United States green building materials market size was valued at USD 76.6 billion in 2022, which is expected to grow to USD 163 billion in 2030, with a CAGR of 9.9% during the forecast period between 2023 and 2030. United States government norms are expected to ensure the development of carbon-neutral building development projects and the increasing deployment of green building materials in residential construction projects to minimize maintenance or replacement costs.
The United States government is enforcing various strategies such as incentives for plants, government aid, and subsidies to fuel the deployment of green building materials so that the targets related to minimized carbon footprints to build the environment and diminish the effects of climate change are achieved. Likewise, the increase in residential construction projects is ascribed to key variables, including increasing demand for larger living spaces and the development of affordable housing projects. Hence, the bolstering of residential construction activities is propelling the demand for highly sustainable materials to maximize energy efficiency, which, in turn, is fostering the United States green building materials market growth.
Rising Utilization of Timber is Spurring the Revenue Growth of the Market
The prominent benefits related to timber include superior cost-effectiveness, anti-corrosiveness, and ease of work. As a result, timber is often deployed in the United States residential construction projects to ensure superior structural characteristics. Government investments in affordable housing projects and increasing apartment development projects are the vital trends fostering the rise in residential construction activities in the United States.
For instance, in August 2022, the construction work commenced on New Haven’s second affordable housing project, which comprises 69 housing units in the United States. The housing project is deploying mass timber and wood solutions. The development of the project will be completed by 2024. Therefore, the increasing deployment of timber in residential construction projects in the United States to achieve economic feasibility is supplementing the market growth.
Ongoing Development of New Green Building Projects is Amplifying the Market
Green building materials such as earthen materials, fiber glass, etc. are frequently utilized in green building projects to maintain superior indoor air quality, water conservation, and resource efficiency. The increasing measures to improve human health and minimize greenhouse gas emissions are the major factors bolstering the development of new green building projects in the United States.
For instance, according to the U.S. Green Building Council, in 2022, Massachusetts held the dominant position in the United States green building ranking. In 2021, green building projects in Massachusetts were 18,577,735 square feet; in 2022, it was 26,442,008 square feet, an increase of 42.3%. Thus, the rise in green building projects is driving the demand for green building materials such as cellulose, polyurethane, fiber cement, and others in the United States to ensure the superior durability of structures. It, in turn is increasing the United States green building materials market growth.
Government Incentives for Green Building Projects to Proliferate Market Growth
The United States government is undertaking various incentive measures such as tax benefits, low-interest rate loans, public procurement, fast-track approvals, and promotion of renewable energy to boost the development of new green building projects in the country.
For instance, in January 2023, the United States implemented incentives for residential and commercial buildings. The multifamily building will receive USD 2,500 or USD 5,000 for accomplishing Zero Energy Ready certification. Moreover, the commercial buildings will receive USD 2.50 to USD 5 per square foot for energy reduction. Thus, government investments in energy reduction are accelerating the demand for green building materials in the United States to enable superior insulation and air-sealing qualities, thereby augmenting the market growth.
Future Market Scenario
The long-term sustainability targets to reduce carbon emissions will accelerate the manufacturer of building materials in the United States for a transition towards the green building materials product offering expansion. For instance, according to DuPont Performance Building Solutions & Corian Sustainability Progress Report 2023, the 2030 goal of the company is to innovate in the Leadership in Energy and Environmental Design (LEED) certified green building materials range. Hence, the launch of new green building materials will increase in the United States, thereby creating a prominent growth potential for the market.
The local governments in the United States are implementing stringent measures to increase the development of low-carbon emission buildings to minimize the impact on climate. For instance, according to the Climate Mobilization Act, buildings covering more than 25,000 square feet will be required to confer with greenhouse gas emissions standards by 2024, with stringent measures coming into effect by 2030. Therefore, the implementation of greenhouse gas emission targets for buildings will accelerate the development of low-carbon emission buildings in the United States. This, in turn, will accelerate the demand for green building materials, thereby creating a lucrative opportunity for market growth in the coming years.
The implementation of stringent norms for net zero emissions in the building & construction sector is increasing in the United States. For instance, according to the United States President Executive Order 14057, the country has implemented targets to reduce carbon emission from buildings by 505 in 2032 and ensure net zero emission by 2045. Hence, the strict carbon emission norms for buildings will drive the demand for green building materials in the United States, which will create a prosperous growth outlook for the market during the forecast period.
United States Green Building Materials Market: Report Scope
“United States Green Building Materials Market Assessment, Opportunities and Forecast, 2016-2030F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative & quantitative assessment of the current state of the United States green building materials market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, COVID-19 and Russia-Ukraine war impact, opportunities, and forecast between 2023 and 2030. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business model, competitive intelligence, etc.
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