Market for Green Building Materials Set to Soar Through 2019
Green building is here to stay! As if there were any doubt, a recent study by BCC Research has shown that the market for green building materials has been increasing and will continue to climb at least through 2019, when it is expected to reach $69 billion in the US alone.
Currently, the US market for green building materials sits at about $43 billion. According to the report and the USGBC (US Green Building Council), as of April 2014, more than 4.3 million people live and work in LEED-certified buildings. There are more than 500 US companies, including a number of Fortune 500 companies, who are involved in the production of green building materials and the design and construction of green buildings. This is set to increase as the market expands.
The report says, “The market for the green building industry should continue to experience above-average growth rates over the forecast period through 2019 due to increased demand for sustainable building products and the national push toward and adoption of green building practices.”
The report is primarily intended for manufacturer’s interested in joining or who have already joined the green building movement. It provides a market analysis of existing green building technologies and their potential markets in the coming years.
Erick Vickstrom, research analyst for BCC Research, said increased demand across the sector will “provide an opportunity for both existing players and new entrants into the green building materials market.”
For their research, BCC defined “green materials” as those having at least one of these characteristics:
- Made from salvaged, recycled, or agricultural waste content
- Manufactured with efficient, environmentally friendly processes
- Made from rapidly renewable resources
- Beneficial to the interior built environment
- Recyclable at the end of their useful life
Leading green building products highlighted by the report include softwood framing lumber and oriented strand board structural sheathing, which are both anticipated to experience rapid sales growth through to 2019. The report also details how above-average revenue growth across the sector is largely due to increased demand for sustainable building products and national policies aimed at making buildings more sustainable.