Advanced Building Material market size was USD 57.21 million in 2022 and will grow at a CAGR of 7.2% from 2023-2030: Cognitive Market Research

Introduction of Advanced Building Material Market

The Advanced Building Material Market is experiencing growth due to several factors. Increasing construction and infrastructure projects, urbanization, and population growth drive demand. Technological advancements lead to innovative materials and sustainable solutions, attracting investment. Additionally, rising awareness about energy efficiency and environmental concerns promotes the adoption of eco-friendly materials. These factors collectively contribute to the expansion of the Advanced Building Material Market.

• In April 2022, Sherwin-Williams Co. purchased Sika AG's European industrial coatings business to expand its coating solutions. This acquisition is expected to enhance the company's customer outreach significantly.

Key Insights from Advanced Building Material Market Report

The Global Advanced Building Material market size was USD 57.21 million in 2022. Advanced Building Material Industry's Compound Annual Growth Rate will be 7.2% from 2023 to 2030.

To know more about The Advanced Building Material Market statistics click here

Growing Government Expenditure to Provide Viable Market Output

Rising government expenditures in infrastructural development projects have become a key driver for the Advanced Building Material market. Increased funding for projects such as roads, bridges, and urban development demands innovative and durable materials that offer enhanced performance and sustainability.

• In May 2021, Saint-Gobain invested around $320 million in India to establish manufacturing facilities for advanced building materials like advanced concrete and 3D printing. This strategic move aims to expedite construction timelines and enable timely project completion. Such initiatives play a pivotal role in boosting the growth of the advanced building materials market.

This trend not only stimulates demand for advanced materials but also encourages industry research and development, further propelling market growth and innovation.

Market Dynamics of Advanced Building Material

• High Initial Investments Challenging the Hinder Market Growth

High initial investments pose a significant challenge in the market. Adopting advanced building materials often requires substantial upfront research, development, production setup, and specialized equipment costs. This can deter some businesses, particularly smaller ones, from entering the market. Additionally, construction projects with budget constraints might shy away from these materials, impacting their widespread adoption. Overcoming this challenge requires demonstrating the long-term benefits, such as energy savings, durability, and reduced maintenance, to justify the initial investments and encourage more widespread use of advanced building materials.

Impact Of COVID-19 on the Advanced Building Material Market

COVID-19 disrupted the Advanced Building Material Market by causing supply chain disruptions, labor shortages, and project delays. Lockdowns and restrictions halted construction activities, leading to reduced demand. Uncertainty prompted cautious spending on new materials. However, the pandemic highlighted the importance of resilient and sustainable materials, accelerating innovation interest. Remote work trends influenced building designs, boosting demand for technology-integrated materials.

Top Companies Market Share in Advanced Building Material Industry:

Saint-Gobain , 巴斯夫 , 陶氏化学 , LafargeHolcim Maroc , 3M 公司 , Sika China 西卡中国 , Cemex , Owens Corning , James Hardie , PPG工业公司 , Armstrong World Industries , Knauf Gips KG , Mapei , Skanska , CRH , 艾奕康 , 拉法基 , Boral , Buzzi Unicem Italia , Xella Group , and Others

Get free sample pages of the latest published Advanced Building Material Market Report

Advanced Building Material Industry News

• October 2022: The Kingspan Group's acquisition of the CALOSTAT brand, renowned for high-performance insulation, strengthens its insulation and specialty chemicals portfolio in Germany. Such strategic moves significantly contribute to the advancement of the building materials market.
• September 2022: Kingspan Group's acquisition of Ondura aims to extend its presence in the Roofing and Waterproofing sector across Europe and North America.
• February 2022: The acquisition of AquaSurTech by Sherwin-Williams Company is a strategic step towards broadening its coatings solutions within the building products market.

Advanced Building Material Market Analysis:

By Type, the Green Materials Segment?Dominate the Advanced Building Material Market

Due to escalating environmental concerns and regulations, green materials are anticipated to dominate the Advanced Building Material market. Increasing emphasis on sustainable construction fuels demand for materials with low environmental impact and high energy efficiency. Green materials, encompassing recycled, bio-based, and environmentally friendly options, align with these objectives. As eco-consciousness rises among consumers, developers, and governments, the adoption of green materials is expected to surge, driving their substantial market share and reshaping the construction industry towards more sustainable practices.

