Building Materials Market Size – By Material Type, By Construction Type, By Application, By End-Use, By Distribution Channel, Analysis, Share, Growth Forecast, 2024 - 2032

Building Materials Market Size

The global building materials market size was valued at USD 824.4 Bn in 2023 and is estimated to grow at a CAGR of over 6.2% from 2024 to 2032.
 

As exemplified by the likes of self-healing concrete that naturally fills in sinks over time or thermochromic glass that changes tint in response to temperature changes, smart architecture is becoming an increasingly important aspect of modern construction. Such innovations not only boost the energy efficiency and user experience of any structure but also promote a new standard when it comes to home and building expectations.

Building Materials Market Trends

• Traditional methods of construction are also being shaken up by the increasing popularity of 3D printing. The design can involve a combination of metals, plastics, or concrete and allow intricate and detailed custom components to be created within seconds and on-site.
   
• Being able to manufacture material needed for the project means less waste and further cuts down on costs by making the entire process more streamlined. Additionally, mass prefabrication is reducing waste and lowering building time by enabling improved quality control while promoting off-site manufacture of modules.
   

Building Materials Market Analysis

Increasing demand is noticed for lightweight components such as lightweight steel, composite materials, and aerated concrete; this can be due to ease of handling, reduced shipping expenses, and reduced time to complete construction. Also, recent developments in high-strength concrete, ultra-high-performance concrete (UHPC), have begun to replace conventional methods in many large-scale infrastructure projects such as bridges, tunnels, and high-rise buildings. These state-of-the-art materials are characterized by increased strength, improved resistance to weather conditions, and increased durability, which reduced maintenance repair cycles.
 

Next to building materials, the cement, timber, and steel markets require a lot of raw materials for production; their fluctuating prices can become an inconvenience for manufacturers that want to remain profitable. The pace of development of the building materials market can be further hindered by the rapid increase in pressure to comply with emerging global environmental legislative requirements, as this may, in turn, increase the costs and the complexity of the services.
 

• The concrete segment surpassed USD 300.7 billion in 2023 and is projected to witness more than 6.5% CAGR between 2024 to 2032. On a worldwide scale, concrete remains the most popular construction material because it is durable, strong, versatile, and cost-effective.
   
• It is a pillar in building infrastructure, be it residential houses or commercial centers, roads, bridges, and tunnels, and other such facilities. Its versatility allows it to be shaped in various ways and used in different architectural shapes. In construction, particularly in road, sub-base and other non-structural applications, the use of Recycled concrete aggregate (RCA) is receiving attention. Competing with virgin aggregates makes it more sustainable and environmentally friendly.

• The residential segment accounted 37% share of the building materials in 2023 and is expected to increase at a CAGR of over 6.4% from 2024 to 2032, driven by rapid urbanization witnessed in developing countries. People are not only buying affordable homesteads; they are also improving their existing homes.
   
• These improvements include 'light' renovations such as replacement of floor and insulation, as well as heavy-duty ones, such as kitchen and bathroom refurbishments, restyling of the facade and expansion of the property. Furthermore, there is a growing trend in the developers' market to have construction projects that incorporate green building practices due to the appreciation in demand for green building certification such as LEED and BREEAM.

• In the U.S. building materials market was reached USD 173 billion in 2023 and is expected to grow significantly with 6.3% CAGR from 2024 to 2032, due to an expansion of the population in cities and a rising urge for bigger residences. This specific demand for suburban areas leads to the surge for construction materials including concrete, wood, steel, insulation, drywall and roofing.
   
• The United States has also experienced an impressive increase in the use of materials using green technology motivated by sustainability goals and codes such as LEED: Leadership in Energy and Environmental Design.
   

North America: The urbanization process is developing at a very rapid rate across the USA and Canada, both in already populated areas as well as creation of new ones. North America is a leader in many aspects and business activities and as a role model in integration of smart technologies into buildings, the region leads the way in innovations, energy-efficient systems, automated controls, smart materials, and so forth. These improvements, therefore, call for sophisticated materials such as smart windows, solar panels, and advanced insulation.
 

Europe: The demand for construction in the education and health sectors pushes the market for building materials to grow. There is a noticeable increase in the usage of sustainable construction materials which include recycled steel, sustainable timber, low-carbon concrete, and energy-efficient insulation. The efforts made by Germany's KfW Bank and other institutions provide additional stimulus to supply these environmentally friendly materials by remarkable developments in the energy-efficient housing and renovation projects.
 

Asia Pacific: High-rise and skyscraper construction activities are mostly concentrated in Chinese cities such as Shanghai, Beijing, and Shenzhen. Moreover, the construction materials are sufficient enough to realize the Belt and Road initiative which remains as a centerpiece of infrastructure undertaking. Other than this, significant funds from China have been injected into the megaprojects in developing the South-North water transfer initiative, setting up new airports as well as speed rail systems. These large projects mean a high quantity of building materials are required which means a big opportunity for local manufacturers.
 

Middle East: The residential and business property sectors of Saudi Arabia grew remarkably due to the existing demand for housing, office, and shopping centers. One of the key components of Saudi Vision 2030, the NEOM project, seeks to develop a metropolis on the borders of Saudi Arabia, Egypt, and Jordan. Besides that, the Red Sea Project, which involves luxury tourism and residential development in the western part of the kingdom, is also evidence of the wider opening up of the country and requires huge building material supplies.
 

Building Materials Market Share

The global market for building materials displays significant competition since it consists of multinational corporations, regional and niche companies such as The Holcim Group, Cement Roadstone Holding, Cemex S.A.B de C.V., Heidelberg Materials, and Saint-Gobain, which exclusively stamp the market. Biased towards fragmentation, these brands have extensive experience and brand equity, which allows them to hold large areas of the market. The advancement of e-commerce has transformed the way products are sold online, enabling brands to adopt more diverse marketing strategies providing insight to a greater number of new customers.
 

Building Materials Market Companies

Major players operating in the Building Materials industry are:

• Anhui Conch Cement
• Boral Limited
• Cement Roadstone Holding
• Cemex S.A.B. de C.V.
• China National Building Material Group Corporation
• Etex Group
• Heidelberg Materials
• Holcim Group
• James Hardie Industries plc
• Kingspan Group
• Martin Marietta Materials, Inc.
• Owens Corning
• Saint-Gobain
• USG Corporation
• Vulcan Materials Company
   

Building Materials Industry News

• Enumerated amongst the top competitors in the building material industry, Cement Roadstone Holding formalized a deal in February 2024 to purchase a controlling stake in Adbri, a building materials company based in Australia. CRH's Transaction emphasizes their focus on the Australian construction market and signals their growing presence in the Asia Pacific.
   
• In February 2023, Holcim, a global building leader, got a hold of Duro-Last Roofing Systems, thereby giving them a foothold in the commercial roofing sector of the North American market. This acquisition will also help them enhance their services in the commercial sector.
   

This Building Materials market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) from 2021 to 2032, for the following segments:

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Market, By Material Type

• Concrete
• Wood
• Masonry
• Glass
• Plastic
• Ceramic
• Spray Foam
• Asphalt
• Others (Composites, Etc)

Market, Construction Type

• New Construction
• Renovation and Repairs

Market, Application

• Structural Materials
• Finishing Materials
• Insulation Materials

Market, End-Use

• Residential
• Commercial
• Industrial
• Infrastructure

Market, Distribution Channel

• Direct
• Indirect

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia 
• Latin America
  • Brazil
  • Mexico 
• MEA
  • UAE
  • Saudi Arabia
  • South Africa