Building Materials Market Size Will be USD 1,829.78 Bn By 2032

The global building materials market size was valued at USD 1,296.79 billion in 2023 and is expected to grow around USD 1,829.78 billion by 2032, at a CAGR of 3.90% from 2023 to 2032.

Key Takeaways

  • Asia-Pacific contributed more than 38% of revenue share in 2022.
  • North America is estimated to expand the fastest CAGR between 2023 and 2032.
  • By type, the cement segment held the largest market share of 31% in 2022.
  • By type, the concrete bricks segment is anticipated to grow at a remarkable CAGR of 4.7% between 2023 and 2032.
  • By end-user, the residential segment generated over 30% of revenue share in 2022.
  • By end-user, the industrial segment is expected to expand at the fastest CAGR over the projected period.

Building Materials Market Size 2023 To 2032

The global building materials market plays a pivotal role in the construction industry, serving as the foundation for infrastructure development across the world. This market encompasses a wide range of materials essential for construction projects, including cement, steel, wood, glass, and various composites. The demand for building materials is intricately linked to the growth of the construction sector, which is influenced by factors such as urbanization, population expansion, and economic development. As societies strive for modernization and sustainable practices, the building materials market is witnessing a paradigm shift towards eco-friendly and energy-efficient options.

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Growth Factors

Several key factors contribute to the growth of the building materials market. Urbanization trends, especially in emerging economies, drive the demand for residential and commercial spaces, propelling the need for construction materials. Additionally, the emphasis on sustainable and green building practices has led to increased adoption of environmentally friendly materials. Technological advancements, such as the development of innovative construction materials with enhanced durability and energy efficiency, are further driving market expansion. Government initiatives and regulations promoting infrastructure development also play a crucial role in fostering growth within the building materials sector.

Region Snapshot

The building materials market exhibits regional variations influenced by economic conditions, construction activities, and regulatory frameworks. Emerging economies in Asia-Pacific, including China and India, are experiencing robust growth due to rapid urbanization and industrialization. North America and Europe focus on sustainable construction practices, driving the demand for eco-friendly materials. The Middle East and Africa witness growth driven by ambitious infrastructure projects. Each region contributes to the global building materials market uniquely, reflecting the diverse dynamics of the construction industry on a global scale.

Building Materials Market Scope

Report Coverage Details
Market Size in 2023 USD 1,296.79 Billion
Market Size by 2032 USD 1,829.78 Billion
Growth Rate from 2023 to 2032 CAGR of 3.90%
Largest Market Asia Pacific
Base Year 2022
Forecast Period 2023 to 2032
Segments Covered By Type and By End-User
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Types of Materials:

Cement and Concrete: Cement serves as the foundational binding material in construction, with concrete being a primary product derived from it. These materials are indispensable in various construction projects, ranging from residential buildings to large infrastructure developments.

Aggregates: Aggregates, including sand and gravel, are vital components in the production of concrete. They are widely used in the construction of roads, bridges, and other structural elements.

Metals: Metals such as steel and aluminum are essential in construction for structural framing, reinforcement, and cladding. The demand for sustainable and recyclable metal materials is on the rise.

Wood and Timber: Wood and timber products are commonly used in construction for framing, flooring, and finishing. The focus on sustainable forestry practices is driving the popularity of timber as an eco-friendly building material.

Plastics and Polymers: Innovations in plastics and polymers have led to the development of lightweight and durable materials for various construction applications, including insulation, piping, and roofing.

Sustainable and Green Materials: With a growing emphasis on environmental responsibility, there is a rising demand for materials like recycled steel, bamboo, and eco-friendly insulation options, contributing to sustainable construction practices.

End-User Segments:

Residential Construction: Building materials play a crucial role in the construction of homes and residential complexes. The demand for aesthetically pleasing, energy-efficient, and durable materials is high in the residential sector.

Commercial and Industrial Construction: Large-scale construction projects for commercial and industrial purposes require robust and versatile building materials. This includes materials suitable for office buildings, factories, warehouses, and other industrial facilities.

Infrastructure and Civil Engineering: Building materials are integral to the development of infrastructure projects such as roads, bridges, tunnels, and dams. These materials must withstand diverse environmental conditions and heavy usage.

Renovation and Retrofitting: The market also caters to the renovation and retrofitting sector, providing materials for upgrading and enhancing existing structures to meet modern standards.

Recent Developments

  • 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.
  • In June 2022, CRH plc, a prominent building materials manufacturer, announced the acquisition of Barrette Outdoor Living, Inc. for USD 1.9 billion. This strategic move aims to enhance shareholder value through effective capital allocation within the residential fencing and railing solutions sector in North America.
  • In May 2022, CEMEX, S.A.B. de C.V. and its partners introduced the Carbon Neutral Alliance, comprising 20 public and private entities. This initiative focuses on developing advanced technologies to achieve carbon neutrality at CEMEX’s Rudersdorf cement plant by 2030, reinforcing the commitment to renewable energy generation.
  • In March 2022, the EU Horizon program awarded funding to Calix and Heidelberg Cement for their LEILAC-2 carbon capture project. This venture targets the separation of 20% of CO2 emissions from the Hanover cement plant, a significant step toward sustainable and environmentally friendly cement production.

Competitive Landscape:

The competitive landscape of the building materials market is characterized by the presence of both global conglomerates and local players. Key industry participants constantly innovate to stay ahead in the market, investing in research and development to introduce advanced materials and technologies. Cement, steel, and chemical manufacturers are major players, influencing market dynamics. Mergers, acquisitions, and strategic partnerships are common strategies employed by companies to strengthen their market position. As sustainability becomes a central theme, companies are increasingly focusing on environmentally friendly solutions, creating a competitive advantage. Government policies, trade tariffs, and raw material availability also contribute to shaping the competitive landscape of the global building materials market.

Building Materials Market Companies

  • LafargeHolcim
  • Saint-Gobain
  • CRH plc
  • HeidelbergCement
  • China National Building Material (CNBM)
  • USG Corporation
  • Nippon Steel Corporation
  • Boral Limited
  • Vulcan Materials Company
  • Martin Marietta Materials, Inc.
  • Owens Corning
  • Compagnie de Saint-Gobain
  • Sherwin-Williams
  • James Hardie Industries plc

Segments Covered in the Report

By Type

  • Construction Aggregates
  • Cement
  • Concrete Bricks
  • Metals
  • Others

By End-User

  • Residential
  • Commercial
  • Industrial
  • Infrastructural

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

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Fabio Thomas 

Fabio Thomas 

Fabio is a Senior Editor at Reports Gazette who focused on healthcare it news. Also, he is a writer and public health researcher.  He joins Reports Gazette from Modern Healthcare, where he worked as a web producer since 2020. Before joining the Modern Healthcare team, Fabio received a master’s degree in journalism from Northwestern University. He is the author of a 2016-17 book, he is also the recipient of numerous awards.

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