The technically advanced type is anticipated to secure the second-largest market share in Advanced Building Materials due to the growing need for high-performance solutions. These materials, characterized by innovative technologies and specialized properties, cater to diverse construction requirements. They offer enhanced strength, fire resistance, and improved insulation. As projects demand tailored solutions for specific challenges, the adoption of technically advanced materials will increase, driving their substantial market share.

• Green Materials
• Technically Advanced

Application:

• Building Construction
• Infrastructure

Material:

• Advanced cement and concrete
• Cross-laminated timber
• Structural insulated panel
• Sealants
• Others

Asia Pacific Advanced Building Material Market share was 36% of the total global market in 2022!

According to Cognitive Market Research, Asia Pacific captured the largest market in 2022 and accounted for a share of more than 36% of the global revenue due to several variables. The Asia Pacific region secured the largest market share in the Advanced Building Material Market due to various factors. Rapid urbanization, population growth, and extensive infrastructure projects in countries like China, India, and Southeast Asian nations fueled demand. These regions sought modern, durable, and energy-efficient materials for their development needs. Moreover, favorable government policies, foreign investments, and a burgeoning middle class led to increased construction activities. The availability of skilled labor and cost-effective manufacturing processes further enhanced the region's competitiveness. Additionally, rising environmental concerns prompted a shift towards sustainable building practices, encouraging the adoption of advanced materials that offer energy efficiency and reduced carbon footprint. The Asia Pacific's dominance in technology and innovation also played a role as the region rapidly embraced new building material technologies. Overall, this dynamic mix of economic growth, infrastructure demand, policy support, and environmental consciousness propelled the Asia Pacific to capture the largest Advanced Building Material Market share.

Europe's rapid Advanced Building Material Market growth can be attributed to several factors. Stringent energy efficiency regulations and sustainable construction practices have driven the demand for innovative materials that meet these standards. European nations' focus on reducing carbon emissions has pushed the adoption of eco-friendly materials. Moreover, increasing investments in research and development have resulted in the creation of cutting-edge building solutions. The region's emphasis on renovating and retrofitting existing structures with advanced materials to improve energy efficiency has also contributed to its swift expansion in the market.

Frequently Asked Questions (FAQs)

What is the market's size within the Advanced Building Material sector for the year 2022?

• In 2022, the global market size for the Advanced Building Material sector amounted to USD $57.21 Billion.

What is the projected growth rate for the Advanced Building Material market throughout the forecast period?

• During the projection period, a CAGR of 7.2% is predicted for the global market.

Which region has the largest market for Advanced Building Materials?

• In 2022, Asia Pacific had the highest revenue share in the worldwide Advanced Building Material market.

Which region is anticipated to experience the quickest growth in the foreseeable future?

• Over the next few years, the market for Advanced Building Materials will develop most quickly in Europe.

Which nation is dominating the Asia Pacific market for Advanced Building Materials in 2022?

• In 2022, China held the biggest revenue share in the North American Advanced Building Material market.

What are the main factors influencing the market for Advanced Building Materials?

• Growing government expenditure and growing need of construction in reduced time are the primary factors driving the expansion of the Advanced Building Material market.

What is the largest type of Advanced Building Material market?

• By type, the green materials market had the biggest share worldwide.

What is the largest application segment in the market for Advanced Building Materials? Answer-

• In terms of application revenue, the building construction market had a significant market share in 2022.

Contact Us

Nicolas Shaw

Cognitive Market Research

20 N State Street, Chicago,

Illinois, 60602

United States

USA: +1 312-376-8303

Europe and UK: (+44) 20-8144-9523

Asia Pacific: (+852) 81930785

Email: [email protected]

Website: https://www.cognitivemarketresearch.com/about-us

About Cognitive Market Research Company:

Cognitive Market Research has evolved as one leading market research and consulting firm and it provides services across multiple domains. Cognitive Market Research gathers and analyzes data about customers, competitors, distributors, and other market actors and forces operational across the value chain. As a market research company, we follow a complete process of gathering information about the target market and end-use industries to verify the complete journey of the product or service in the global market. It helps our readers understand the demand and viability of their product/service and how it might perform in the real world and helps them to build business strategies accordingly.