Insights into the Surging Advanced Building Materials Market 2023: Revolutionizing Construction

Allied Market Research has recently unveiled a comprehensive report titled "Advanced Building Materials Market," revealing that the market, valued at $56.7 billion in 2021, is poised to reach an estimated $111.7 billion by 2031, with a noteworthy CAGR of 6.8% from 2022 to 2031.

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These advanced building materials, designed to meet unique property and uniformity demands beyond the capabilities of conventional materials and techniques, are experiencing substantial growth. Government investments in infrastructural development, particularly in building and infrastructure projects, are the primary catalysts for the industry's expansion. Versatile materials like concrete, wall cladding, and precast elements find applications across various sectors, including tunnel construction.

With the global population anticipated to increase by two billion by 2040, including a 46% surge in urban populations, there's a heightened demand for infrastructure support such as highways, subways, tunnels, common areas, and commercial structures. The imperative for advanced construction materials is driven by the necessity for products with shorter production times and lower costs. Notably, the use of precast materials and ready-mix concrete significantly reduces construction time, exemplified by CEMEX's expansion in Jamaica in August 2022, aiming to increase cement production capacity by up to 30%.

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However, the higher manufacturing costs of advanced building materials, coupled with the need for specialized machinery, pose challenges. Customers who don't require such equipment continuously or for extended periods may find it economically unviable. This financial barrier, along with the higher cost of modern construction materials, impedes the market's expansion.

Furthermore, the adoption of alternative building materials, such as eco-friendly and emission-free options, acts as a restraint. The COVID-19 pandemic added disruptions by halting logistic and manufacturing activities globally, impacting the supply chain and hindering the advanced building materials market's growth. Nevertheless, as governments worldwide ease business norms, a gradual recovery is anticipated.

Market growth is primarily fueled by the escalating demand for infrastructure and building projects, essential for the ongoing development of industries like roads, railways, tunnels, residential and commercial buildings, and mining. The use of advanced materials like wall cladding, external wall cladding, concrete bricks and blocks, and sealants accelerates construction, creating a significant growth window for innovative building components and products, especially in developing nations.

The advanced building materials market is meticulously segmented based on type (green materials and technically advanced), material (advanced cement & concrete, cross-laminated timber, structural insulated panel, sealants, and others), and application (building construction and infrastructure). Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA, with Asia-Pacific leading in revenue and LAMEA expected to exhibit the highest CAGR during the forecast period.

The report comprehensively explores growth drivers, restraints, and opportunities, providing a deep understanding of market dynamics. Current trends, key investment areas, and a detailed Porter's five forces analysis further contribute to understanding the competitive landscape and the roles of each stakeholder.

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Competition Analysis

Major players in the advanced building materials market, such as Saint-Gobain Group, DowDupont Inc., Kingspan Group Plc, PPG Industries Inc., BASF SE, APV Engineered Coatings Inc., Cemex, Knauf Gips KG, Oerlikon Balzers Coating India Limited, and Sherwin-Williams Company, are profiled in the report.

Key Findings of the Study

The report delivers an in-depth analysis of the current and emerging trends and dynamics in the global advanced building materials market. Key findings include:

The technically advanced segment was the largest revenue generator in 2021.

The advanced cement & concrete segment generated the highest revenue in 2021.

The building construction segment dominated the advanced building materials market share in 2021.

Asia-Pacific dominated the market size in 2021, while LAMEA is anticipated to exhibit the highest CAGR throughout the study period.

The report includes an extensive analysis of global trends and emerging opportunities in the advanced building materials market, along with a forecast analysis from 2022 to 2031.

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About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.