Green Building Materials Market Estimated to Reach US$ 983 Bn by 2031: TMR Study
Increasing commercial and residential construction activities is boosting growth of the green building materials market
Wilmington, Delaware, United States,, Dec. 02, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - As per a market report published by Transparency Market Research, the global Green Building Materials Market is projected to advance at a compound annual growth rate of 12.7% during the forecast period between 2021 and 2031.
The past decade has witnessed an increase in urbanization and a continuous rise in population worldwide. This has led to a reduction in natural resources and as a result, led to a surge in demand for green building materials, thereby contributing to market growth. Some of the application areas that use green building materials include insulation, framing, interior finishing, roofing, and exterior siding.
The launch of new products is helping leading players in the Green Building Materials Market to generate revenue and gain a competitive edge over other players. Furthermore, prominent players are collaborating with smaller players in a bid to expand their presence in the global market and improve their revenue.
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Key Findings of Green Building Materials Market Study:
Rise in Government Initiatives Promoting the Use of Eco-friendly Packaging Solutions: The past few years have witnessed an increase in government initiatives to promote the use of environment-friendly packaging solutions, which is fueling the demand for green building materials. Many governmental and private organizations are encouraging the use of eco-friendly packaging solutions. This is triggering the demand for green building materials. Another market trend is enterprises worldwide introducing new, cost-effective green building materials to decrease the dependency on conventional energy sources. An increase in demand for these eco-friendly products is projected to help market growth during the forecast period.
Increase in Product Demand for Residential and Commercial Construction Augmenting the Market: Green building materials have been witnessing rise in demand in the construction of residential and commercial structures, in the last few years. Key reasons for the increasing demand for green building materials can be attributed to the fact that they are not harmful to human and environmental health and can be recycled, which is boosting the business growth of green building materials.
Green Building Materials Market-Key Drivers
The increase in demand for eco-friendly raw materials such as cellulose and cotton for insulation purposes in the construction sector is one of the key driving factors of the global Green Building Materials Market
The rising need to minimize the deterioration of the environment and decrease carbon footprints globally is expected to increase the demand for green building materials and help in the expansion of market size during the forecast timeline between 2021 and 2031
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Green Building Materials Market - Regional Insights:
Globally, North America is witnessing substantial growth and holds the major share in the overall market for green building materials due to strict regulations imposed on the construction industry by governments in countries such as the U.S. and Canada
Europe is witnessing strong growth in the global market, ascribed to an increase in demand for green building materials in renovating and retrofitting applications in the U.K., Germany, and other countries
Green Building Materials Market-Key Players:
The global Green Building Materials Market is competitive, with the presence of numerous leading players. New players entering the market during the forecast timeline could intensify the competition in the overall market.
Well-established players in the global market for green building materials are investing in research and development activities to produce improved products to meet customer requirements in different end-use industries.
Few prominent players in the market include
Forbo International SA,
Kingspan Group PLC,
National Fiber, and Owens Corning.
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The global Green Building Materials Market is segmented as follows:
Commercial and Industrial
Middle East & Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered in Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analyzed, which will determine growth in the markets over the next decade.
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