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Green Building Materials Market size is forecast to reach $504 billion by 2025, after growing at a CAGR of 11.4% during 2020-2025, owning to expanding construction activities and growing government initiatives to enforce environmentally sustainable and energy-efficient building standards. Green building materials offer lower carbon footprint, thereby reducing the impact of global warming. In addition, these are easy to maintain and consume less water as compared to its counterparts. Therefore, owning to various monetary and environmental benefits the demand for green building materials is increasing. Green building materials eliminates the use of toxic paints containing lead, thus improving indoor air quality. In addition, the products also offer plenty of natural lighting, thus reducing energy usage and thus reducing total expenditure. Hence, owning to these benefits the demand for green building material is increasing.
Type – Segment Analysis
Solar power products held the largest share in the green building materials market in 2019, owning to increasing installation of rooftop based solar power modules connected to electricity distribution systems. In addition, the demand for green building materials are also spurred by strong residential demand for ENERGY STAR-compliant HVAC systems that lower utility bills. Furthermore, favorable tax incentives and strong interest in the use of renewable energy sources will promote demand for LEED-eligible solar power products and LEED building, thus influence market growth.
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Application – Segment Analysis
The residential segment held the largest share in the green building materials market in 2019 and is growing at a CAGR of 11.90%. Green building construction in the residential sector is increasing, owning to the increasing number of building regulations and policies mandating energy-efficient sustainable structures. This has created demand for eco friendly products and energy conserving materials used in residential construction. With increasing public awareness and raising income levels, the use of green building materials and the increasing trend of energy-efficient structures in high-rise residential buildings are likely to further fuel demand for green building materials in the near future. In the Asia-Pacific region, countries, such as China and India, have already been facing environment pollution-related problems, which has grasped the attention of governments to take initiative in this regard. In addition, problems of power shortages in developing countries such as India, South Korea, Sri Lanka and others are likely to encourage the idea of green building to facilitate daylight harvesting.
Geography – Segment Analysis
North American region dominated the global green building materials market share in 2019 up to 34%. The construction sector of North America is witnessing growth, owning to increased demand for houses, and rise in renovation projects. Various government regulations and efforts such as Leadership in Energy and Environmental Design (LEED), Green Building Certification, subsidies for green housing projects, and so on, are driving the construction of green buildings in the region. The United States is witnessing noticeable investment for residential construction, and the trend is expected to remain the same in the near future. For instance, according to U.S Census bureau, in January 2020 value of construction put in place in residential and nonresidential construction increased to $567,555 million and $470,986 million from $546,532 million and $466,436 million in December 2019. Mexico is also witnessing high housing demand, therefore attracting noticeable investment into construction. For instance, In January 2019, Inter-American Development Bank (IDB) granted local currency financing program to the Mexican company Procsa up to 150 million Mexican pesos ($7.8 million), in order to finance for land acquisition, development and commercialization of housing for low and middle income families in the country. Hence, such favorable trends in the North American construction industry is expected to continue driving the demand for green building materials market over the forecast period.
Drivers – Green Building Materials Market
Increasing government policies and investments.
Low maintenance and operational costs and pressure from environmental regulations regarding emissions are the major factors driving green building material market growth. Government of developed countries has introduced policies and incentives to promote green building construction, which supports the growth of this market. Building Research Establishment Environmental Assessment Method (BREEAM), Green Building Evaluation Labeling (GBEL) and Leadership in Energy and Environmental Design (LEED), are some of the rating systems for green buildings in U.S., UK, and China, respectively. In addition, governments in various developed countries also facilitate high-performance green building, such as The U.S. Recovery and Reinvestment Act. Due to frequent climate change and extreme weather conditions, consumers prefer green roofing technology to maintain temperature within the structure as well as rainwater harvesting. Innovation of new emerging technology and an increase in R&D activities to study effective construction procedures and building techniques would further fuel the demand for green building materials.
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Challenges – Green Building Materials Market
Formation of unwanted byproducts.
High capital investment when compared to traditional buildings and lack of awareness among consumers are likely to hamper the growth of the green building market. In addition, according to MDPI (Molecular Diversity Preservation International organization), the price of residential building increases up to 6.7% to 9.3% in construction costs, while achieving green building certification. Thus, high construction and certification costs of green building materials may hindered green building material market growth.
Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Green Building Materials Market. Major players in the Green Building Materials market are PPG Industries, E. I. du Pont de Nemours and Company, Forbo International SA, Interface Inc., Kingspan Group plc, Lafarge, BASF SE, Owens Corning, National Fiber, RedBuilt, LLC, CertainTeed Corporation, Binderholz GmbH, Bauder Limited and Alumasc Group, among others.
Acquisitions/Technology Launches
In August 2019, Owens Corning announced to invest $445mn in green bond, substantial project.
In August 2019, CertainTeed launched CertaSeal INT, a new water-based, liquid acrylic, spray-on air sealing solution that provides code-compliant airtightness for homes. No air supply is required as it has no VOCs or off-gassing during installation.
Key Takeaways
North America dominated the green building market share in 2019, owing to government efforts and legislations mandating the use of green building materials and rising consciousness among population.
The decreasing cost of green buildings over time and growing awareness about recycled construction are likely to provide opportunities for the green building market, during the forecast period.
The demand for roofing products are increasing at a faster rate during the forecast period. These products are manufactured using recycled materials such as sludge, rubber, slag, stone granules and corrugated mixed paper. Non-toxic recycled rubber roofing is gaining popularity owning to of its superior properties such as weather-resistance and superior durability.
Currently, COVID-19 is having a massive impact on construction projects, due to lockdown, and regulation on social distancing have become the major factor that slowed down the growth of construction around the globe. These factors is constraining the growth of the market. And it is expected that the outbreak of COVID-19 will be seen in the whole year of 2020, and a few months in 2021.
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