July 14, 2022 12:35 ET | Source: Straits Research Straits Research
New York, United States, July 14, 2022 (GLOBE NEWSWIRE) -- Alternative building materials can be used economically instead of traditional building materials. Alternative building materials are made from waste products, which reduces environmental pollution. The global population is increasing at an unprecedented rate, and it is expected to reach 9.8 billion by 2050.
Non-sustainable exploitation of Earth's non-renewable resources due to the high demand for conventional building materials is already a primary environmental concern. With the world's population rapidly increasing, this concern will undoubtedly become even more critical in the future. Using alternative building materials in construction is an effective way to address this issue.
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Growing Environmental Awareness and LEED Drives the Global Alternative Building Material Market
Environmental awareness is growing worldwide owing to climate change. Materials that emit ozone gases during manufacturing should be avoided to stop the negative effect on the climate. Alternative building materials are eco-friendly and thus are the preferred choice for replacing conventional materials. These materials are excellent insulators, providing excellent heat and cold insulation. As a result, temperature loss is reduced, making the home more energy-efficient.
Governments and organizations worldwide enforce strict rules and regulations regarding constructing houses, the materials used in their construction, and the amount of energy consumed by the places. The European Union, for example, has set a goal of making all homes 90% energy efficient by 2030.
Leadership in Energy and Environmental Design (LEED) is globally the most extensively used green building rating system. LEED, which is available for all building types, provides a framework for highly efficient, healthy, and cost-effective green buildings. LEED provides a framework for project teams to select solutions that contribute to overall environmental progress. In addition, LEED assists investors in meeting their ESG objectives by providing a robust and globally recognized green building framework for measuring and managing real estate performance.
LEED is defined as the globally recognized symbol of achievement and sustainability leadership. LEED-certified buildings are designed and built with an emphasis on energy efficiency, water efficiency, reduced carbon emissions, and improved indoor air quality. Owing to the several benefits provided by the LEED, the demand for alternative building products is expected to heave during the forecast period.
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Introduction of Advanced Materials to Give Rise to Lucrative Market Opportunities for Alternative Building Materials
Alternative materials, such as recycled plastic, rammed Earth, or wood, are weak and cannot withstand heavy rains, floods, or storms. Because of the lack of strength, concrete construction is preferred. Furthermore, because of their environmental friendliness, chemicals cannot be used to strengthen the alternative, preventing companies from producing alternative solid materials.
Furthermore, fire can quickly spread through wood and bamboo, destroying the house or structure. Likewise, if the wood and bamboo walls, roofs, or floors are not properly bound, they can cause temperature loss, lowering the house's green quality. These drawbacks are impeding the growth of the market for alternative building materials.
Asia-pacific is expected to dominate the alternative building material market during the forecast period, growing at a CAGR of 5.9%. Significant increases in construction activity in Asia-Pacific, particularly in China and India, have contributed to the construction market's growth in recent years. Furthermore, increasing environmental awareness in developing countries is expected to provide lucrative opportunities to raise the alternative building material market.
North America is the second-largest region. It is estimated to reach an expected value of USD 60 billion by 2030 at a CAGR of 5.7%. As the market is in its early stages of development, the North American alternative building material market has seen consistent growth. However, it is expected to increase as technology advances, and challenges such as poor finish and technical expertise are overcome in the global market. The United States accounts for the majority of revenue generation.
Europe has been a pioneer in using alternative building materials in construction technology. Countries like the United Kingdom, France, Italy, and Germany have several ongoing construction projects that use alternative building materials to construct houses. This makes a significant contribution to market growth.
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Key players in the Alternative Building Materials Market include
Global Alternative Building Material Market: Segmentation
Table of Content and Figure @ https://straitsresearch.com/report/alternative-building-material-market/toc
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