Green building market witnessed a healthy growth of 12.81 percent in 2014.
The growth is driven by rise in green building construction and government initiatives promoting sustainable environment propelling the growth.
The green building materials market is witnessing an increase in the adoption from the healthcare segment, and although it is still in the nascent stage in the APAC region, Europe and the Americas emerged as the early adopters of green building materials.
According to the report, many countries, notably the US, Singapore, India, Australia, France, and Malaysia, have framed policies to support green building construction.
Increased demand for green building materials has also been witnessed in the commercial and office buildings and residential buildings segments.
The major factor contributing to this demand is rising awareness about the benefits of green buildings, which in turn is driving investment in green commercial building construction.
The tax benefits offered by the governments of various countries to encourage construction of green buildings will foster demand for green building materials during the forecast period, the report said.
The market size has been calculated based on the total revenue generated from consumption of green building materials. The forecast is based on government initiatives across different countries toward green building construction and rising demand from end-users.
Green building materials are usually materials that are recycled from industrial or construction waste, therefore its scarce availability poses a threat to the growth of this market. It discusses the major drivers that influence the growth of the market.
On a related note, analysts forecast global construction waste management market to grow at a CAGR of 9.67 percent by revenue over the period 2014-2019.
Implementing waste management programs at the design phase can minimize waste generation considerably and make the project sustainable.
The concept of green buildings is an emerging trend in the market. Green buildings have efficient waste management systems that reduce the amount of waste created throughout the life cycle of the building, starting from design, construction, repair, to demolition.
According to the Global Construction Waste Management Market 2015-2019 report, with rapid urbanization and industrialization, construction activities have increased significantly worldwide.
Construction and repair of roads, flyovers, bridges and buildings generate large volumes of waste that needs to be managed efficiently. Improper waste disposal raises environmental concerns and leads to resource depletion as well.
Construction waste management allows reuse and recycling of waste materials such as concrete, wood, plastic, and glass and can. This resolves supply shortages at construction sites as recycled construction waste can be reused as building material.
Developed countries such as the US, the UK, and Germany and developing countries such as China, India, and Brazil are the major construction waste generators.