Market in green building to double
The market for environmentally-friendly construction materials in the US is expected to more than double in value by 2011, a new report has claimed.Green Building Materials in the US, published by market researchers SBI (Specialists in Business Information), said the market will grow from almost $2.2bn in 2006 to $4.7bn in 2011.
However, it predicts that the compound annual growth rate will slow down from 23% through 2006 to just 17%.
The surge is attributed to a growing percentage of building buyers, occupants and DIY enthusiasts who now put environmental factors such as energy efficiency, indoor air quality and sustainability at the heart of their decision making when buying building materials.
The team behind the report urged companies involved in the construction and home improvement industry to make the most of the green boom.
Tatjana Meerman, publisher of SBI, said: "There is a risk that the green washing of construction-related products and services will dilute the emerging trend so much that it will lose its meaning and its impact on sustainability and sound practices.
"However, there is too much genuine opportunity in the industry for stakeholders to just sit by and watch this exciting new trend be eroded by paler shades of green construction.
"The industry will be disciplined either internally or by consumers who will demand clarity."
The report highlights the current trend of public sector and commercial projects dominating green construction.
However the authors predict that residential green construction will begin to boom and boost the markets for materials that have so far seen limited growth, particularly those involving wood.
SBI expects green flooring - the slowest growing segment through 2006 - to become the market's faster grower in 2011, with a compound annual growth rate of 45%.
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