Green Building Materials Market Regional Analysis:
North America Market Insights
North America industry is predicted to account for largest revenue share of 35% by 2035. The market growth in the region is expected on account of the growing construction activities, increasing energy demand, and rising efforts to reduce carbon emissions. Furthermore, there has been a sharp increase in the demand for energy-efficient and environmentally friendly buildings that enhance value while minimizing environmental effects.
The U.S. government has implemented several programs and laws that support environmentally friendly building practices. The use of these construction materials is influenced by tax breaks, incentives, and more stringent energy-efficient building regulations. For instance, the Federal Sustainability Plan launched an ambitious goal to achieve net-zero emissions building by 2045.
In Canada, the growing use of energy-efficient solutions in the residential sector is driving the demand for green building materials. For instance, in 2019, the residential sector's energy efficiency increased by 32%, saving Canadians 440 PJ of energy and USD 8.5 billion in expenses, or USD 47 per household per month.
APAC Market Insights
Asia Pacific will also encounter huge growth for the green building materials market during the forecast period and will hold the second position owing to the availability of a wide range of green materials such as galvalume panels, linoleum, and fiber cement composites. Furthermore, new industrial buildings, low- and high-rise residential structures, and building retrofits will be the primary drivers of market growth in Asia Pacific.
In China, the growing consumer expenditure on property is promoting the adoption of green and eco-friendly buildings. According to the World Economic Forum, China's 13th Five Year Plan for Building Energy Efficiency and Green Building Development sets ambitious goals for green building construction and refurbishment, including a requirement that 50% of all new urban buildings be certified green buildings.
The growing deployment of strict laws and regulations for green buildings in South Korea is one of the major factors escalating market growth in the region. For instance, South Korea uses the Green Standard for Energy and Environmental Design (G-SEED), a green building certification method in which materials make up 11% of the evaluation criteria.
