- Category: Green Buildings
11 Jul 2013
- Published on Thursday, 11 July 2013 08:19
- Hits (3003)
The green materials market in the member-countries of the Gulf Cooperation Council is currently in its growth stage, presenting a wealth of business opportunities for green material suppliers, according to an analysis done by American-based market research firm Frost & Sullivan.
The study, titled “Strategic Analysis of Green Materials in the G.C.C. Construction Sector,” found that the green market in the region earned revenues amounting to $17.91 billion back in 2012 and is projected to reach $22.97 billion in 2016.
According to the research firm, the G.C.C. is the fastest developing region in terms of infrastructure which emphasizes sustainable construction practices, lower carbon footprint, and reduced wastage. These green construction practices have spurred the use of green construction materials, pointing out that countries like Bahrain, Qatar, Saudi Arabia, and the United Arab Emirates have established green building councils to address sustainability issues.
“Companies must look to comply with the requirements of local green body councils and design products specific to the rating system for maximum sustainability points. Since regional governments are the largest investors in construction, producing solutions suited to their needs will ensure profitability,” said an analyst from Frost & Sullivan.
For the market, now is the time to distinguish themselves in terms of quality and pricing to gain market share, particularly in the less competitive segments of flooring and insulation. In addition, joint ventures with local companies will provide accessibility to consumers, reducing the time to build a brand.
Another move that the green materials market can take is to improve their consumer awareness on the economic, social, and environmental benefits of green materials which will help sustain market growth in the long run.
The analysis looked at the different aspects of green materials – such as concrete, insulation, paints, and flooring – used across the G.C.C. region. Specifically, the study focused on the overall market opportunities in volumes and values, demand in key countries, competition analysis, future potential, growth rates, and the trends of current and future market players. – EcoSeed Staff