The Global Market for Green Building Materials is Projected to Exceed US$395 Billion by 2024

Growing Prominence of Energy Efficient Smart & Eco-Friendly Buildings Drives Strong Demand for Green Building Materials, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Green Building Materials market. The global market for Green Building Materials is projected to exceed US$395 billion by 2024, driven by focus on energy efficient and sustainable buildings due to climate change and spiraling energy prices and the resulting demand for green building materials.

Buildings presently account for a third of worldwide emissions, and green buildings and projects are an important part of the fight for environmental sustainability. Green building refers to the next-generation construction technology intended to reduce carbon emissions at no or very little cost. The concept focuses on preserving the natural environment around a site, while facilitating construction that fulfills its basic purpose while optimizing usage of resources such as energy, water, and raw materials in buildings. Numerous economic and environmental gains that are driving robust adoption of green building construction across the world include operational cost savings, added operating value, optimization of life cycle economic performance, better air and water quality, and biodiversity enhancement. The concept of green building is anticipated to find greater adoption in the coming years with around 60% of overall certified projects doubling by 2018. Green construction activities globally are forecast to double every three years. In addition, green construction is projected to grow six-fold from 5.5% to more than 30% in Brazil, over five-fold from 4.5% to more than 25% in China, and four-fold from 7.5% to more than 30% in Saudi Arabia in the next few years. Increasing adoption of the green building concept is anticipated to radically transform the market and positively influence the long-term value of projects and tremendously benefit demand for green building materials.

Future growth in the market will be driven by rising awareness about the benefits of green technologies, favorable government regulations, increasing energy costs, declining costs of green building materials, higher resale value of green buildings, and increased adoption of voluntary certification programs for green buildings. Spiraling cost of resources such as water, energy and the ensuing need for conservation, and greater health and wellbeing of occupants in terms of reduced risk of allergic respiratory infections, also represent key factors benefit market growth in the market. Continuous improvements in material science, changing design and construction practices, and need for production efficiency in mature product segments are also driving the shift towards green building materials. Growing need to reduce energy consumption and stringent government regulations calling for mandatory renovation or reconstruction of aging buildings represent the single most important factor driving remodeling initiatives in residential, commercial and industrial construction sectors. Building insulation and roofing solutions are witnessing increased investments in research and production backed by venture capital funding. Efforts are underway to replace plastic foams with renewable solutions based on agricultural byproducts, and sheep's wool. Growing prominence of Leadership in Energy and Environmental Design (LEED) rating, the benchmark for measuring the compliance of a building with the present greening standards, and net zero energy buildings that consume as much energy as energy produced by using renewable energy systems will provide additional impetus to market growth.

As stated by the new market research report on Green Building Materials, the United States represents the largest market worldwide supported by higher customer willingness to adopt green practices. Growing awareness and financial foresight over the long-term energy and cost savings of green buildings is driving voluntary renovation of existing buildings into passive houses, three-liter houses, and zero carbon emitting buildings. Asia-Pacific is poised to emerge as the fastest growing market with a CAGR of 13.6% over the forecast period led by strong construction activity, continuous industrialization in regional powerhouses such as China and India, rising focus on environmental conservation, improving building standards that are enhancing demand for materials with better energy efficiency, and lesser consumption of water and other scarce resources.

Key players in the market include American Hydrotech, Inc., Amvic, Inc., Andersen Corporation, BASF SE, Bauder Ltd., Chengdu Onekin Green Building Materials Co., Ltd., DowDuPont Inc., Firestone Building Products Company, LLC, Fletcher Insulation Pty Limited, Georgia-Pacific LLC, Johns Manville Corporation, Kingspan Group Plc, Knauf Insulation Ltd., LafargeHolcim Ltd., LG Hausys, Ltd., LIXIL Group Corporation, Xtratherm Limited, Norbord Inc., Owens Corning, Rockwool International A/S, Saint-Gobain SA, CertainTeed Corporation, Sika AG, Standard Industries Inc., and USG Corporation, among others.

The research report titled “Green Building Materials: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of major companies worldwide. The report provides market estimates and projections for all major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China and Rest of Asia-Pacific), Latin America, and Rest of World. The global market is analyzed by application markets such as Insulation, Exterior Siding, Framing, Roofing, Interior Finishing, and Others. The US market for Green Building Materials is further analyzed by Product Types (Concrete, Doors, Flooring, Roofing, Windows, Others); End-Use Segments (Housing and Commercial); and Segments (Building Systems, Exterior, Interior, Structural, and Others).

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