The global alternative building materials market size was US$ 200,823.80 million in 2021. The global alternative building materials market is forecast to grow to US$ 313,834.7 million by 2030 by growing at a compound annual growth rate (CAGR) of 6.1% during the forecast period from 2022 to 2030.
Factors Influencing the Market
The growing number of construction activities and policies aiming at infrastructural improvement will fuel the growth of the global alternative building materials market. Furthermore, the rising demand for eco-friendly substitute materials will propel the global alternative building materials market forward.
Growing awareness and increasing restrictions by governments on carbon emission are forecast to prompt the use of sustainable materials for infrastructural development. As a result, it will boost the growth of the global alternative building materials market.
Alternative building materials are good insulators and offer high-quality insulation from heat and cold. Such benefits are forecast to escalate the growth of the global alternative building materials market. In addition to that, alternative building materials like recycled plastic are manufactured from plastic waste. Thus, it solves the environmental issues associated with hazardous plastic wastes. As a result, it will drive the alternative building materials market forward.
The introduction of advanced alternative building materials will accelerate the growth of the overall market. For instance, Eastman and DuPont Biomaterials unveiled its fabric collection manufactured from sustainable and bio-based materials. The fabric can be used in the manufacturing of manufacture drapes. Thus, growing advancements will escalate the growth of the global alternative building materials market.
COVID-19 Impact Analysis
The wake of the COVID-19 pandemic has impacted various economies, including China, Germany, Italy, and India. The governments across various nations banned the import and export of goods which ultimately resulted in the shortage of raw materials. Manufacturers found it difficult to obtain the raw material and maintain the supply chain flow, which in turn forced various companies to shut their doors. In addition to that, a sudden decline in the number of construction projects resulted in a significant drop in revenue for the market. Thus, all of these factors have significantly hampered the growth of the global alternative building materials market.
Regional Analysis
The Asia-Pacific alternative building materials market is forecast to register the highest CAGR due to the growing number of construction activities. In addition, governments in the region are highly focused on promoting the use of eco-friendly products. As a result, it will contribute to the growth of the global alternative building materials market. Furthermore, the steeply growing infrastructure development and the rising awareness related to sustainable materials will contribute to the growth of the market. China also launches the International Building Energy Saving and New Building Materials Exhibition every year with the aim to promote newly developed construction materials. Thus, such initiatives are expected to propel the alternative building materials market forward.
Competitors in the Market
Market Segmentation
The global alternative building materials market segmentation focuses on Material, End-User, Application, and Region.
By Material Outlook
By End Users Outlook
By Application Outlook
By Regional Outlook
