Consumer Awareness Driving Alternative Building Materials Market

The alternative building materials market was valued at US$189,823 million in 2020, and is expected to reach $330,269 million by 2030, registering a compound annual growth rate (CAGR) of 5.8 per cent from 2021 to 2030, says a report from ReportLinker. The alternative building material market covers revenue generated from sales of construction materials other than concrete, cement, bricks, and other traditional building materials. It consists of sustainable materials such as bamboo, wood, plastic, and rammed earth. These building materials are environmentally friendly and do not affect the environment in any adverse way. The major driving factor for this market is increasing awareness among consumers for sustainable infrastructural development of buildings. In addition, the alternative materials require less energy for production as well as have less emission of carbon as compared to traditional building materials. However, these materials do not provide the strength and finishes that traditional building materials do. This acts as restraint to the alternative building materials market growth. The report says that the rise in adoption of new manufacturing processes and advancement in technology of materials in the manufacturing and installation processes will be a major opportunity for the alternative building materials market during the forecast period.