Is alternative building material becoming the next booming industry?

The alternative material market is booming faster than ever and here are some of the reasons why?

In the wake of drastic environmental changes, The government and organisations worldwide have enforced strict rules and regulations concerning the construction of houses, the materials used in their construction and the energy consumed. For instance, the European Union plans to make all homes 90% energy efficient by 2030. As a result, making alternative building materials market, a promising industry to invest in.

But before we deep dive into it, let’s have an understanding as to what alternative building materials actually are?

Alternative building materials are basically replacement of conventional building materials that provide economic as well as environmental benefits. Materials such as bamboo, recycled plastic, wood and other eco-friendly products are used to build structures, furniture, and flooring for residential and non-residential infrastructures, and are considered as alternative building materials. These materials are energy and resource efficient, cost-effective and conserving. Furthermore, they are good insulators, providing high-quality insulation from heat and cold that can avoid temperature loss making houses more energy efficient.?

The alternative materials offer numerous benefits and their demand is obviously increasing with time but they lack the strength to compete with the conventional building materials and cannot withstand floods, heavy rains or any natural calamities. Hence, their application is restricted to only construct walls, roofs, floors, and other structures.?

However, the Residential segment dominates the global alternative building material market and is expected to grow at a CAGR of 5.7%? by 2030 followed by the Flooring segment which is anticipated to dominate the global alternative building material market during the forecast period, growing at a CAGR of 5.7%.?

The overall global alternative building material market size in 2021 was valued at USD 205 billion and is expected to escalate to USD 345 billion registering a CAGR of 8.1% during the period of 2021-2030.

Even though the pandemic impacted the alternative building materials market adversely causing a wide supply and demand gap, the industry seems to have gained its momentum back.