The global green building materials market is expected to grow from $216.99 billion in 2020 to $238.91 billion in 2021 at a compound annual growth rate (CAGR) of 10.1%, according to ResearchAndMarket.com's "Green Building Materials Global Market Report 2021: COVID-19 Growth and Change" report.
The growth is mainly due to the growing awareness about environmental sustainability which is driving the demand for green building materials, according to the research.
The green building materials market consists of sales of green building materials by entities (organizations, sole traders, or partnerships) manufacture eco-friendly, durable, and renewable green building materials, ResearchAndMarkets noted.
The main types of green building materials are structural, exterior, interior, amongst others.
It is used in framing, insulation, roofing, exterior siding, interior finishing, others and is implemented in various sectors such as residential buildings, non-residential buildings.
North America was the largest region in the green building materials market in 2020, according to the data.
Asia Pacific is expected to be the fastest-growing region in the forecast period, according to the report, which also covers Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The introduction to environment-friendly products is gaining significant popularity in the green building materials market, according to ResearchAndMarkets.
Major participants in the green building materials industry are concentrating on launching new product lines that minimize the global warming potential without compromising product quality, according to ResearchAndMarkets.
For instance, in August 2020, Owens Corning introduced a new product line FOAMULAR NGX (Next Generation Extruded) in the US and Canada.
This range of extruded polystyrene (XPS) foam products in the new product line uses a patented blowing agent that reduces the global warming potential by 90% without affecting product quality, according to the company.
According to a 2019 global survey conducted by World Green Building Trends Smart Market Study, nearly half of all respondents intend to construct more than 60% of their buildings as green buildings by 2021.
According to the same survey, green building is also gaining popularity among building owners, with 57% expecting to make the bulk of their constructions green by 2021.