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Green Building Materials Market size exceeded USD 265 billion in 2021 and is poised to showcase around 12% CAGR from 2022 to 2028. Increasing construction activities in Asia Pacific and North America will be a major factor driving the industry growth.
The rising concern related to the adverse impact of building materials and their wastes on the environment has triggered the requirement to integrate eco-friendly materials, thus supporting the usage of green materials in construction.
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The concept of sustainable building envisions and integrates different strategies during the design, production & operation of various building projects. The use of green building materials highlights one such important strategy in implementing the sustainable development of construction projects. Green building materials offer various benefits, such as reduced maintenance, energy conservation, greater design flexibility, and lower costs, which are generally associated with changing space configurations, etc.
Green building materials not only lower carbon emissions but are also good for the environment as the impact of these materials on the environment is minimum due to their sustainable nature. According to the U.S. Green Building Council, the number of leaderships in energy and environmental design-certified houses has risen by approximately 19% since 2017. Moreover, there are closely 500,000 single-family, multifamily & affordable housing LEED-certified houses worldwide. The rising preference toward the utilization coupled with government incentives to use them in construction will boost the green building materials market growth.
The COVID-19 pandemic has adversely affected the construction industry, followed by the temporary halt of construction projects globally. Furthermore, lockdown and quarantine measures to combat the COVID-19 pandemic have limited the production & supply of green building materials. Producers are resolving the challenges caused by the pandemic and are adapting to the changing industry dynamics.
|Market Size in 2021:||265.64 Billion (USD)|
|Forecast Period:||2022 to 2028|
|Forecast Period 2022 to 2028 CAGR:||12.2%|
|2028 Value Projection:||610.06 Billion (USD)|
|Historical Data for:||2018 to 2021|
|No. of Pages:||230|
|Tables, Charts & Figures:||252|
|Segments covered:||Type, Application, End-User|
|Pitfalls & Challenges:|
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The structural type of segment is projected to witness growth rate of over 12% through 2028. The development of construction projects using green building materials to make the buildings more energy-efficient and cost-effective is likely to fuel the market demand. Increasing private investments in the development and adoption of green building materials in both residential & commercial spaces will augment the industry statistics.
The roofing materials segment is expected to generate nearly USD 165 billion revenue by 2028. Green roof infrastructure is increasingly becoming an important aspect among various building residents and community planners. This type of roof aids in addressing various challenges, which are commonly faced by urban residents. Moreover, the positive impact of green roofs on the environment will further increase the economic benefits.
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The green building materials market from residential application is set to account for USD 330 billion by 2028. Global residential construction is growing at an unprecedented rate and is estimated to keep growing. According to the World Green Building Council, the world is likely to build 230 billion square meters in new construction, i.e., adding the equivalent of Paris to the planet every single week. New construction start-ups, permits & completion are now being cleared, which were stuck in the last few years. Residential construction is impelled by the growing population, millennials settling down, and rising employment & income levels.
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North America green building materials market holds approximately 33% of the volumetric share in 2021 and is predicted to reach USD 200 billion by 2028. The presence of a matured construction industry in the region in positively influencing the industry demand. The U.S. has observed a significant rise in construction spending over the years. Furthermore, strong home renovation activities along with the growth of commercial building construction are propelling the product consumption.
Key players engaged in the market include BASF SE, Sika AG, PPG Industries, Inc., Owens Corning, Kingspan Group, and Dupont de Nemours, Inc., among others. Companies are engaged in strategic collaborations, mergers & acquisitions, and product launches, to enhance their market shares. In November 2021, Sika AG signed a definitive agreement to acquire MBCC Group, formerly known as BASF Construction Chemicals, from Lone Star Funds, a global private equity firm, for USD 5.95 billion. This move will help the company to foster its growth strategy and further reinforce its position in the construction industry.
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Market, By Type (Kilo Tons) (USD Billion)
Market, By Application (Kilo Tons) (USD Billion)
Market, By End-user (Kilo Tons) (USD Billion)
The above information is provided on a regional and country basis for the following: