North America and Europe are witnessing robust growth of green buildings market owing to stringent environmental concern, growing awareness about environmental sustainability and national, state & municipal mandates and policies has been in the region.
This in turn resulted into huge demand for green building materials in these regions. North America was the largest regional market for green building materials market in 2014. North America accounted for over 40% share in total green building materials volume consumed in 2014.
According to a new report, the globalgreen building materials market was valued at around USD 127.5 billion in 2014 and is expected to reach USD 255 billion in 2020, growing at a CAGR of around 12% between 2015 and 2020. In terms of volume, the global green building materials market stood at 5,500.0 kilo tons in 2014.
Green building refers to a structure that is environmentally responsible and efficient with respect to resources throughout the lifecycle of a building. Green building materials are responsible for efficiency and sustainability of a building structure in terms of design, construction, maintenance, renovation and demolition.
Framing, insulation, roofing, exterior, siding, interior finishing and others are key application segment of green building materials market. Insulation segment accounted for over 23% share of the total green building materials volume consumed in the year 2014. This trend is expected to continue for the duration of the forecast period.
The green building sector is one of the fastest growing industries worldwide. Green building systems like LEED, the ICC 700 National Green Building Standard, BREEAM, etc. will likely to drive demand for green building projects. In order to achieve green building certification, a green building project needs to fulfill a number of necessities, including energy and resource-efficiency and the use of sustainable building materials. Moreover, growing retrofitting and renovation activities in the construction industry is driving demand for green building materials.