According to Market Research Future (MRFR), the global green building market is expected to acquire an impressive 10.26% CAGR from 2018 to 2023 (forecast period). The report presents a thorough description of the effect of COVID-19 on the global green building market. The in-depth analysis provides information on the effects of the outbreak on the economic and market situations, trends, and forecasts of the global green building market.
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Green building or sustainable construction refers to structures that are environmentally friendly and energy-efficient throughout their life cycle. Green building practices intend to reduce the environmental effects of buildings. Most of the materials used in green buildings, such as lumber, recycled metal, fiberglass, and mineral wool, are renewable and non-toxic by nature. Green buildings use biomass, solar, hydropower, and wind power to generate renewable energy on-site. These practices minimize the energy consumption of the building in operation. In addition, low energy consumption appliances are used in green buildings to keep energy costs low. Many green building materials, including cellulose and fiberglass, are used in green buildings due to their superior insulating properties. Methods such as rainwater harvesting are used in green buildings to conserve water waste. Green buildings often aim to minimize energy and material waste, thus reducing the overall environmental effects. Green buildings are commonly used for residential, commercial, and industrial purposes due to their low maintenance costs, energy efficiency, and low carbon footprint.
Market Dynamics
Focus on sustainability and the imperative need for nations to reduce their carbon footprint are anticipated to push market growth throughout the forecast period. Supportive government policies to support the construction of these buildings, combined with sustainable certifications such as the Leadership in Energy and Environmental Design (LEED), are expected to boost industry demand. The high resale value of these properties is another factor expected to kick-start the development of these buildings in emerging economies such as India. However, the time required to attain LEED certifications can limit the market growth.
Market Segmentation
The global market for green building materials has been segmented on the basis of product and application.
Based on product, the global green buildings market has been segmented into interior and exterior products.
Based on application, the global green buildings market has been segmented into residential and non-residential.
Regional Analysis
Regionally, the global green building market has been segmented into North America, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
North America has a large market share in the green buildings market, followed by Europe. The market in this region is characterized by a growing understanding of sustainable construction and growing demand for low-energy systems.
Asia Pacific is anticipated to be the fastest-growing region due to the growing industrial sector and rapid urbanization in emerging economies such as India and China. In addition, growing industrial pollution, coupled with stringent environmental regulations in the region, is expected to drive market growth in the industrial sector.
Key Players
Industry giants in the global green building materials market include NATiVE (U.S.), Bauder Limited (U.K.), Ginkgo Sustainability (Canada), Kingspan Group plc (Ireland), Green Build Products (I) Pvt Ltd (India), Saint Gobain S.A. (Germany), SGS (Switzerland), E. I. du Pont de Nemours and Company (U.S.), Weinerberger AG (Austria), Green Building Store (U.K.), and others.
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