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Hempcrete Market – By Type (Standard Hempcrete, Hempcrete Blocks, Hempcrete Plaster), Application (Walls, Floors, Roofs, and Others), By Sales (Direct Sales, Distributors, Online) By Geography - Global Opportunity Analysis & Industry Forecast, 2023-2030
Hempcrete Market Overview:
Hempcrete Market size is estimated to reach $2 billion by 2030, growing at a CAGR of 7.6% during the forecast period 2023-2030. Increasing demand for sustainable and eco-friendly construction materials. Hempcrete, known for its low environmental impact and carbon-neutral properties, is becoming increasingly popular as environmentally conscious consumers and builders seek more sustainable alternatives. Industry is witnessing a significant uptick in the integration of advanced technology to improve product quality and efficiency. Innovations such as artificial intelligence, machine learning, and blockchain are being harnessed to develop cutting-edge Hempcrete products. This technological shift is poised to reshape the Hempcrete market, offering more sustainable and high-performance building solutions.
Hempcrete Market - Report Coverage:
The “Hempcrete Market Report - Forecast (2023-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Hempcrete Market.
COVID-19 / Ukraine Crisis - Impact Analysis:
• The COVID-19 pandemic significantly impacted the Hempcrete market. Supply chain disruptions, labor shortages, and reduced construction activities led to delays and increased costs in the production and installation of Hempcrete materials. However, the market also witnessed increased interest in sustainable building materials, driving long-term growth prospects. As the construction industry rebounds and prioritizes eco-friendly solutions, the Hempcrete market is expected to recover and expand, offering opportunities for innovation and market penetration.
• The Russia-Ukraine war has disrupted the hempcrete market by causing supply chain disruptions. Ukraine is a significant producer of industrial hemp used in hempcrete production. The conflict has led to uncertainties in the supply of hemp fibres and Hurd, driving up prices and affecting project timelines. Additionally, economic sanctions and geopolitical tensions have deterred international investments in the region, further hampering market growth. Hempcrete manufacturers are seeking alternative sources and strategies to mitigate these challenges and ensure stability in the industry.
Key Takeaways:
• Fastest Growth of North America Region
Geographically, in the global Hempcrete Market share, North America is analyzed to grow with the highest CAGR of 7.9% during the forecast period 2023-2030. The region's rapid adoption of sustainable construction practices has surged as eco-consciousness spreads. Supportive regulations and incentives favoring green building solutions have further accelerated this trend. The proactive investment in research and development has resulted in advanced Hempcrete formulations, enhancing its overall appeal and performance. The presence of a robust hemp industry in North America ensures a consistent supply of raw materials, contributing to market expansion. Additionally, industry stakeholders have undertaken comprehensive awareness campaigns, driving widespread Hempcrete adoption and establishing North America as the fastest-growing market in this sector. According to Building Design Construction the US is a natural leader in constructing green buildings, with 124,200 (124,212) LEED-certified buildings - the most overall in the world and Canada with just over 3,000 (3,066) green buildings.
• Hempcrete Blocks to Register the Fastest Growth
In the Hempcrete Market analysis, the Hempcrete Blocks segment is estimated to grow with the highest CAGR of 9.1% during the forecast period. This stellar growth is primarily attributable to the segment's inherent advantages. Hempcrete Blocks offer simplified construction, promoting cost-efficiency and time savings. According to the World Green Building Trends survey, operating costs decreased 23-21%. Their exceptional insulation properties align with stringent energy efficiency requirements, enhancing their appeal. Moreover, their durability, resistance to pests and mold, and structural strength make them a reliable choice. Furthermore, Hempcrete Blocks align with the growing demand for sustainable construction materials, capitalizing on the increasing global focus on eco-conscious building practices. This combination of practicality and sustainability drives their rapid market growth.
• Direct Sales is Leading the Market
According to the Hempcrete Market forecast, the Direct Sales held the largest market valuation of $39% share in 2022. It offers a direct line of communication between manufacturers and customers, fostering trust and reliability. This channel allows for personalized consultations, ensuring that customers receive tailored solutions and comprehensive product information. Furthermore, direct sales provide stringent quality control, assuring customers of product authenticity and excellence. The ability to gather feedback and promptly address concerns enhances customer satisfaction. Strong customer relationships built through direct sales promote brand loyalty, driving repeat business and referrals. These factors collectively establish "Direct Sales" as the market leader, based on its efficacy and customer-centric approach.
• Growing Demand for Eco-Friendly Building Materials
The surging demand for eco-friendly building materials stands as a pivotal driver propelling the Hempcrete Market. In an era marked by heightened environmental consciousness, builders and consumers alike are increasingly seeking sustainable alternatives. Hempcrete, characterized by its low environmental footprint, carbon-neutral properties, and renewable sourcing from hemp fibers, aligns seamlessly with this eco-conscious trend. Stringent environmental regulations and green building certifications further amplify the appeal of hempcrete. This growing preference for environmentally responsible construction materials not only reduces the carbon footprint but also positions hempcrete as a viable choice for sustainable construction, driving its significant and sustained market growth. According to bWorld Green Building Council by 2030, all new buildings, infrastructure and renovations will have at least 40% less embodied carbon with significant upfront carbon reduction, and all new buildings will be net zero operational carbon.
