Growth of global construction industry is one of the major driving factors of the market

PORTLAND, Ore., Jan. 30, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Advanced Building Materials Market by Type (Green materials and Technically advanced), by Material (Advanced cement and concrete, Cross laminated timber, Structural insulated panel, Sealants, and Other), by Application (Building construction, and Infrastructure), And Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2031" According to the report, the global advanced building material industry generated $56,736.47 million in 2021, and is estimated to reach $ 1,11,648.70 million by 2031, witnessing a CAGR of 6.8% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.

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Drivers, Restraints, and Opportunities-

Increase in government expenditure for infrastructural development, such as the improvement of existing roads, bridges, ports, and airports increases the demand for conventional and advanced building materials. On the other hand, high prices of advanced building materials can restrain the growth of the market. However, demand for environment friendly construction materials is expected to create lucrative opportunities in the industry.

Covid-19 scenario-

• Reduced construction activities during lockdowns, lowered the demand for construction materials, thus negatively impacting the growth of the advanced building materials industry.
• Disruptions in the supply chain and restrictions on manufacturing activities also hampered the advanced building materials market.

The technically advanced segment is expected to maintain its dominance during the forecast period -

By type, the technically advanced segment held the major share in 2021, holding around four-fifth of the global advanced building materials market revenue. The green materials segment is expected to showcase the highest CAGR of 7.3% during the forecast period. Green building materials are environment-friendly, leading to reduced negative impact of construction on environment.

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The advanced cement & concrete segment held the largest market share during the forecast period-

By material, the advanced cement & concrete segment contributed to the highest share in 2021, accounting for around three-fifths of the global advanced building materials market revenue. The sealants segment would also showcase the fastest CAGR of 7.4% throughout the forecast period. This is attributed to extensive use of sealant to block the passage of fluids through openings in walls, corner passage, in a constructed building/ infrastructure.

The building construction segment is expected to dominate the market during the forecast period-

By application, the building construction segment accounted for nearly three-fifths of the global advanced building materials market share in 2021, and is expected to rule the roost by 2031. The infrastructure segment would also display the fastest CAGR of 7.1% throughout the forecast period. This is attributed to rapid growth of building construction industry in Asia-Pacific region.

Asia-Pacific garnered the major share in 2021-

By region, Asia-Pacific garnered the highest share in 2021, accounting for nearly half of the global advanced building materials market revenue in 2021, and is projected to retain its dominance by 2031. The LAMEA region would also portray the fastest CAGR of 7.3% during the forecast period. Rising urbanization and development in infrastructure of Asia-Pacific have propelled the market growth.

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Leading Market Players-

• APV Engineered Coatings Inc.
• BASF SE
• Cemex
• DowDupont Inc.
• Kingspan Group Plc
• Knauf Gips KG
• Oerlikon Balzers Coating India Limited
• PPG Industries Inc.
• Saint-Gobain group
• Sherwin-Williams Company

The report analyzes these key players in the global advanced building materials market. These players have adopted various strategies such as expansion, acquisitions, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

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