The global green building materials market size is expected to reach USD 364.6 billion by 2022, according to a new report by Grand View Research, Inc. Growing demand for environmental-friendly and sustainable building materials is expected to propel the growth of the market.
Green building materials prevents the usage of toxic paints containing lead, in turn improving indoor air quality. Furthermore, the products also offer plentiful natural lighting thereby reducing energy usage which thereby reduces the overall expenditure. Copious raw material availability coupled with a large number of manufacturers is expected to aid the growth of market.
Technological innovations have facilitated a rise in demand in green building materials, as products are becoming increasing affordable and readily available. As a result, the demand has increased dramatically over the past few years majorly due to rebounding construction market.
Increasing demand for green building materials coupled particularly in emerging economies is expected to have a positive impact towards market growth. In addition, presence of large number of manufacturers is expected to increase the ease in sourcing the products. Oversupply of green building materials is expected to lower product price which is expected drive the market growth over the forecast period.
The market exhibits the presence of a large number of manufacturers engaged in the manufacturing of wide range of products including roofing, insulation, and frames. Easy accessibility to raw materials coupled with product demand is likely to increase industry rivalry which is expected to improve product quality.
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Further key findings from the report suggest:
- Structural product segment is expected to reach USD 239.1 billion by 2022, owing to their superior aesthetics, and durability, and ability to reduce carbon emissions.
- Insulation is estimated to be the fastest growing application with a growth rate of 11.7% over the forecast period, on the account of its high energy efficiency coupled with heightened emphasis on the installation of interior insulation solutions
- The demand for the product in Asia Pacific is expected to reach a value of USD 78.4 billion by 2022 in the wake of rising residential construction and growing infrastructure development.
- Manufacturers primarily focus on the production of standard products for consumers. However, customizations as per consumer preference are expected to be the way forward which in turn is anticipated to propel demand.