The green buildings material market is projected to achieve market value of USD 364 billion by 2022. Lower operating costs and maintenance required for these materials is expected to spur market demand over the forecast period (2015 - 2022). Additionally, energy consciousness and awareness of these materials by consumers will prove beneficial to the market.
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Regulations aimed at favouring green building materials in construction as well as the rising growth of the construction industry will positively impact the market. Raw materials needed to manufacture are available at a low cost, lowering the operation cost in the process. Government initiatives like ENERGY STAR in the US provide incentives to consumers who employ green materials. This trend to reduce energy consumption is expected to promote market growth.
Exterior materials were worth over USD 19 billion in 2014. This can be attributed to aesthetics and superior durability associated with exterior materials. Wood, clay brick, bamboo, fiber cement, aerated concrete, and other reinforced materials encompass exterior materials.
Insulation was the leading application estimated to be worth USD 35 billion in 2014. Spray polyurethane foam is the most widely used insulator. Framing is the second strongest application growing at an 11.5% CAGR over the next 7 years. Certified wood, autoclaved aerated cement recycled steel studs, certified wood, and other insulated panels are used after undergoing technological advances. They provide structural stability and reduce emission at the same time.
Europe had a demand for green building materials worth USD 46 billion in 2014. It will experience a high growth rate on account of the European Union attempting to reduce its global carbon footprint. New construction projects in this region will contribute to the revenue pool of the market. Existing concrete buildings have been converted to green buildings. The construction industry in Europe as well as demand for these materials will ensure the market growth. Asia Pacific will display growth rate of 12% during the forecast period.
Notable players of the green building materials market are Binderholz GmbH, PPG Industries, Forbo International SA, Bauder Limited, and Lafarge.
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