Market opportunity analysis: What market factors influence and determine hemp-lime composites becoming a mainstream building product?

Abstract

The impact of buildings on the environment is enormous. Buildings consume 40% of natural resources, use 70% of all electricity produced and their waste contributes 50% to all landfills. This situation has led to governments developing policy and regulations to mitigate the serious impacts on the planet. The emerging green building market is becoming part of the construction industry. Rapid demand for products present significant opportunities for products that can meet sustainability goals of building projects. The industry has low barriers to entry but the barriers to adoption and diffusion of new and innovative green building products are high. This is further compounded by the industries fragmented nature and its resistant to change. The research provides a comprehensive understanding of market conditions and clearly identifies factors that drive the market and those that influence the adoption and products. Research uncovered a specific set of factors that influence the development of strategies to commercialise new products into the market. Thorough analysis and understanding of these factors can be used to guide the development and advancement of hemp-lime composite products paving the way for broader adoption as a mainstream building material in the construction industry.

Keywords

• hempcrete
• hemp-lime composities
• market opportunity analysis
• building products