New York (US), May 10, 2023 (GLOBE NEWSWIRE) -- Construction Composites Market Overview
The MRFR analysis reports predict that the “Construction Composites Market Research Report By Type, Resin Type, Process and Region Market Forecast Till 2032” The construction composites market is projected to grow from USD 55.2 Billion in 2023 to USD 84.7 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.50% during the forecast period (2023 - 2032).
Even under extreme conditions, construction composites can maintain the structural integrity of the structure they are utilized in. Two of the most common types of composites used in construction are fiber composites and resin composites. Composites are utilized in construction in a variety of ways. Housing, civil, commercial, and industrial construction structures make up the market for composite materials used in construction. Additionally, due to composites' expanding application in the construction sector as well as its low maintenance requirements and extended lifespan, the market for construction composites is anticipated to expand throughout the forecast period.
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Key Players
Eminent market players profiled in the construction composites market report include
- Aegion Corporation
- Exel Composites
- Gurit
- Hexcel Corporation
- Kordsa Teknik Tekstil AS
- Toray Industries Inc.
- Mitsubishi Chemical Corporation
- Nippon Electric Glass Co. Ltd
- Owens Corning
- SGL Carbon
- Teijin Limited
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size in 2032 | USD 84.7 Billion |
| CAGR | 5.50% (2023-2032) |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Dynamics | The rising infrastructure development activities and investments across the emerging economies of the world |
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Drivers
Growing Urbanization to Boost Market Growth
High-end buildings & innovative constructions using new technologies are becoming more common in these developing nations due to growing urbanization & rising per capita income. These buildings require a variety of composite materials to be durable and resistant. Thus the growing urbanization will boost market growth over the forecast period.
Opportunities
Increasing Demand for Fiberglass Composite Materials to offer Robust Opportunities
Fiberglass is quickly evolving into the composite with fastest growth & the greatest popularity due to its excellent tensile strength, amazing durability, and very low weight. The rising need for effective and efficient fiberglass composite materials to generate the building components for the commercial & residential structures is predicted to boost the overall construction composites market expansion.
Restraints and Challenges
High Production Cost to Act as Market Restraint
The high production cost, availability of cost-effective substitutes, and inadequacy of skilled labor may act as market restraints over the forecast period.
Market Segmentation
The global construction composites market is bifurcated based on resin type, fiber type, and end use.
By resin type, polyester resin will lead the market over the forecast period. The most noticeable increase of polyester resin in recent years has been in the flat roofing industry. Flat roofing is not only seamless but also rigid and easy to maintain. Polyester resin is woven into chopped strand matting that is put on top of hardwood boards. This creates the roof's strengthened layer of hardness.
By fiber type, carbon fibers will domineer the market over the forecast period. Carbon fibers held the largest market share because of its high chemical resistance, low thermal expansion, high tensile strength, high temperature tolerance, high stiffness, and lightweight properties.
By end use, civil sector will spearhead the market over the forecast period. Civil construction includes building highways, railway infrastructure, dams, airports, bridges, canals, and related buildings.
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COVID-19 Analysis
The COVID-19 pandemic started to spread globally around the start of 2020. Globally, the COVID-19 illness has affected millions of people. The world's leading economies have ordered a halt to operations and set permanent restrictions. The majority of life support businesses have been severely impacted, and composites used in construction have also been severely impacted. The manufacturing facility experienced a staff shortage for production activities as a result of the lockdown in several areas of the planet. A moderate reduction is being seen in commercial development, including new construction & renovations, infrastructure projects, and highway construction and maintenance. The market suffered as a result of the COVID 19 epidemic because this building work was suspended at the start of the closure. Building of homes has run into problems as well, particularly indoor building. The market for composites in the construction industry has been greatly impacted by working from home & maintaining social distance.
Regional Analysis
North America to Remain Forerunner in Construction Composites Market
The region in North America that now holds the largest market share of 45.80% is anticipated to develop all the projection period. The private construction investment increased by 6.8% in the US from January 2020-January 2021, touch USD 1,159.978 billion. This country's construction industry has been recovering since end of 2020, and it is projected that it will grow towards the end of the assessment year. Additionally, the North American construction composites market in the United States had the biggest market share, while the market in Canada had the quickest rate of expansion. Due to its extensive use in civil, industrial, and commercial applications as well as its expanding industrialization and urbanization, North America dominates the global market for construction composites. Due to the expanding construction industry in nations like the US, Canada, & Mexico, the use of construction composites is expanding in North America. The residential & commercial sectors have recently experienced consistent growth in Canada. Skyscraper construction has increased dramatically recently in Canada, particularly in Toronto. By 2025, more than 30 high-rise structures are anticipated to be finished, while another 50 similar structures are now in the proposal & planning stages in Toronto.
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APAC to Have Admirable Growth in Construction Composites Market
The second-largest region following North America is Asia-Pacific. China's expanding economy supports the country's developing residential and commercial construction sectors. A number of initiatives were started by Hong Kong's housing department in China to speed up the development of affordable housing. By 2030, the government hopes to have 301,000 public housing units open to the public. 7,000 additional malls with a similar layout are planned to be built in China by 2025. In the Asia-Pacific area, the Indian market grew at the fastest rate, while China's market held the largest market share.
Industry Updates
April 2023- A multinational producer of composite fiber materials named Wagners CFT has announced that Florida maritime and pedestrian constructions can now be built using their goods. This design and manufacturing firm may help contractors, engineers, & other construction experts who work in the civil and marine sectors invest in affordable, environmentally friendly building solutions.
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