New York, Dec. 23, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Construction Composite Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06192767/?utm_source=GNW
As per the reports by the IMF, the global GDP contracted by -3.27% in 2020, majorly owing to international trade suspension and supply chain disruption. Moreover, the manufacturing sector’s growth in 2020 was recorded for negative trends with over -10% dip. As a result, it impacted construction materials production in 2020.
Key Highlights
Over the medium term, the factors driving the growth of the market studied are the increasing usage of composites in construction applications, rehabilitation of old concrete structures, and other factors, such as rapid urbanization, economic growth in major economies, and strong adherence to green building norms.
On the flip side, the impact of COVID-19 pandemic on the composite industry’s growth and the supply chain disruptions, as well as the high initial production and installation costs of composites, are hindering the growth of the market studied.
However, the increasing ability to mass-produce composites in the construction sector is likely to create opportunities for the market in the coming years.
North America region is expected to dominate the market. Asia-Pacific region is likely to witness highest CAGR during the forecast period.
Key Market Trends
Increasing Demand from Civil Construction Sector
Civil construction is involved in the building of bridges, dams, roads, airports, canals, railway infrastructure, and related buildings.
In China, Edging toward the end of 2021, several Chinese provinces in recent days have announced major infrastructure projects. South China’s Guangxi Zhuang Autonomous Region unveiled a batch of major construction projects last week, with a total investment of 185.9 billion yuan (USD 29.15 billion). Those projects cover a wide range of sectors, including transportation, new energy, logistics and basic infrastructure.
Furthermore, China plans to expand its railway network, the second largest in the world, by one-third in the next decade and a half, as part of a long-term plan to propel urbanization and stimulate local economies. According to a plan issued by state-owned China State Railway Group, China aims to have about 200,000 kilometers (124,274 miles) of railway tracks by the end of 2035, including about 70,000 km of high-speed railway.
In Germany, the Ministry of Transport and Digital Infrastructure is planning to invest EUR 300 million in future technologies, such as electric mobility or automated and networked driving for electric vehicle charging infrastructure, which, in turn, is further expected to increase the consumption of composite materials.?Furthermore, The country has started working on the A49 highway project connecting Schwalmstadt and the Ohmtal interchange in Central Hesse.
This project is based on the public-private partnership model with an investment of EUR 700 million with a total construction of 93 Km road and is expected to complete in the third quarter of 2024. These massive railway and road construction projects will drive the demand for construction composites during the forecast period.?
In 2020, the United Kingdom government announced the investment of EUR 27.4 billion by 2025 for road construction projects under the second road investment strategy (RIS2). Highways England Company Limited is a government-owned company responsible for operating, maintaining, and improving the country road has further planned to spend EUR 27.4 billion.?
The country is also investing in railway projects, including constructing a new rail network and redeveloping the existing railway network. The great north rail project is one such project with an investment of EUR 13 billion, and the project is expected to complete by 2022.
Furthermore, In Canada, as a part of the ‘Investing in Canada Plan’, the government has announced plans of making an investment of nearly USD 140 billion for major infrastructure developments in the country by 2028. In 2019-20, the government was in plans to approve investments valuing USD 5.6 billion for new infrastructure projects in the country.
All such factors are likely to influence the civil construction sector, thereby affecting the construction composites market.
North America Region to Dominate the Market
North America region is expected to dominate the market for construction composites during the forecast period. With the growing construction sector in countries such as the United States, Canada, and Mexico, the utilization of construction composites is increasing in the region.
The North American region is one of the largest consumption markets for construction composites. The United States has one of the world’s largest construction industries, and the construction industry value has been on a constantly rising path between 2014 and 2018, despite witnessing a slight contraction in 2019. The industry recorded annual revenue of USD 1,306 billion in 2019. ?
According to the US Census Bureau, the United States public residential construction spending in the year 2020 was increased to USD 9.15 billion in the year 2020 compared to 6.55 billion in the year 2019. The overall construction spending in the United States in both private and public construction in 2020 is around USD 1400 billion. ??
Additionally, the total construction spending in the country reached USD 1,521.45 billion in January 2021 which increased by 1.7% compared to USD 1,496.45 billion in December 2020 and increased by 5.8% compared to USD 1,437.72 billion in January 2020. The total construction spending by June 2021 increased by 8.2% and reached USD 1552.2 billion compared to USD 1,435 billion in June 2020.
Moreover, In Canada, the residential and commercial sectors have been witnessing a steady growth in the recent past. The country witnessed some of the largest construction projects, such as Panda Condominium, Harwood Condominium, Power and Adelaide Condominium, and Amazon Distribution Centre/Ottawa.
As part of the ’Investing in Canada Plan,’ the government has announced plans to invest nearly USD 140 billion for major infrastructure developments by 2028. In 2019-20, the government planned to approve investments valuing USD 5.6 billion for new infrastructure projects in the country. ?
The aforementioned factors, coupled with government support, are contributing to the growth in the infrastructure and transportation sectors which in turn is expected to boost the construction composites market in the country, over the forecast period.
Competitive Landscape
The global construction composite market is fragmented in nature. Some of the major players in the market include Hexcel Corporation, Teijin Limited, Toray Industries Inc., SGL carbon, and Gurit among others.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06192767/?utm_source=GNW
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