As consumers increase their support for and adoption of environmentally friendly products, U.S. demand for so-called green building materials is expected to rise to $86 billion in the next four years, The Freedonia Group said Tuesday.
The Cleveland-based consulting firm said it expects growth of 11 percent annually for residential and commercial construction materials that are environmentally friendly.
Using such materials, which go into the production of carpeting, gypsum board, concrete and metals, helps builders and architects earn points toward Leadership in Energy and Environmental Design (LEED) certifications.
Freedonia also said growing consumer interest in environmentally appropriate materials will offer producers of such materials increased market share and higher sales than will be experienced by companies producing non-green alternatives.
Demand isn't only being spurred by environmental consciousness but by budget consciousness as well. Recycled concrete made with fly ash and other additives is less costly than concrete made solely from cement and aggregates. Energy STAR-compliant heating, ventilation and air-conditioning systems have been proven to lower utility bills as have more efficient water runoff systems.
The Freedonia study also shows how solar power products grew between 2002 and 2012 due to requests for rooftop-based solar power modules that connect to electricity systems.
Malik Singleton covers manufacturing and other economic news. His previous roles were with City Limits, TIME.com, Black Enterprise and PCMag.com. He is an adjunct at CUNY's...