Green building materials help construct ecologically resourceful and energy efficient houses. Green buildings, made from the aforementioned materials, provide abundant lighting and optimum indoor air, thereby reducing electricity bills. Decreasing costs of green materials and consumer demand for these materials are driving the green building materials market.
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The abundant availability of raw materials could invite new market players, thus reducing the overall costs of green buildings. The market is projected to reach incomes worth around USD 364.6 billion by 2022. It is fragmented on the basis of products, applications, and geographies. Structural, exterior, and interior are the products of the green building materials market.
Structural products produced revenues around USD 10.5 billion in 2014. The construction sector in emerging economies will spur these products. Interior accounted for more than 17% of the overall revenues in 2014. The environmental benefits and aesthetics aspect of interior products will drive the segment during the forecast phase.
Exterior products had incomes higher than USD 19.5 billion in 2014. This could be attributed to demand for woods, clay bricks, aerated cement, fiber cement, bamboos, and other reinforced materials. Framing, roofing, insulation, interior finishing, and exterior siding are applications of the green building materials market.
Insulation accounted for around USD 35.63 billion in 2014. It lowers carbon emissions and total energy costs. Spray polyurethane foams are broadly used for insulation. Roofing had more than 19% of the total shares in 2014. Non-toxic recycled rubber roofing is estimated to drive this segment in the next seven years. Framing would observe around 11.5% CAGR from 2015 to 2022.
It uses certified wood, engineered lumber, recycled steel studs, autoclave aerated concrete, and some others to provide structural stability. With respect to geographies, North America led the green building materials market, with more than 35.5% shares in 2014. Policies and codes favoring green buildings will assist this region.
Asia Pacific is predicted to witness a CAGR of 12% during the forecast phase. Europe had a market demand of USD 46.7 billion in 2014. Efforts by the European Union to reduce carbon footprints can favor the region. Key companies of the green building materials market comprise Kingspan Group Plc, PPG Industries, Bauder Limited, DuPont, and LaFarge.
Information Source: Radiants Insights