green Building Materials Market Product Type and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030” The green building materials market size was valued at $237.3 billion in 2020, and is projected to reach $511.2 billion by 2030, growing at a CAGR of 8.1% from 2021 to 2030.

Rise in demand for environmentally friendly and sustainable building materials is expected to propel market growth. Green building material reduces the use of harmful lead-based paints, which improves indoor air quality. Furthermore, they provide ample natural lighting, which minimizes energy use and thus lowers overall costs. In addition, technological advancements have facilitated a growth in demand for green construction materials.

The green building materials market is likely to benefit from rise in demand for green building materials, particularly in emerging nations. Furthermore, the presence of a large number of manufacturers is projected to make product procurement easier. The use of natural resources are put under pressure by increase in global population and rise in urbanization. Due to sustainable growth and depletion of natural resource, green building materials are becoming increasingly popular. To prevent the health risks posed by climate change, pollution, and carbon footprints, green construction materials are required. The use of green building materials in the construction industry reduces carbon dioxide (CO2) emissions.

Due to rapid growth in the global economy and disposable incomes, the global green building materials market offers various opportunities to the market players. Increase in use of green building material as well as growth in the construction industry, especially in China and India, are some of the prominent aspects that augment green building materials market growth.

By product type, the exterior product segment dominated the global market in 2020 and is anticipated to maintain its dominance during the forecast period. The solar product segment is projected to grow at a significant CAGR of 9.5% during the forecast period. The exterior products segment accounted for more than one-third of the market in terms of revenue in 2020. Employment of green building exterior products in construction industry offers energy efficiency, durability, low maintenance, and operation cost & waste reduction over traditional construction techniques.

The residential buildings segment holds the largest share by application in terms of revenue and is expected to grow at a CAGR of 7.4%. Increase in concerns regarding rise in energy prices, accelerating climate change, negative health impact associated with building materials, and stormwater runoff polluting rivers & lakes have reinforced the need for green building construction in the residential sector.

Asia-Pacific and Europe collectively contributed more than half of the share to the global green building materials market revenue in 2020. Asia-Pacific is expected to dominate the market in coming years, owing to the pressure of environmental regulations pertaining harmful emissions. Moreover, increase in construction activities, particularly in the BRIC region (Brazil, Russia, India, and China), is another factor anticipated to fuel the demand for green building materials in the construction industry. However, the green building materials market share is analyzed for all significant regions and countries,

Major players that operate in green building materials market are Alumasc Group Plc (UK), Amvik Systems (Canada), BASF SE (Germany), Bauder Limited (UK), Binderholz GmbH (Germany), E. I. du Pont de Nemours and Company (U.S.), Forbo International SA (Switzerland), Interface Inc. (U.S.), Kingspan Group plc (Ireland), and Owens Corning (U.S.).

Other key players in the global green building materials industry value chain include, Acoustical Surfaces, Inc. (U.S.), Cemex S.A.B. de C.V. (Germany), Cold Mix Manufacturing Corp. (U.S.), GE Sealants and Adhesives, Inc. (U.S.), Green Build Products (I) Pvt. Ltd. (India), Green Fiber, LLC (U.S.), Magicrete Building Solutions Pvt. Ltd.  (India), Momentive Performance Materials Inc. (U.S.), National Fiber Technology, LLC (U.S.), Novagard Solutions, Inc. (U.S.), Onekin Green Building Materials Co. Ltd. (China), PPG Industries, Inc. (U.S.), RedBuilt, LLC (U.S), Reward Wall Systems, Inc. (U.S.), Sika AG (Switzerland), Soben International Eco Ltd. (China), Structurlam Products Ltd. (Canada), Sunlight Electrical Pte Ltd. (Singapore), Techno Green PVC Pvt. Ltd. (India), and ZinCo USA, Inc. (U.S.).

COVID-19 Impact on Market

• The green building materials market was impacted by the COVID-19 pandemic in terms of distribution and logistics. Production and distribution came to a halt because of the economic downturn due to the pandemic.
• The COVID-19 pandemic also disrupted the building and construction industry, resulting in decrease in demand for green building materials.
• The global COVID-19 pandemic hindered inter-country activity and import and export of green building materials due to varied economic and legal limitations globally.

Key Findings Of Study

• The green building materials market size is provided in terms of $million.
• On the basis of product type, the exterior product segment emerged as the global leader, registering 34.9% market share in 2020 in terms of revenue, and is anticipated to continue its dominance during the forecast period.
• On the basis of application, the residential building segment emerged as the global leader, registering 52.8% market share in 2020 in terms of revenue, and is anticipated to continue its dominance during the forecast period.
• Region wise, Europe is the major consumer of green building material among other regions. It accounted for around 38.4% of the global market share in 2020 as a result of rapid growth in the construction sector across the region.
• Solar products market revenue is projected to grow at a high CAGR of 9.5% during the forecast period.
• Roofing is the fastest growing segment in green building exterior products registering a CAGR of 8.3% during the forecast period.
• Brazil accounts for 60.2% share in LAMEA green building materials market in 2020.
• Japan grows at a faster rate in Asia-Pacific green building materials market, registering a CAGR of 9.7% from 2021 to 2030.
• France accounts for 80.8% share in Europe green building materials market in 2020.