Coherent Market Insights

Construction Composite Market to Surpass US$ 30100 Mn by 2030

Construction Composite Market to Surpass US$ 30100 Mn by 2030 - Coherent Market Insights

Publish In: Nov 04, 2022

Construction composites are typically made of two materials - a matrix material and a reinforcement material. The matrix material provides strength and stiffness while providing ease of handling. They are relatively inexpensive compared to other materials used in construction. There are several types of fiber used in construction composites, including glass fiber, carbon fibre, and natural fibers. While composite construction isn't yet ubiquitous, it has become the most popular form of construction in the multi-storey sector. Its rigidity, durability, and minimum use of materials has made composite construction a popular choice. Composites have become the standard for many non-residential multi-storey buildings, including office buildings, retail stores, clinics, schools, and car parks.

Market Statistics:

The Global Construction Composite Market is estimated to account for US$ 18986.54 Mn in terms of value by the end of 2021.

Global Construction Composite Market: Drivers

Increasing urbanization and economic growth in major countries along with adherence to green building norms are expected to propel growth of the global construction composite market during the forecast period. Urban populations is increasing all over the world and governments across the world are focusing on initiatives for building energy-efficient homes and modernizing infrastructure, which is leading to increased construction activities. Thus, these factors are expected to fuel growth of the market in the near future.

Global Construction Composite Market: Opportunities

Increasing demand for reduction in cost of structural maintenance is likely to create growth opportunities for market players in the global construction composite market during the forecast period. Construction composites offer various benefits, which result into overall cost reduction over long runs. Thus, use of composites can offer significant cost reduction. These components can be used in various applications in shuttering supports, architectural support, signages to increase aesthetic appeal. Thus, use of construction composites is to offer various benefits to the market players.

Global Construction Composite Market: Restraints

Factors such as availability of low-cost substitutes and high cost research and development activities are expected to hinder growth of the global construction composite market during the forecast period. Production of construction composites can be high cost, which leads to adoption of low-cost alternatives among consumers. Moreover, the cost required for research and development activities for construction composites are high, which pose limitation in development of new innovative materials. And thus, these factors are expected to hamper the market growth.

Global Construction Composite Market Source: Coherent Market Insights:

The outbreak of COVID-19 spread across more than 200 countries around the world. It affected several industries including construction. Many countries announced preventative measures such as countrywide lockdowns. Under these regulations various market activities were disrupted. In order control the virus spread, all the construction activities across the globe were also postponed. Moreover, these activities were hindered due to lack of labor and raw material supply. Thus, demand for construction composites declined during the pandemic, which adversely impacted the growth of the global construction composite market.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/construction-composite-market-5322

Global Construction Composite Market Key Takeaways:

The global construction composite market was valued at US$ 18986.54  Mn in 2020 and is forecast to reach a value of US$ 30100 Mn by 2030 at a CAGR of 5.79% between 2022 and 2030.

Polyester Resin segment held dominant position in the global Construction Composite market in 2021, accounting for 68.96% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.

Global Construction Composite Market Trends:

Key players in the global construction composites market are focusing on manufacturing products that are suitable for all requirements of the construction industry.  The use of railings, fences and floor tiles is increasing over conventional materials such as steel and wood. Composite materials are considered lot more durable than other materials, as they are lightweight, corrosion resistant and have low thermal conductivity, and this leads to increased use of these products in construction industry. Thus, the market players are increasingly focusing on production of such materials that suit all the construction industry requirements.

Rehabilitation of old concrete structures is a growing trend in the market. Regions such as North America, Europe, and Asia Pacific are witnessing major trend of composite use in the construction industry. These composite materials are increasingly being used in refabrication and retrofit application. Older building structure need maintenance and repair operations time to time. The interior structures also need upgrades and maintenance of aesthetics and durability. Thus, this further influences the demand for construction composites.

Global Construction Composite Market: Competitive Landscape   

Aegion Corporation, Exel composites, Gurit, Hexcel Corporation, Kordsa Teknik Tekstil AŞ, TORAY INDUSTRIES INC., Mitsubishi Chemical Corporation, Nippon Electric Glass Co. Ltd., Owens Corning, SGL Carbon, and Teijin Limited.

Global Construction Composite Market: Recent Developments

In November 2021, Owens Corning acquired Saint-Gobain’s Reinforcements and Composite Fabrics business for US$ 640 million. With this acquisition, the company will gain a strong position in the market, especially in countries such as Russia, Mexico, China, Brazil, and India.

In September 2021, SGL Carbon Company announced the launch of an expansion project that cost US$ 4.5 million in Arkansas plant of the company for increasing capacity of carbon composites. With this project the company is expanding its composite sector in the market.

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