The demand for green building materials is rising

The increasing demand for green buildings is expected to drive the growth of the green building materials market in the coming years.

The green building materials market sells eco-friendly, durable, and recyclable green building materials that are locally sourced and renewable. Green building materials use less water and are easier to maintain than comparable products, and they improve a building’s sustainability and efficiency because they emit fewer carbon emissions. The main types of green building materials are for structural, exterior, and interior applications, and their usage is increasingly being adopted across multiple sectors, including in the construction of residential and nonresidential buildings.

 

The global Green Building Materials market is anticipated to grow from $248 billion in 2021 to $272 billion in 2022 at a compound annual growth rate of 9.7 percent, according to The Business Research Company. Growing demand for green buildings is expected to drive the growth of green building materials in the coming years. Green building is the discipline of designing structures and employing procedures from site selection to design, construction, operation, service, remodelling, and deconstruction that are ecologically responsible and resource-efficient. As green building materials are utilised to produce green buildings, the demand for green building materials is expanding accordingly. The market is projected to reach $388 billion in 2026 at a CAGR of around 9.4 percent. The market is expected to grow to about $553 billion by 2031 at a CAGR of 7.3 percent.

 

North America was the largest green building materials market region, accounting for around 34 percent of the global market in 2021. AsiaPacific and Western Europe followed behind, with about 32 percent and 19 percent of the worldwide market. However, Asia-Pacific is expected to overtake North America as the largest region by 2026 and continue to outpace growth in all other regions until 2031 and beyond. Africa was the smallest region in the global green building materials market. By individual country, the USA had the largest share of the worldwide market, accounting for around 30%, with China half the size in the second position with a share of 15 percent. The major countries like China and India are forecast to show the most growth from 2021 to 2026, with CAGRs of around 12 percent and 11 percent, respectively.

 

The market is divided into structural applications, which account for just under half of the market, and interior applications, which account for around 30 percent. Exterior and other types of applications make up the remainder of the market. All segments, though, are forecast to show similar growth rates from 2021 to 2026, with a CAGR of around 9 percent.

 

Regarding trends, the introduction of environmentally-friendly products is gaining significant traction in the green building materials market, with major players in the industry concentrating on launching new product lines that minimise the global warming potential (GWP) without compromising product quality. The environmental benefits are documented in an Environmental Product Declaration (EPD), which provides independent and verified proof of the material’s environmental impact over its entire life cycle.