Green Building Materials Market Size Worth $829.99 Billion by 2032 – GlobeNewswire

| Source: The Brainy Insights The Brainy Insights
Newark, May 22, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 320 billion in 2022 global green building materials market will reach USD 829.99 billion by 2032. Housing and other amenities like parks and malls are in more demand due to the growing population and rising disposable income. Governments are also making significant investments in the creation of public infrastructure. The urgent need for adopting sustainable development models has been caused by the growing knowledge of climate change, environmental deterioration, and its serious effects on humanity. Carbon emissions are decreased by establishing more environmentally friendly infrastructure, such as green roads, buildings, and business complexes. Green building materials reduce the need for routine maintenance of buildings and other related repairs and replacements, which reduces the need to invest additional labour, capital, and resources in these operations and significantly lowers carbon emissions. The global market for green building materials will be driven by a desire for sustainable development and rising construction and building activity.

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Key Insight of the global green building materials market

North America is expected to rise the fastest during the forecast period.

The desire for remodelling and renovation will drive the area’s need for green construction materials. The regional market for green building materials will also be fueled by the demand for new infrastructure, such as housing, commercial complexes, industrial facilities, and connection projects. The regional market will expand as more people become aware of green building materials and their long-term advantages, including cost and energy savings. The market’s expansion will be aided by the presence of key players with access to cutting-edge technologies driving innovation. The government’s push for the adoption of environmentally friendly construction practices will be beneficial for the market.

In 2022, the structural segment dominated the market with the largest market share of 44% and market revenue of 140.80 billion.

The product type segment is divided into structural, interior, exterior and others. In 2022, the structural segment dominated the market with the largest market share of 44% and market revenue of 140.80 billion.

In 2022, the roofing segment dominated the market with the largest market share of 43% and market revenue of 137.60 billion.

The application segment is divided into framing, roofing, interior and exterior finishing, insulation, flooring, siding and others. In 2022, the roofing segment dominated the market with the largest market share of 43% and market revenue of 137.60 billion.

In 2022, the residential buildings segment dominated the market with the largest market share of 55% and market revenue of 176 billion.

The end-user segment is divided into residential buildings and non-residential buildings. In 2022, the residential buildings segment dominated the market with the largest market share of 55% and market revenue of 176 billion.

Advancement in market

December 2022 – Tata Power received a 450-crore sustainable green building materials facility from Japan’s MUFG. The two solar power plants owned by TP Kirnali Limited, a 100 MW project in Parthur, Maharashtra, and a 120 MW project in Mesanka, Gujarat, would be purchased using the financing provided by MUFG under documentary green building materials. TPKL, a sustainable energy platform founded in 2020, is a wholly-owned subsidiary of Tata Power Renewable Energy Limited (TPREL). Tata Power has pledged to achieve carbon net-zero status by 2045. MUFG has stated that it intends to achieve net-zero emissions in its activities by 2030 and in its financial portfolio by 2050.

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Market Dynamics

Driver: The growing need for construction and building materials in emerging countries.

The population is growing in the world’s emerging countries. Additionally, they are observing an increase in the population’s disposable income, which enables them to boost their savings, investments, and consumption expenditures. Rapid urbanization is facilitating the growing desire for a higher quality of life. The rising population, rising per capita income, and quickening urbanization are attributed to the rising housing demands. The government is also boosting infrastructure expenditure to provide citizens with affordable housing as well as to build roads, bridges, airports, and ports to support regional and national economic development. The expanding building and construction industries need to be sustainable and environmentally friendly. Due to mounting climate change concerns, all economic sectors are moving towards more sustainable practices, goods, and systems. Consequently, the growing market for green building materials worldwide will benefit from the rising demand for building and construction in emerging countries.

Restraint: the high cost of green building materials.

The cost of green building materials is high, but customers can save a lot of money by using them over time. However, the high initial costs associated with using green building materials in construction projects or other infrastructure amenities overwhelm this advantage. The cost of manufacturing non-green construction materials is much cheaper. They are well-known and tried-and-true building materials used throughout the world. Consumers are more likely to use these materials Because more people are aware of and knowledgeable about these things. Therefore, the market’s expansion will be hampered by the high cost of green construction materials.

Opportunity: The favourable regulatory environment.

More housing, offices, businesses, commercial complexes, roads, bridges, and other public amenities are needed due to favourable government rules and regulations, a growing population, and rising disposable income. The government can meet these needs with a comprehensive, standardized, and integrated regulatory framework overseeing the building and construction sector. However, the industry can only adopt sustainable products, systems, and processes to balance environmental preservation and urban development. Therefore, by providing incentives, subsidies, and standardized approval processes for these products, the government is promoting the use of green construction materials. By imposing higher tariffs or other restrictions on non-green building materials, they are also promoting the use of green products. As a result, favourable government rules and regulations will present profitable prospects in the global market for green building materials during the projected period.

Challenge: the lack of awareness about green building materials.

The green building materials concept has gained traction in recent years with the growing emphasis on the climate change crisis and the need to conserve the environment. The non-green building materials are dominant in the market considering their extensive use, time-tested products and technologies, and many suppliers. The consumers are more comfortable, aware and trustworthy of non-green building materials, having witnessed their use and time-tested resilience. The green building material providers are comparatively fewer in the market, which adds to the consumers not gaining access to knowledge about the benefits of these materials. Therefore, the lack of awareness about green building materials and their benefits will challenge the market’s growth.

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Some of the major players operating in the global green building materials market are:

• Alumasc Group Plc
• Amvik Systems
• CertainTeed Corporation
• E. I. du Pont de Nemours and Company
• Forbo International SA
• Interface Inc.
• Kingspan Group Plc
• Owens Corning
• Sika AG

Key Segments cover in the market:

By Product Type

• Structural
• Interior
• Exterior
• Others

By Application

• Framing
• Roofing
• Interior and Exterior Finishing
• Insulation
• Flooring
• Siding
• Others

By End User

• Residential Buildings
• Non-Residential Buildings
• Letters of Credit
• Export Factoring
• Insurance
• Bill of Lading
• Guarantees
• Others

By Region

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

About the report:

The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

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