Global Green Building Materials Market Set For 9.7% Growth, Reaching $490.8 Billion By 2028
Green Building Materials Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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The Green Building Materials Global Market is set for significant growth over the next few years, with an estimated increase from $305.63 billion in 2023 to $338.53 billion in 2024, reflecting a compound annual growth rate CAGR of 10.8%. The impressive growth in this period is a result of a confluence of factors including strong economic growth in emerging markets, a spike in construction activities in developing regions, and favorable government policies dovetailing with green building trends. Additionally, a global population surge paired with an increase in industrialization and a low interest-rate environment have steered technology development in favor of green building materials.
What Does the Future Hold for the Green Building Materials Market?
The green building materials market is projected to witness robust growth in the forthcoming years. According to recent data, it is expected to rise to $490.8 billion by 2028, representing a compound annual growth rate CAGR of 9.7%. The impetus for growth during the forecast period can be attributed to a pressing need for sustainable and eco-friendly solutions, a surge in demand for energy-efficient buildings, and broader application of green building materials in both residential and non-residential sectors. Notable trends that will shape the market over this period include a focus on environmentally friendly building materials such as mass timber, mineral wool insulation, green cement, and eco-friendly paints. Advances in product innovation and strategic partnerships also promise to underpin the market's evolution.
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What Are the Key Growth Drivers in the Green Building Materials Market?
The burgeoning demand for green buildings is poised to catalyze the growth of the green building materials market in the upcoming years. Green building is the progressive discipline of formulating structures and processes from site selection to design, construction, operation, renovation, and deconstruction that are ecologically responsive and resource-efficient. With green building materials utilized in the production of these green buildings, the demand for these materials has seen a commensurate increase. A recent report from CBRE India, a commercial real estate services and investments company, highlights this trend, pointing out that over the past five years, the supply of green-certified buildings has increased by 37%, equating to an additional 78 million square feet of certified stock. Consequently, this rising demand for green buildings is fueling the growth of the green building materials market.
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What Are the Highlights Among Industry Players?
Notable industry players significantly shaping the landscape of the green building materials market include Owens Corning, BASF SE, Kingspan Group Plc, E. I. du Pont de Nemours And Company Co. Ltd., and Interface Inc. Others include Saint-Gobain CertainTeed Corporation, Forbo International SA, Amvik Systems, Alumasc Group Plc, and Bauder Limited. Chinese firms like China State Construction Engineering Corporation CSCEC, China Communications Construction Company Limited CCCC, and Shanghai Construction Group SCG are also pivotal contributors in the market.
Which Trends Are Shaping the Green Building Materials Market?
A key trend unfolding in the green building materials market is a decisive shift towards materials that are eco-friendly. Major players in this market have prioritized the introduction of new product lines that exhibit lower global warming potential GWP without having to compromise on product quality. A case in point is the US-based building and industrial materials manufacturer, Owens Corning. In August 2021, the company launched FOAMULAR NGX Next Generation Extruded, a collection of extruded polystyrene XPS foam products that utilize a unique blowing agent to minimize their global warming potential by as much as 90%, while maintaining product quality.
How is the Green Building Materials Market Segmented?
The green building materials market is demarcated into various segments. These include:
1 By Type: Structural, Exterior, Interior, Other Types
2 By Application: Framing, Insulation, Roofing, Exterior Siding, Interior Finishing, Other Application
3 By End-Use: Residential Buildings, Non-Residential Buildings
What are the Regional Insights on the Green Building Materials Market?
In 2023, North America emerged as the largest region in the green building materials market. However, Asia-Pacific is set to emerge as the fastest-growing region during the forecast period. Other regions outlined in this expansive market report include Western Europe, Eastern Europe, South America, the Middle East, and Africa.
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