The global green building market is expected to register a CAGR of 17.48% until 2030. The market was worth USD 450 million in 2021. It’s expected to be worth USD 991 million by 2030.
Many construction developers and development companies around the world prefer to use green building materials because they’re safer for humans and animals to be around. These materials don’t contain any lead. They are also cost-effective since they use less energy more efficiently.
When workers use these types of materials, they save money on paints because there is less of a need for these. Green building materials also help provide the buildings with more natural lighting. Hence, there is less of a need for artificial lighting.
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Many manufacturers in the green building market have seen that the market is lucrative. Thus, they have invested heavily in research and development. The result has been the development and marketing of a new generation of technologically advanced green building materials that are environmentally friendly, economical, and safe to use around humans and animals.
This segment can be further grouped into:
This segment can be further grouped into:
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The residential dwellings sub-segment is expected to register the highest CAGR for the time period that this report covers. The reason for this is that most governments around the world are becoming more conscious about the state of their national environments. Thus, they’re passing legislation that requires new and old houses to be fitted with better green building materials.
The American government recently passed this type of legislation.
The US International Code Council (ICC) recently updated the International Energy Conservation Code (IECC.) The code stipulates that new and old residential units in America be built with or contain materials that use energy more efficiently and are environmentally friendly. The result could be up to an 8.6% reduction in energy costs for the average American.
The global green building market can be grouped into the following regions:
The European Union
The Middle East and North Africa
Most governments in developing nations want to lower overall energy costs while safeguarding the environment. That’s why they’re encouraging the usage of green materials in new and older buildings. This is especially true in India and China. The Asia-Pacific region is seeing a rapid increase in the usage of green building materials because of rapid urbanization and industrialization.
It’s more cost-effective and economical to build in bulk or build higher buildings since land tends to be scarcer in developing nations. It’s especially the case in India. Thus, green building materials tend to be used more often since they’re much less expensive to use. Incidentally, they produce far less pollution. Pollution is a pressing issue in most developing nations around the world.
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The British company Green Building Store recently launched a campaign which popularized and promoted the usage of green building materials in buildings throughout the UK and around the world.
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