Global green building market witnessed a healthy growth of 12.81 percent in 2014, says a new report from TechNavio.
Green building materials are manufactured using recycled waste materials from construction sites.
Many construction companies have started implementing the use of green building materials in their constructions.
As a result, the market is expected to grow at a CAGR of 13.21 percent over the period 2014-2019.
Rise in green building construction and government initiatives promoting sustainable environment is propelling the growth of the market, the report quoted.
Increased demand for green building materials has been witnessed in the commercial and office buildings and residential buildings segments.
The major factor contributing to this demand is rising awareness about the benefits of green buildings, which in turn is driving investment in green commercial building construction.
Europe is the leading region in this market, followed by North America and APAC.
Although the concept of green building materials is still in its nascent stage in APAC as compared to Europe and North America, several government initiatives are attracting investment in this sector in these countries.
In APAC, the market for energy efficient building materials is expected to grow at a rapid pace over the next five years.
Also, the tax benefits offered by the governments of various countries to encourage construction of green buildings will foster demand for green building materials during the forecast period.