Building Materials Market Size, Trends, Growth, Value, Report Analysis 2024-2031

Market Size

The Global Building Materials Market reached USD 1.3 trillion in 2022 and is expected to reach USD 1.7 trillion by 2031 growing with a CAGR of 3.9% during the forecast period 2024-2031.

The demand for building materials is on the rise as a result of government investments in the construction of infrastructure, including public buildings, utilities and transportation systems.

The ongoing expansion of industries such as roads, trains, tunnels, nonresidential structures, and mining necessitates the creation of new infrastructure.

The desire for goods with shorter manufacturing timelines and lower production costs is driving the demand for new construction materials. The use of ready-mix concrete and precast components also greatly shortens building time. Gauge Brothers Concrete Products, for example, built a 440,000-square-foot N95 production plant in about 52 days in January 2021 using precast concrete components.

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Market Drivers

Considering the importance that consumers and developers put on inexpensive, ecologically friendly, and energy-efficient buildings, the construction industry is projected to be in high demand. As demand for residential and commercial projects rises, building activity recovers, assisting the industry's growth.

The federal government's increasing emphasis on energy efficiency and green construction in response to the current global crisis is expected to have an influence on global building material demand. One of the primary drivers of the global building materials market is the development of novel construction materials. Many major competitors in the industry provide novel construction materials.

The new innovative investment firm CRH Ventures will begin operations, as stated by CRH. The new business, which has USD 250 million in funding, will concentrate on solutions that solve the most pressing difficulties facing the construction industry. According to the business, while making investment decisions, CRH Ventures will evaluate a variety of factors, including decarbonization opportunities, automation, and the development of cutting-edge sustainable construction materials.

Market Emerging Opportunity

Renewable and Recycled Material Adoption Creates Lucrative Opportunities

The adoption of renewable and recycled materials creates considerable opportunities in the building materials market. As sustainability becomes a key element in building methods, the need for environmentally friendly options has increased. Bamboo, reclaimed wood, and recycled steel are ecologically friendly options that appeal to a rising market of conscious consumers and companies.

Furthermore, the utilization of recycled materials not only supports environmental aims but also resolves concerns about resource depletion. Companies investigating these options not only help to reduce trash but also position themselves well in a market where sustainable and recycled construction materials are increasingly appreciated for their beneficial environmental effect.

Segmentation Analysis

The global Building Materials Market can be segmented based on type and end user.

By type, the cement segment is expected to account for around one-third of the global building materials market during the forecast period. It is a vital component in the creation of concrete, which is used in the building of roads, bridges, and other structures. According to the European Cement Association, transporting cement costs over €10 per ton over 100 kilometers by road and around €15 per ton over 100 kilometers by sea. As a consequence of its low cost and long service life, cement is expected to become more widely used.

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AI Impact on Building Materials Market

AI significantly improves the ability to choose construction materials with low environmental effect. By analyzing large building material databases, it can find the most ecologically friendly materials to use in construction projects as well as the most efficient production procedures. Construction costs can be reduced by up to 20% by using robots, artificial intelligence, and the Internet of Things. Engineers may use virtual reality goggles and deploy miniature robots into active building projects.

For example, in April 2021, IBM Corporation, Red Hat Software, and Cobuilder signed a worldwide cooperation to create a new platform to help bring together the building industry's fragmented supply chain. It is believed that the platform, known as OpenBuilt, would provide a cutting-edge digital solution to assist future building projects in developing safer, more sustainable, and efficient technologies.

Industry News

In January 2023, Holcim, a global player in the construction industry, successfully acquired Chrono Chape, a leading provider of on-site self-leveling screeds in France. These specialized screeds provide a smooth foundation for flooring finishes like tiles or carpets. Holcim's extensive ready-mix concrete presence across France synergizes innovation and efficiency within the construction sector.

Building Materials Market Major Companies

CEMEX
China National Building Material Company
Lafarge Holcim
Boral Limited
Buzzi Unicem SpA
Dyckerhoff AG
CRH Plc
CSR Limited
Aditya Birla Group and Ambuja Cements.

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