Green Building Material Market: Introduction
The global green building material market exhibits a substantially competitive vendor landscape. The market is still in the developing stage; however, the competition is expected to intensify over the next few years, primarily due to the entry of new players in this field.
The sticking to existing norms in terms of eco-friendly packaging, rapidly adapting to any changing regulations put forth by governments, as well as aiming to achieve product differentiation are key strategies employed by most players in the global green building material market. Undertaking extensive research and innovative packaging solutions also are a couple of goals followed by businesses present in this market.
Statistically speaking, this market is expected to expand at a notable CAGR of 12.7% during the forecast period from 2021 to 2031. In this context, the green building material market was valued at US$ 264 Bn in 2020 and is further expected to reach US$ 983 Bn by 2031.
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Rising Awareness about Benefits of Green Building Materials to Boost Global Market
The green building materials market is primarily driven by significant need for environmentally sustainable and energy-efficient buildings. This is majorly due to less harm caused by green building materials to the environment, thus being highly lucrative. These materials also do not pose much harm to the human health. Hence, gradual shift has been noticed among construction businesses that favor the use of such materials. These are some of the key factors propelling the global green building material market.
Favorable initiatives made by several governments to encourage the use of green building materials have also caused a rampant shift in the market to progress swiftly. Rising awareness among construction businesses and other organizations regarding the benefits of using eco-friendly building supplies is also significantly boosting the green building material market.
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High Manufacturing Costs Continue to Hamper Market
High production costs associated with the manufacturing of green packaging materials might deter small-scale businesses to venture into this market, thus restraining the market. Limited awareness about the use and benefits of eco-friendly materials used for construction purposes in remote and underdeveloped regions also has hindered the green building material market. Therefore, such areas showcase limited demand from consumers, which consequently has negative affected the production rates of green building materials.
Nevertheless, extensive efforts are being taken by several governmental as well as private organizations to encourage sale and use of eco-friendly packaging respectively among business owners and consumers. Some organizations are also upcoming up with newer and cost-effective varieties of green building materials, which are expected to reduce the effects substantially.
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The nature of the global green building material market seems to be fairly fragmented with the presence of many well-entrenched enterprises. This also highlights that the competition landscape is highly intense. Alumasc Group Plc, Amvik Systems, BASF SE, Bauder Limited, Binderholz GmbH, CertainTeed Corporation, DuPont de Nemours Inc, Forbo International SA, Interface Inc., Kingspan Group PLC, Lafarge, National Fiber, Owens Corning, PPG Industries, RedBuilt, LLC, Reward Wall Systems, Structurlam Products Ltd. are some of the key participants of the global green building materials market.