Global Hempcrete Market Size To Worth USD 35.23 Billion By 2033 | CAGR of 4.47%
Category: Chemicals & MaterialsGlobal Hempcrete Market Size To Worth USD 35.23 Billion By 2033
According to a research report published by Spherical Insights & Consulting, the Global Hempcrete Market Size is Expected to Grow from USD 22.74 Billion in 2023 to USD 35.23 Billion by 2033, at a CAGR of 4.47% during the forecast period 2023-2033.
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Browse key industry insights spread across 220 pages with 113 Market data tables and figures & charts from the report on the " Global Hempcrete Market Size, Share, and COVID-19 Impact Analysis, By Type (Cast-in-Place, Precast, Hybrid, and Others), By Application (Residential, Commercial, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033. " Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/hempcrete-market
The global hempcrete market encompasses the entire industrial chain centered on the production, distribution, and application of hempcrete as a bio-composite building material made from hemp hurd, which is the inner woody core of the hemp plant mixed with a lime-based binder. This would also include industrial hemp cultivation, hemp hurd harvesting, processing, hempcrete product manufacturing, and distribution, all the way down to actual application in buildings like residential homes, commercial structures, and farms. Furthermore, key players make significant investments in R&D to drive the hempcrete market forward. They are conducting extensive research and development to improve the material's properties, including fire resistance, insulation, and durability. In addition, companies are increasing the number of joint ventures with research institutes to conduct extensive field tests and performance evaluations. For example, in January 2024, the US Army approved a $1.9 million grant for a Pennsylvania-based hemp-lime building firm to collaborate with research organizations on the fire resistance, insulation value, and carbon footprint of "hempcrete" in construction. However, the hempcrete market is expected to face challenges from a lack of uniform building codes and regulations, as well as higher initial costs when compared to conventional materials.
The precast segment held the highest share in 2023 and is anticipated to grow at a significant CAGR during the projected timeframe.
Based on the type, the hempcrete market is divided into cast-in-place, precast, hybrid, and others. Among these, the precast segment held the highest share in 2023 and is anticipated to grow at a significant CAGR during the projected timeframe. Off-site manufacturing of precast hempcrete blocks and panels offers several advantages over cast-in-place methods, including shorter construction timelines, improved quality control, less on-site labor, and greater design flexibility.
The residential segment held the highest share in 2023 and is anticipated to grow at a significant CAGR during the projected timeframe.
Based on the application, the hempcrete market is divided into residential, commercial, and others. Among these, the residential segment held the highest share in 2023 and is anticipated to grow at a significant CAGR during the projected timeframe. The growing recognition of sustainable building materials' environmental and health benefits is driving demand for eco-friendly residential construction solutions. Hempcrete, with its excellent insulation properties, low embodied energy, and potential to improve indoor air quality, is an ideal candidate for these sustainability objectives.
Europe is estimated to hold the largest share of the hempcrete market over the forecast period.
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Europe is estimated to hold the largest share of the hempcrete market over the forecast period. The European Union's focus on renewable energy and environmentally friendly infrastructure is expected to boost the hempcrete market in Europe over the forecast period. France, Spain, and Italy dominate the market due to a long history of industrial hemp cultivation and a growing preference for carbon-neutral products. Furthermore, favorable agricultural policies and strong government incentives for sustainable construction have facilitated the development of a robust hempcrete supply chain.
North America is predicted to have the fastest CAGR growth in the hempcrete market over the forecast period. Rising environmental awareness and a strong emphasis on sustainable building practices in the region are driving up demand for eco-friendly construction materials. Hempcrete, with its excellent insulation properties, low embodied energy, and potential to improve indoor air quality, is an ideal candidate for these sustainability goals. Furthermore, the growing emphasis on energy efficiency and low-carbon footprints in residential and commercial buildings is propelling hempcrete use.
Major key players in the hempcrete market include Australian Hemp Masonry Company, Hempitecture Inc., Dun Agro Hemp Group, Hemp Block USAHempcrete Natural Building Ltd., Americhanvre Cast Hemp, IsoHemp, Lime Technology, Just BioFiber Structural Solutions, HempEco Systems, and Others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Recent Developments
- In November 2024, The US Department of Agriculture (USDA) has announced updates to the hemp crop insurance program for 2025 and subsequent crop years. The Risk Management Agency (RMA) is modifying Nevada's rotation requirements so that hemp can be planted after soybeans. This improvement also applies to Colorado, Illinois, Indiana, Maine, Michigan, Minnesota, Montana, New York, North Dakota, Oregon, Pennsylvania, South Dakota, and Wisconsin.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the hempcrete market based on the below-mentioned segments:
Global Hempcrete Market, By Type
- Cast-in-Place
- Precast
- Hybrid
- Others
Global Hempcrete Market, By Application
- Residential
- Commercial
- Others
Global Hempcrete Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
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