As per the latest report by IMARC Group, entitled “Green Building Materials Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global green building materials market reached a value of around US$ 200 Billion in 2017. Green building refers to the construction of structures using processes which are eco-friendly and resource-efficient. These structures are constructed using green building materials that help in minimising the emission of greenhouse gases and impact on the human health during the process of fabrication. Some of the widely utilized green building materials include aluminium, thatch, mud, clay, fabric, glass, steel, wood, durisol, ceramic, limestone and rammed earth. As these materials are procured from renewable waste products, they are highly energy-efficient and have the potential to cut down the overall construction cost.
On account of their various advantages, green building materials are considered ideal for the construction of residential and non-residential buildings. Over the past few years, the construction industry has witnessed a rapid change with builders increasingly employing green building materials, particularly in the emerging economies. Apart from this, the government of several countries are undertaking favourable initiatives so as to encourage the use of green building materials. For instance, China commits to preserve its resources and reduce harmful gas emissions by adopting a national rating system, namely, Green Building Label (GBEL) which is administered by the Ministry of Housing and Urban-Rural Develop (MOHURD). Moreover, the presence of a large number of manufacturers is aiding the sourcing of the materials. Further, the oversupply of green building materials coupled with technological advancements is expected to lower their prices, in turn, contributing to the growth of the market. Looking forward, the market value is projected to reach US$ 388 Billion by 2023, expanding at a CAGR of 11.7% during 2018-2023.
- Based on application, insulation represents the largest segment which is followed by roofing, framing, interior finishing, exterior siding and others. Insulation helps in providing resistance to the heat flow, thereby reducing heating as well as cooling costs.
- On the basis of region, the market has been segmented into Europe, North America, Asia Pacific, Middle East and Africa, and Latin America. Presently, Europe is the biggest market, holding the majority of the global share.
- The competitive landscape of the market has also been examined with some of the key players being Alumasc Group Plc, Bauder Limited, Binderholz GmbH, CertainTeed Corporation; RedBuilt, LLC; PPG Industries, DuPont, Forbo International SA, Interface Inc., Kingspan Group plc, Lafarge, BASF SE, Owens Corning and National Fiber.
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