The MRFR study reports imply that the Advanced Building Materials Market Research Report Information by Application, Region, and Material Type – Forecast Till 2030, the global Advanced Building Materials market is predicted to bolter substantially during the review era from 2022 to 2030 at a substantial growth rate of around 6.02%. The reports further predict the market will acquire nearly USD 91.74 billion by the end of 2030. As per the documents, the Advanced Building Materials market was valued at nearly USD 54.21 billion in 2022.
Market Scope:
The global Advanced Building Materials industry has lately demonstrated immense development. The primary parameter causing a surge in the performance of the market is the increase in government spending on infrastructure development. Furthermore, the lowered construction time is also considered one of the crucial parameters supporting market development. Moreover, cost-effective products are also likely to enhance the performance of the market over the coming years. In addition, the launch of modern and innovative products is also likely to expand the market value over the assessment period. The rising construction activities globally, coupled with the rapidly growing global population, is catalyzing the demand for advanced building materials, like sustainable construction materials, energy-efficient insulation, and high-performance concrete, which in turn is also projected to boost the growth of the market over the review era.
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Competitive Analysis
The listing of the prominent leaders across the global market for Advanced Building Materials includes players such as:
Kingspan Group PLC
Cemex
PPG Industries Inc.
APV Engineered Coating Inc.
BASF SE
Oerlokon Balzers Coating India Limited
DowDuPont Inc.
Sherwin-Williams Company
Saint-Gobain Group
Knauf Gips KG
Market USP Covered
Market Drivers
The global Advanced Building Materials industry has lately demonstrated immense development. The primary parameter causing a surge in the performance of the market is the increase in government spending on infrastructure development. Furthermore, the lowered construction time is also considered one of the crucial parameters supporting market development. Moreover, cost-effective products are also likely to enhance the performance of the market over the coming years. The rising construction activities and the rapidly growing global population are catalyzing the demand for advanced building materials, like sustainable construction materials, energy-efficient insulation, and high-performance concrete, which in turn is also projected to boost the market’s growth over the review era. In addition, the launch of modern and innovative products is also likely to expand the market value over the assessment period.
Market Restraints
On the contrary, some parameters may restrict the market’s development. The main parameter limiting the market’s development is the high cost of these materials.
COVID-19 Impact
The COVID-19 pandemic has had a massive impact on several industry areas worldwide. The Advanced Building Materials market is no different than others. The market experienced a tremendous setback during the pandemic, given the halt of several industrial operations and manufacturing activities. However, with the world recovering from the impact caused by the global health hazard, the market is anticipated to grow considerably over the coming years.
Segment Analysis
Among all the types, the advanced cement and concrete segment secured a top spot across the global Advanced Building Materials market in 2021. Advanced cement and concrete are the most common building materials in the construction market. The materials provide various features over traditional materials, like reduced environmental impact, increased strength, and improved durability. On the other hand, the sealant segment is predicted to showcase the highest growth rate over the coming years.
Among all the application areas, the Commercial segment is predicted to lead the global market for Advanced Building Materials over the review era. On the contrary, the residential segment is anticipated to showcase the maximum growth rate over the coming years.
Regional Analysis
The global market for Advanced Building Materials is studied across five major parts: Asia-Pacific, Europe, North America, Latin America, and Middle & Africa.
The research reports by MRFR suggest that the Asia-Pacific region held the top position across the global Advanced Building Materials industry in 2021 with a contribution of nearly 40.09%. The main parameter supporting the development of the regional market is the rapid population growth across the region. Furthermore, the factors like increasing demand for sustainable & energy-efficient construction materials and rapid urbanization are also anticipated to enhance the performance of the regional market over the review period.
The North American regional market for Advanced Building Materials is anticipated to record substantial development over the coming years, owing mainly to the growing number of manufacturing industries. Furthermore, factors like expansion of retail industries, availability of advanced building materials at a lower cost, and the government’s growing focus on a healthier environment are also anticipated to boost the market performance over the review period.
Given the surge in construction projects and rapid population growth, the European regional market is predicted to showcase considerable growth over the coming years.
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