• Favourable Regulations Promoting Sustainable Construction
Regulatory support plays a pivotal role in shaping the trajectory of the Hempcrete market. The emergence of favourable regulations, geared toward promoting sustainable construction practices, has propelled the industry forward. Governments can promote the use of hempcrete by officially recognizing it as a viable building material. This recognition can be in the form of building codes and standards that include hempcrete as an approved construction material. These regulations often encompass environmental standards, carbon reduction targets, and green building codes that encourage the use of eco-friendly materials like Hempcrete. By complying with such mandates, builders not only reduce their carbon footprint but also gain access to incentives and certifications that enhance project viability and market competitiveness. Regulatory support not only fosters environmental responsibility but also fuels the demand for sustainable building solutions, positioning Hempcrete for sustained growth in the construction sector.
• Lack of Awareness is Impeding Market Growth
One of the primary obstacles facing the Hempcrete market is the pervasive lack of awareness among consumers and builders. Despite its remarkable sustainability and energy-efficient properties, hempcrete remains relatively obscure. This lack of awareness hampers its widespread adoption within the construction industry. Educating stakeholders about the benefits of hempcrete, including its low environmental impact, superior insulation qualities, and carbon-neutral footprint, is essential for overcoming this challenge. As knowledge spreads and perceptions evolve, hempcrete can emerge as a viable choice in the construction sector, aligning with global sustainability goals and creating opportunities for market growth and development.
Hempcrete Market Share (%) By Region, 2022
Key Market Players:
Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Hempcrete Market. The top 10 companies in this industry are listed below:
1. Schönthaler
2. Hempbuild Sustainable Products Ltd.
3. Hempitecture Inc
4. IsoHemp
5. Hemp Block USA
6. Just BioFibe
7. East Yorkshire Hemp
8. American Lime Technology
9. HempAlta
10. The Hempcrete Co.
Scope of the Report:
1. Hempcrete Market - Overview
1.1. Definitions and Scope
2. Hempcrete Market - Executive Summary
3. Hempcrete Market - Comparative Analysis
3.1. Company Benchmarking - Key Companies
3.2. Global Financial Analysis - Key Companies
3.3. Market Share Analysis - Key Companies
3.4. Patent Analysis
3.5. Pricing Analysis
4. Hempcrete Market - Start-up Companies Scenario (Premium)
4.1. Key Start-up Company Analysis by
4.1.1. Investment
4.1.2. Revenue
4.1.3. Venture Capital and Funding Scenario
5. Hempcrete Market – Market Entry Scenario Premium (Premium)
5.1. Regulatory Framework Overview
5.2. New Business and Ease of Doing Business Index
5.3. Case Studies of Successful Ventures
6. Hempcrete Market - Forces
6.1. Market Drivers
6.2. Market Constraints
6.3. Market Challenges
6.4. Porter's Five Force Model
6.4.1. Bargaining Power of Suppliers
6.4.2. Bargaining Powers of Customers
6.4.3. Threat of New Entrants
6.4.4. Rivalry Among Existing Players
6.4.5. Threat of Substitutes
7. Hempcrete Market – Strategic Analysis
7.1. Value Chain Analysis
7.2. Opportunities Analysis
7.3. Market Life Cycle
8. Hempcrete Market – by Type (Market Size – $Million/$Billion)
8.1. Standard Hempcrete
8.2. Hempcrete Blocks
8.3. Hempcrete Plaster
9. Hempcrete Market – by Application (Market Size – $Million/$Billion)
9.1. Walls
9.2. Floors
9.3. Roofs
10. Hempcrete Market – by Sales (Market Size – $Million/$Billion)
10.1. Direct Sales
10.2. Distributors
10.3. Online
11. Hempcrete Market – by Geography (Market Size – $Million/$Billion)
11.1. North America
11.1.1. The U.S.
11.1.2. Canada
11.1.3. Mexico
11.2. Europe
11.2.1. UK
11.2.2. Germany
11.2.3. France
11.2.4. Italy
11.2.5. Spain
11.2.6. Russia
11.2.7. Rest of Europe
11.3. Asia-Pacific
11.3.1. China
11.3.2. India
11.3.3. Japan
11.3.4. South Korea
11.3.5. Australia & New Zealand
11.3.6. Rest of Asia-Pacific
11.4. South America
11.4.1. Brazil
11.4.2. Argentina
11.4.3. Chile
11.4.4. Colombia
11.4.5. Rest of South America
11.5. Rest of the World
11.5.1. Middle East
11.5.2. Africa
12. Hempcrete Market – Entropy
13. Hempcrete Market – Industry/Segment Competition Landscape Premium
13.1. Market Share Analysis
13.1.1. Market Share by Product Type – Key Companies
13.1.2. Market Share by Region – Key Companies
13.1.3. Market Share by Country – Key Companies
13.2. Competition Matrix
13.3. Best Practices for Companies
14. Hempcrete Market – Key Company List by Country Premium Premium
15. Hempcrete Market - Company Analysis
15.1. Company 1
15.2. Company 2
15.3. Company 3
15.4. Company 4
15.5. Company 5
15.6. Company 6
15.7. Company 7
15.8. Company 8
15.9. Company 9
15.10. Company 10
• "Financials to the Private Companies would be provided on best-effort basis."
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The Hempcrete Market is projected to grow at 7.6% CAGR during the forecast period 2023-2030.
Global Hempcrete Market size is estimated to be $1 billion in 2023 and is projected to reach $2 billion by 2030
The leading players in the Hempcrete Market are Schönthaler, Hemp Building Company, UK hempcrete, Hempitecture, and others.
Increased sustainability demand, advanced technology integration, wider adoption in construction, and regulatory support for eco-friendly building materials are some of the major Hempcrete Market trends in the industry which will create growth opportunities for the market during the forecast period.
Growing demand for eco-friendly building materials, Favourable regulations promoting sustainable construction, and increasing awareness of carbon-neutral properties are the driving factors of the market.