As per a recent market study by Transparency Market Research, the global green building materials market is projected to grow at CAGR of 12.5% between 2013 and 2019. Transparency Market Research (TMR), a market intelligence company based in the U.S. forecasts green building materials market, which was valued at US$106.32 billion in 2012 is expected to reach US$234.77 billion by 2019. The report titled, “Green Building Materials Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019” is available for sale on the company website.
As per the TMR research report, green building materials are predominantly driven by need for environmentally sustainable and energy efficient buildings and infrastructure. Moreover, green building materials emit lesser toxins that are harmful to human health, thus a paradigm shift in favor of the use of these materials has been noted, as reported the market study. Owing to such reasons, governments of several nations are proactively taking initiatives of promoting the use of green building materials, which is significantly driving the demand for the material. The TMR market study segments the green building materials market on the basis of application, end-user and geographical regions. On the application segmentation, insulation accounted for the largest segment having 21% share of the green building materials market in 2012. Also, the demand for environment friendly material for green roofs will drive the demand for roofing application in coming years, as per the study.
Additionally, growing demand for glue and paints that is free from volatile organic compounds (VOCs) and carpet tiles constituted with recycled material is anticipated to drive the interior finishing application segment of the green building materials market, as per the findings of the study. The growing demand for non-conventional construction material such as engineered lumber, structural insulated panel, steel with recycled material, and autoclaved aerated concrete will drive the market over the forecast period.With regards to end user, public facilities dominated the segment of the market on account of favor for utilization of green building materials. The growing urbanization activities in Rest of the World and Asia Pacific have contributed to the growth and expansion of the public facilities end-user segment, which is projected to have the largest market share by volume in 2019. The commercial and industrial end user segment together exhibited highest demand and accounted for 22% of the total market share in 2012. Further, rapid industrialization, expansion projects, and increasing residential needs will spur R&D facilities and residential end user segment of the green building materials market.
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Geography-wise, the report segments the green building materials market as Europe, Rest of the World (RoW), North America, and Asia Pacific. As per the findings of the report, North America is the foremost consumer of green building materials, accounting for 40% of the global market share. Europe accounted for 32% volume of the market in 2012 and is expected to grow further in coming years. In the RoW and Asia Pacific regions, increasing government initiatives and unfavorable climatic conditions will account for high growth of green building materials market in these regions.