Straits Research is reporting that the alternative building materials market is expected to grow at a compound annual growth rate (CAGR) of 6% by 2030. Valued at $205 billion in 2021, the sector is projected to reach $345 billion in less than a decade.
The North American market for alternative building materials is expected to grow to $60 billion by 2030, at a CAGR of 5.7%.
Alternative materials are those created from waste products, which helps reduce environmental pollution. More sustainable building solutions are increasingly in demand, driving the growth of the use of these materials. Alternative building materials include bamboo, recycled plastic, wood, and other environmentally friendly materials. These alternative building materials are used to build structures, furniture, and flooring for residential and non-residential infrastructures, according to the report.
The report suggests demand for alternative building materials stems from an increase in sustainability awareness and use of Leadership in Energy and Environmental Design (LEED) building practices. It also acknowledges that alternative building materials have a reputation for being weak and not always the best choice for construction, which impedes market growth.
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