The chemical industry is focused to keep the business operations running along with ensuring the labor safety amid the COVID-19 pandemic. To recover the losses created by the decline in demand for various products, the companies are capitalizing on the escalating demand for products such as disinfectants and personal protective equipment. Many leading players in the chemical industry have expanded their business to enter into the production of safety products. Companies are resorting to advanced technologies in production to reduce the dependence on work-force.
They are increasingly adopting advanced digital capabilities to integrate supply chain and logistics to ensure the effective delivery of products. The industry heads are seeking the real-time situation of their supply chains to identify potential weaknesses, especially in terms of geography, and strengthen it. The financial disclosures are being extended beyond the usual financial statements to deal with the risks that have aroused amid the COVID-19 pandemic.
Global Renewable Materials in Construction Market: Introduction
The materials which can be recycled and which help in reducing greenhouse gas emission and pollution are considered as renewable materials. Renewable materials in construction consist of timber and recyclable materials (concrete, metals, plastics, rubber, composites, etc.). Different types of renewable materials in construction such as recyclable concrete, lime mortars, timber materials, natural fiber composites, timber concrete composites, low carbon materials, etc. are used in different end use applications to reduce the harmful effects on the environment. In global renewable materials construction market, crop-based renewable materials account for a considerable share.
The common crop-based renewable materials used in construction are insulation materials, light structural walls, natural paints and finishes, thatch, geotextiles, etc.
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Global Renewable Materials in Construction Market: Dynamics
The global construction industry is growing with growing urbanization and population. Upsurge in end-use industry (i.e. construction) is a crucial factor boosting the demand for global renewable materials in the construction market. In the growing global construction industry, the green construction segment holds a significant share. Renewable materials play a vital role in the green construction segment where they help to reduce carbon foot print, enhance the life of building structures and rehabilitate aging structures.
Due to environmental friendly characteristics of renewable materials and government regulations that support the use of renewable materials by providing incentives, the global renewable materials in construction market is expected to show significant growth in future.
Higher costs and market barriers (i.e. less investment by property owners as occupants get comparatively more benefits) are the two major restraining factors affecting the growth of global renewable materials in the construction market.
Now a days, end users prefer renewable materials for their homes to transform their homes into an energy saving zone.
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Global Renewable Materials in Construction Market: Segmentation
The global renewable materials in construction market can be segmented on the basis of type, application and end use. On the basis of type, the global renewable materials in construction market can be segmented into crop-based materials and non-crop based materials. Crop-based materials segment is further divided into insulation material (sheep’s wool, hemp, flax), light structural walls (straw bale, straw-clay, hemp-lime), natural paints and finishes, wall and floor coverings, geotextiles, thatch and timber and timber products. Non-crop based materials are further segmented into recyclable metals, plastics, composites, concrete and others.
On the basis of application, the global renewable materials in the construction market can be segmented into exterior products (windows, green roofing, green doors and green siding), interior products (green floor coverings, green insulation and green gypsum board), building systems (HVAC systems, nonresidential glazing, water-efficient plumbing fixtures & fittings and residential lighting fixtures), solar power products, structural products (recyclable concrete, lumber and wood) and permeable pavement. On the basis of end use, the global renewable materials in the construction market can be segmented into residential and non-residential segments. The non-residential segment is further divided into office & commercial, institutional, industrial and other non-residential construction sites.
Global Renewable Materials in Construction Market: Region-wise Outlook
Strict government regulations in the North America region encourage people to use renewable materials in the construction segment. Hence, the demand for renewable materials in the construction market in North America is expected to grow at a relatively higher rate and account for a maximum share of the global renewable materials in the construction market. European countries have started implementing green building technology for retrofitting and renovating purposes. Renewable materials market in Asia Pacific and rest of the world also shows high growth due to adverse climatic conditions and favorable government initiatives.
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Global Renewable Materials in Construction Market: Market Participants
Some of the market participants involved in the manufacturing of renewable materials in construction include
- BASF SE
- Alumasc Group Plc.
- Binderholz GmbH
- Bauder Limited
- Interface Inc.
- Forbo International SA
- Kingspan Group plc.