(MENAFN- EIN Presswire) The global advanced building materials market was valued at $56.7 billion in 2021, and is projected to reach $111.7 billion by 2031

WILMINGTON, DELAWARE, UNITED STATES, November 7, 2023 /EINPresswire / --
Introduction

The world is changing, and as it does, the construction industry is evolving to meet the needs of a growing urban population. The demand for infrastructure, from highways and subways to commercial and residential structures, has never been higher. To meet these demands efficiently and sustainably, the construction industry is turning to advanced building materials. A recent report by Allied Market Research sheds light on the immense growth of the advanced building materials market . With a market value of $56.7 billion in 2021, this industry is poised to reach $111.7 billion by 2031, growing at a remarkable CAGR of 6.8% from 2022 to 2031.

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The Driving Force: Urbanization and Infrastructure Development

The past decade has witnessed significant growth in the advanced building materials market, thanks to the surge in construction activities. The rise of urbanization and infrastructure development has led to increased requirements for advanced building materials in the construction of buildings, apartments, and commercial spaces. Among the regions, Asia-Pacific holds the largest share in the market, driven by extensive production of advanced building materials in countries like China and India. Meanwhile, the LAMEA region is the fastest-growing, with developing nations like Brazil and South Africa witnessing increased industrialization and urbanization.

What Are Advanced Building Materials?

Advanced building materials are those that can meet unique property and uniformity demands, which are often beyond the reach of conventional raw materials and traditional mixing and curing techniques. These materials are essential in infrastructural development and building construction, leading to the growth of the advanced building materials industry. Precast materials, ready-mix concrete, and advanced cladding materials are widely used in various sectors, including tunnel construction.

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Global Population Growth and Infrastructure Demand

The world's population is projected to increase by two billion by 2040, with urban populations set to grow by 46%. This surge in urbanization creates an enormous demand for infrastructure, from highways to common spaces and commercial structures. The need for advanced building materials arises from the desire for products with shorter production times and lower costs. For example, in August 2022, CEMEX expanded its production plant in Jamaica to increase cement production capacity by up to 30%. Such endeavors contribute to the growth of the advanced building materials market.

Challenges and Opportunities

While advanced building materials offer numerous advantages, they also come with challenges. The manufacturing costs are higher than those of conventional materials, requiring advanced machinery. This cost may deter potential customers who do not need such equipment regularly or for extended periods. Moreover, not all consumers have the financial means to purchase expensive machinery, which hampers the market's expansion.

Additionally, the rise of green and environmentally friendly building materials, which produce no harmful emissions or radiation, has led to a shift in preferences, slowing the growth of advanced building materials. The outbreak of COVID-19 disrupted global logistics and manufacturing activities, impacting the supply chain and hindering the industry's growth. However, as governments worldwide relax restrictions, this situation is expected to improve.

The Road Ahead

The primary driver for market growth is the increased demand for infrastructure and building projects. The ongoing development of industries such as roads, railways, tunnels, residential and commercial buildings, and mining necessitates new infrastructure. Advanced materials, including wall cladding, concrete bricks, and sealants, reduce construction time, fueling the demand for innovative building materials. This presents a significant window of opportunity for the market's expansion, especially in developing nations.

Market Segmentation and Key Players

The advanced building materials market is segmented based on type, material, application, and region. The major players in this industry include Saint-Gobain Group, DowDupont Inc., Kingspan Group Plc, PPG Industries Inc., BASF SE, and others. The report provides a comprehensive analysis of the current market trends and emerging opportunities.

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As the world changes and urbanization continues to rise, the demand for advanced building materials is set to soar. These materials, while posing challenges in terms of cost and sustainability, offer efficient and innovative solutions to the evolving needs of the construction industry. With increasing investments in infrastructure development and the growing focus on green and sustainable materials, the advanced building materials market is on an exciting journey to shape the future of construction.

David Correa
Allied Analytics LLP
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