The global building materials market was valued at almost USD 940 billion in 2016 and is expected to surpass USD 1,234 billion by 2021.
Procurement market intelligence analysts have announced its latest market research report on building materials for the period 2017-2021. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the building materials market during the forecast period. Some of the top vendors listed in this industry analysis include Saint-Gobain, CRH, LafargeHolcim, CEMEX, and HeidelbergCement.
APAC dominated the global building materials market during 2016 by accounting for a market share of around 51%. The high growth of the market in this region is attributable to an increase in the pace of construction activity, rapid industrialization and urbanization, and growing business activities, which results in increased commercial building projects.
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According to Angad Singh, a procurement specialist at Technavio for research on category spend intelligence, “Growing awareness among building material manufacturers about green building materials and how it reduces emissions is causing a shift towards the use of green building materials. Besides, reduced operating costs and enhanced workers’ productivity due to the healthier indoor environment are propelling the demand for green building materials in the global market.”
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The new procurement market intelligence report analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Increased spending on infrastructure development
Governments of countries across the globe are increasing their spending on infrastructural activities as infrastructure development is critical for the growth of a country’s economy. Infrastructure development comprises of transportation, urban development, power, and utilities. Increased spending on infrastructure development is propelling the demand for building materials in the global market. The trend is especially prominent in emerging economies.
Rapid industrialization and urbanization
The rise in the housing needs of the middle class and the growth in the business activities is spurring an increase in the commercial construction projects, which in turn is leading to the growth of the global building materials market. Emerging economies are pushing for higher urbanization and industrialization for higher growth in GDP. Such initiatives are ameliorating the need for office spaces, retail spaces, residential projects, and industrial spaces as the main sectors and sub-sectors such as affordable housing, agriculture, healthcare, and retirement accommodation.
Demand for green building materials
In the building materials sector, the demand for green construction materials is currently experiencing an upsurge owing to various economic and environmental benefits associated with it. Furthermore, regulations associated with the use of sustainable and eco-friendly building materials have a positive impact on the sale of the green building materials. Major end-user segments of green building materials include public facilities, education, commercial and industrial, healthcare, R&D centers, and residential spaces.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global Building Materials Market – Procurement Market Intelligence 2017’.
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