A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that South East Asia and Australia green building materials market was worth USD 15.4 billion in the year 2020. The market is estimated to grow at a CAGR of 9.4%, earning revenue of around USD 28.8 billion by the end of 2027. The South East Asia and Australia green building materials market is flourishing at a high rate because of the increasing focus towards sustainable development and the growing private and public investment towards the construction of green buildings. However, the high cost of green building materials and low awareness in emerging economies may restrict market growth.
Increasing Focus Towards Sustainable Development Is Boosting South East Asia And Australia Green Building Materials Market Growth
The construction of green buildings is an environment-conscious decision as it promotes sustainability better than traditional buildings. The green building materials market is growing in Southeast Asia and Australia due to a growing awareness of sustainable construction and increased demand for low-energy systems. Moreover, favorable government policies of different countries in these regions to boost green building infrastructure also drive the market forward. South East Asia and Australia’s green building materials market is growing at a high rate as the government promotes its construction. Green buildings consume fewer natural resources than traditional buildings and further helps in improving indoor air quality. These buildings also have fewer carbon emissions, due to which they are gaining huge preferences, propelling its market growth.
Growing Demand for Commercial Green Buildings Are Driving the Market Growth
The demand for green building for commercial purposes is gaining significant traction in South East Asia and Australia because of the various long-term benefits. In addition to being a cost-effective and beneficial way to save energy, green buildings also promote human health. By improving indoor air quality, working conditions can be improved, reducing absenteeism and improved productivity. Furthermore, working in a favorable and healthy environment also reduces asthma, respiratory allergies, depression, and stress. According to the Green Building Council of Australia, Australia's commercial properties continue to prosper in adopting green buildings due to the growing market and investor demand.
South East Asia and Australia Green Building Materials Market - By Product Type
Based on product types, South East Asia and Australia’s green building materials market is categorized into exterior products, interior products, building systems, solar products, and others. The exterior product segment accounts for the largest market share. The availability of a diverse range of eco-friendly and renewable products for exterior building construction, such as composite lumber, fiber cement, lime, concrete slabs, slates, and so on, contributes to the growth of this market segment. These products offer lightweight and textured materials, because of which its demand is increasing at a high rate.
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South East Asia and Australia Green Building Materials Market – Country Insights
Geographically, South East Asia and Australia green building materials market is segmented into Singapore, Malaysia, Philippines, Indonesia, Thailand, Vietnam, Australia. Among these countries, Singapore dominates the market. However, other countries like Australia, Thailand, Vietnam are also emerging as potential markets for green building materials. Thailand is constructing green buildings rapidly, with office buildings covering around 40% of all structures. Moreover, the government of Vietnam is also promoting the construction of green buildings for pushing sustainable development in the country. These factors are significantly fueling the growth of the South East Asia and Australia green building materials market.
Impact of COVID-19 on South East Asia and Australia Green Building Materials Market
With the sudden outbreak of the COVID-19-induced pandemic, several countries worldwide had to impose a lockdown to curb the spread of the virus. Because China was the source of the virus's spread, Asian countries were more vulnerable to the COVID-19 effect. Therefore, the governments of various South East Asian countries had to take drastic measures and impose a lockdown which significantly halted the construction of green buildings. As a result, the demand for green building materials declined significantly. However, this slump is expected to be temporary, and the market is likely to thrive in the post-COVID-19 period.
The leading market players in the South East Asia and Australia green building materials market are GreenPan, PT Bakrie & Brothers Tbk, Siam Cement Group, CSR Limited, Kee Kiong (A2Z) SDN BHD, James Hardie Australia Pty Ltd., Aathaworld Sdn Bhd, Brickworks Building Products Ltd., PT Modern Panels Indonesia, Interface Inc., Holcim Vietnam, and other prominent players.
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