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 ongoing development of industries such as highways, railways, tunnels, non-residential buildings, and mining necessitates the construction of new infrastructure.

The rising demand for products with fast manufacturing schedules and lower production costs is fueling the need for innovative building materials. Ready-mix concrete and precast components play a crucial role in significantly reducing construction time. For example, in January 2021, Gauge Brothers Concrete Products used precast concrete components to build a 440,000-square-foot N95 manufacturing facility in approximately 52 days.

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Building Materials Market Trends:

Rising Demand for Innovative Materials

With consumers and developers prioritizing affordability, environmental friendliness, and energy efficiency, the construction sector is experiencing high demand. As residential and commercial project needs grow, construction activities are rebounding, fostering industry development.

The federal government's increased emphasis on energy efficiency and green construction, in response to recent global crises, is expected to significantly impact global building materials demand. The advancement of innovative construction materials is a primary driver of this market growth. Numerous key players in the market are offering cutting-edge building materials

In 2022, the new innovative investment firm CRH Ventures, announced by CRH, will commence operations. The company, equipped with USD 250 million in funds, will focus on technologies addressing the main challenges in the building sector. CRH Ventures will consider factors such as opportunities for decarbonization, automation, and the creation of advanced sustainable building materials when making investment decisions.

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Building Materials Market Segments:

By Type

·        Construction Aggregates

·        Cement

·        Concrete Bricks

·        Metals

·        Others

By End-User

·        Residential

·        Commercial

·        Infrastructural

·        Industrial

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Building Materials Market regional share:

The Upsurge in Precast Building Materials in Asia-Pacific

In 2022, Asia-Pacific was projected to account for over one-third of the global building materials market. The primary driver of the construction industry's growth in this region is increased government spending on infrastructure development, especially in building and infrastructure projects. The demand for building materials is fueled by the need for more affordable and faster development solutions.

The use of ready-mix concrete and precast components significantly reduces construction time. For example, in February 2020, precast concrete pavement enabled the construction of a road in Nagpur, India, in just six hours, compared to the typical eight to ten days or more. The demand for building materials in the region is also expected to be driven by the Paris Climate Agreement, ratified by China and India to combat climate change, and the ongoing infrastructure development in the region.

Building Materials Market Key Players

Key players are 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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