Building Materials Market in the USA in 2022
The building materials market in the USA is expected to grow significantly in 2022. This is due to a number of factors, including the increasing need for new construction and renovation projects in the country, the growing demand for energy-efficient buildings, and the increasing popularity of sustainable and alternative building materials.
According to a report published by Research and Markets, the Building Materials market in the United States is estimated to be valued at $1.6 trillion in 2021 and is likely to reach $2 trillion by 2026 growing at a CAGR of 4.5% in the forecast period (2021-2026).
The demand for home improvement projects and new home builds is on the rise across the country, but some states are affected more than others. The states that are seeing significant growth in 2021 include Florida, Texas, Arizona, Washington, Georgia and Nevada. This growth has resulted in an increased need for residential developments, which in turn is driving new construction.
Building Materials Overview in 2022
There are a number of different types of building materials that are used in the construction industry, and the demand for each type is expected to grow at different rates in 2022. For example, the demand for wood is expected to increase by 3.5%, while the demand for concrete is expected to increase by 5%. The demand for other types of materials, such as metals and plastics, is also expected to grow in 2022.
Energy-efficient building materials, such as bamboo, recycled plastic, and low-emissivity glass, are also expected to be in high demand. These materials are not only environmentally friendly but also very durable and stylish, making them ideal for a variety of different applications.
Top U.S. Construction Industry Trends in 2022
- Despite high material prices, the spread of coronavirus and inflation in mortgage rates, residential construction activity rebounded in 2021. Homebuilding is likely to remain strong due to a dearth of homes available for sale.
- The non-residential sector is set to benefit from the Infrastructure Investment and Jobs Act (IIJA). The regulation provides for US$550 billion in spending over the next five years, which will touch every sector from transportation, infrastructure, and water to energy and broadband. This is a promising story that could create many new jobs and opportunities.
- The sector looks like it will continue growing steadily over the next few years, thanks to a strong economic outlook for the United States. The OECD predicts that US GDP will increase by 3.7% in 2022 and 2.4% in 2023.
- Over the past year, both the US homebuilders index and the engineering and construction index have outperformed the benchmark.
- Although the sector is in high demand, it still faces a few challenges that could hold it back. These include things like supply chain disruptions and increasing costs of raw materials. Another issue the industry is facing is a shortage of talent.
Overall, the building materials market in the USA is expected to be very strong in 2022, due to a number of positive factors. This will provide a great opportunity for companies that produce and sell building materials, as well as for contractors and construction companies that will be able to take advantage of the growing demand.