Building Products Market Benefitting from Increased Modern Living Preferences and Use of Eco-friendly Materials
ROCKVILLE, Md., May 28, 2024 /PRNewswire/ -- The global building products market size is projected at US$ 47.26 billion for 2024, is forecasted to expand at a CAGR of 5.1% from 2024 to 2034, as per a new study by Fact.MR.
Building products are essential parts of constructing a home, workplace, or public gathering area. Examples of building product goods include kitchens, bathrooms, doors, elevators, flooring, appliances, internal electrical systems, roofing, drywall, and so forth. Using high-quality building materials can improve a room's overall look, feel, and environment while also raising the property's worth.
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The fundamental driver of this industry's steady growth is the rise in disposable income of individuals in both developed and developing countries. As a result, more people are driving demand for better living and working conditions.
Key Takeaways from Market Study
- The global building products market is set to be valued at US$ 47.26 billion in 2024.
- Demand for building products is projected to rise at a CAGR of 5.1% from 2024 to 2034.
- The market is projected to reach US$ 77.72 billion by 2034-end.
- North America is projected to account for 22.67% share of the global market by 2034.
- Demand for renders is forecasted to increase at a CAGR of 5.3% from 2024 to 2034.
- The market in North America is forecasted to expand at a CAGR of 5.3% through 2034.
- From 2024 to 2034, the East Asian market is projected to expand at a CAGR of 5.6%.
"The market for building products is expanding at a steady rate as a result of the sharp rise in construction activity globally. Draughtsman-based building techniques are forecasted to change as the number of construction projects is projected to increase across the globe," says a Fact.MR analyst.
The report highlights several key industry players. PPG Industries excels in coatings and specialty materials. Ardex is noted for high-performance building products. Parex Group SA specializes in facade solutions, while Toupret is known for fillers and coatings. Rockwool International leads in stone wool insulation. China National Building Material Company has a broad product portfolio. Knauf Gips KG offers a wide range of drywall materials, and Ceresit provides advanced chemical building products. These companies drive innovation and industry growth.
Increased Emphasis on Durable Construction
Growing need for more durable construction across the globe is one of the main factors driving the expansion of the building product market. Infrastructure, both commercial and private, is needed to keep up with population growth. Additionally, during the forecast period, the expansion of the global building product market is significantly influenced by the increase in construction investment.
It is clear from a deeper examination of the major budget allocations made over the past 10 years that both the government and business community have placed a high priority on infrastructure development.
- For example, the PMAY scheme in India promotes affordable housing development as well as expansion of the road, rail, and airport infrastructure.
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Competitive Landscape
Businesses compete by introducing new products to the market that are more appealing, durable, energy-efficient, or perform better. The market contains a large number of producers, distributors, retailers, and service providers. Major worldwide players in the building product market have a monopoly on specific markets such as roofing or HVAC systems due to their extensive product ranges and well-established brands.
American Gypsum, a manufacturer, supplier, and distributor of gypsum wallboard products in the United States, received authorization from Eagle County in September 2021 to expand its 830-acre mine by 99.2 acres. This achievement provides the Gypsum-based company with a 25-year supply of raw materials, allowing it to strengthen its position in the sector.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the building product market for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on product type (plasters, renders, skim coats, filling compounds) and end use (residential, commercial, industrial, infrastructural), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
Explore More Related Studies Published by Fact.MR Research:
The global construction equipment market, valued at US$ 113 billion in 2021, is projected to grow at a 4% CAGR, reaching US$ 174 billion by 2032.
The global construction aggregate market is valued at US$ 418.14 billion in 2024 and is projected to reach US$ 781.98 billion by 2034, growing at a 6.5% CAGR.
The global dry construction market is valued at US$ 127.1 billion in 2023 and is expected to reach US$ 212 billion by 2033, growing at a 5.2% CAGR.
About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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