High growth rate forecast for green building materials
Growing demand for structures with low greenhouse gas emissions is providing market growth.
The global green building materials market reached a value of $199.7 billion in 2017 and is expected to reach a value of $387.9 billion by 2023, according to a new report by Research and Markets.
The market is being fueled by a growing demand for structures with low greenhouse gas emissions. In addition, the reduced operational and maintenance costs provided by the construction of new green buildings due to less energy consumption is further stimulating the demand for these materials, Research and Markets said.
Over the past few years, Green Building Materials have been widely utilized in various construction activities as they reduce environmental impact associated with installation, transportation, fabrication, processing, disposal and recycling of building materials.
Green Building Materials refer to materials which enhance the sustainability and efficiency of a building structure in terms of design, construction, maintenance, and renovation. These materials are derived from renewable waste products and are highly energy efficient.
The most popular materials used in the construction of green buildings are bamboo, hempcrete, straw bales, mycelium, wood, rammed earth, timbercrete, grasscrete, and recycled plastic.
Also, the rising adoption of green buildings due to the increasing awareness pertaining to the health and environment hazards of carbon emission has resulted in fostering the growth of the market worldwide. Moreover, the favorable policies and initiatives offered by various governments, particularly in the developed nations, to encourage green construction is further giving growth to the market.
Looking ahead, the market is forecast to experience a compound annual growth rate of 11.7% between 2018 and 2023.
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