PUBLISHER: Allied Market Research | PRODUCT CODE: 1225084
PUBLISHER: Allied Market Research | PRODUCT CODE: 1225084
The Advanced Building Materials Market valued for $56,736.47 million in 2021 and is estimated to surpass 1,11,648.70 million by 2031, exhibiting a CAGR of 6.8% from 2022-2031.
Advanced building materials are cementitious building materials that can meet unique property and uniformity requirements that cannot always be met with typical raw ingredients and traditional mixing, laying, and curing procedures. The industry is primarily driven by an increase in government spending on infrastructure development, including building and infrastructure projects. Concrete and wall cladding, as well as precast materials and elements, are used in several industries, including tunnel construction. The global population is expected to increase by two billion by 2040, with urban populations increasing by 46%, resulting in a significant demand for infrastructure support such as highways, subways, tunnels, common places, and commercial infrastructures.
The need for advanced material for construction applications is being driven by the need for products with shorter production times and lower costs. In addition, using precast materials and parts as well as ready-mix concrete cuts down significantly on building time. For instance, July 2022, The industry is primarily driven by an increase in government spending on infrastructure development, including building and infrastructure projects. Concrete and wall cladding, as well as precast materials and elements, are used in several industries, including tunnel construction. The global population is expected to increase by two billion by 2040, with urban populations increasing by 46%, resulting in a significant demand for infrastructure support such as highways, subways, tunnels, common places, and commercial infrastructures.
The need for advanced material for construction applications is being driven by the need for products with shorter production times and lower costs. In addition, using precast materials and parts as well as ready-mix concrete cuts down significantly on building time. Such instances are expected to drive the growth of the advanced building materials market. The cost of producing advanced construction materials is higher than that of ordinary building materials. Advanced machinery is needed to operate on these advanced materials. Customers who do not need equipment constantly or for a long time are therefore unable to purchase such a costly gadget. In addition, not all consumers have the financial means to purchase such costly equipment. The expansion of the market is hampered by the higher cost of advanced building materials. Alternative building materials are also called green materials because they are entirely eco-friendly and produce no hazardous gases or radiation. Thus, the use of more environment-friendly building materials serves as a restraint.
The market is mainly driven by the increase in demand for infrastructure and building projects. Building of new infrastructure is becoming necessary as a result of the ongoing development of industries including highways, railways, tunnels, non-residential construction, and mining. Furthermore, cutting-edge materials like wall cladding, exterior wall cladding, concrete bricks and blocks, and sealant speed up construction. This causes the need for innovative building material components and products to increase, which opens up a significant window of opportunity for the expansion of the market in developing nations. The advanced building materials market is segmented on the basis of type, material, application and region. By type, the market is bifurcated into green materials, and technically advanced. By material, the market is divided into advanced cement & concrete, cross laminated timber, structural insulated panel, sealants, and other. By application, the market is divided into building construction and infrastructure.
Region wise, the global advanced building materials market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Germany, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
Competition analysis
The major players profiled in the advanced building materials market include Saint-Gobain group, DowDupont Inc., Kingspan Group Plc, PPG Industries Inc., BASF SE, APV Engineered Coatings Inc., Cemex, Knauf Gips KG, Oerlikon Balzers Coating India Limited, and Sherwin-Williams Company.
Major companies in the market have adopted acquisition, partnership and business expansion as their key developmental strategies to offer better products and services to customers in the advanced building materials market.
Key Benefits For Stakeholders
By Application
By Type
By Material
By Region