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Global Construction Composites Market Size was valued at USD 52.6 Billion in 2022. The Construction Composites market industry is projected to grow from USD 55.8 Billion in 2023 to USD 84.4 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.60% during the forecast period (2023 - 2032). The growing infrastructure investment and growth in emerging economies globally are the key market drivers enhancing the market growth.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
Due to increasing urbanization and per capita income in many countries, the construction industry is constantly growing, which will have a favorable effect on the market share for construction composites during the course of the assessment period. Many producers of construction composites are investing significantly in R&D activities to create cutting-edge technologies that will offer new features and produce environmentally friendly goods. It is anticipated that the development of new composite materials utilizing chemicals and light industrial waste would continue to provide sizable revenue growth over the forecast period, hence this area of research is of interest. In recent years, there have also been a lot more building projects being created for both commercial and residential infrastructure, particularly in growing nations.
Fiberglass is quickly evolving into the composite material with the fastest growth and the greatest popularity due to its excellent tensile strength, extraordinary durability, and very low weight. The rising need for effective and efficient fiberglass composite materials to generate the building components for commercial and residential structures is predicted to boost the overall expansion of the construction composites market.
Composite building materials are becoming more and more essential in residential and commercial construction due to their lower maintenance costs compared to wood decking and railing goods. High strength and corrosion resistance in construction materials are in increased demand, and the industry is expected to grow significantly. Thus, driving the Construction Composites market revenue.
The global Construction Composites market segmentation, based on Resin Type includes polyester resin, vinyl ester, polyethylene, polypropylene, epoxy resin, and other resin types. The polyester resin category held the most market share during the expected time frame. 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 the chopped strand matting, which is put on top of hardwood boards. This creates the roof's strengthened layer of hardness. Concrete lakes can have a fiberglass lining.
The global Construction Composites market segmentation, based on Fiber Type, includes carbon fibers, glass fibers, natural fibers, and other fiber types. Due to its high tensile strength, low thermal expansion, high stiffness, high temperature tolerance, high chemical resistance, and lightweight characteristics, carbon fibers had the biggest market share in 2022. As a result, the material has recently been widely used in the production of goods. Carbon fibers are more effective than glass fibers and other materials in terms of compressive and tensile strength. A constant force is applied to carbon fibers, but its shape remains constant and doesn't change over time.
The global Construction Composites market segmentation, based on End Use Sector, includes industrial, commercial, housing, and civil. With the biggest market share, the civil sector is anticipated to expand over the projection period. Building roads, bridges, dams, airports, canals, railway infrastructure, and associated structures all fall under the category of civil construction. A number of Chinese provinces have recently announced big infrastructure projects as we approach the end of 2021. With a total investment of 185.9 billion yuan (USD 29.15 billion), the Guangxi Zhuang Autonomous Region in South China began a number of big development projects this week. These programs include a range of sectors, including logistics, transportation, alternative energy, and basic infrastructure.
Construction composites are being utilized more frequently in place of conventional decking and railing materials like wood, aluminum, and steel. Due to the rising need for long-lasting, low-maintenance products in the aforementioned nations, the industrial and residential categories are anticipated to generate the highest levels of income. Additionally, it is anticipated that increased infrastructure spending will boost product demand even more.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study. The North America region with the biggest market share (45.80%) is expected to expand over the forecast period. Private construction investment increased by 6.8% in the United States from January 2020 to January 2021, reaching USD 1,159.978 billion. The country's construction sector has been recovering since late 2020, and it is projected that it will grow toward the end of the forecast year. Further, In the North American area, the U.S. Construction Composites market had the biggest market share, while the Canada Construction Composites market had the quickest rate of expansion.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
The third-largest region is Europe. Germany has the biggest construction market in all of Europe. Due mostly to an increase in the number of new residential construction projects being completed, the nation's construction industry is gradually growing. During the projected period, there are expected to be strong growth potential for non-residential and commercial buildings in the nation. Further, In the European region, the German Construction Composites market had the biggest market share, and the U.K. Construction Composites market had the quickest rate of growth.
Asia-Pacific is the second-largest region after Europe. China's booming residential and commercial construction industries are supported by the nation's growing economy. The housing administration of Hong Kong in China launched a variety of steps to hasten the construction of affordable housing. The government wants to have 301,000 public housing units accessible by 2030. By 2025, 7,000 more malls of a similar design are anticipated to be constructed in China. Further, In the Asia-Pacific region, the Indian Construction Composites market had the quickest rate of growth while China's Construction Composites market had the greatest market share.
Leading industry companies are making significant R&D investments in order to diversify their product offerings, which will drive the Construction Composites market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants are also engaging in a number of strategic actions to increase their global footprint. The Construction Composites sector needs to provide affordable products if it wants to grow and thrive in a more competitive and challenging market environment.
One of the primary business strategies employed by manufacturers in the worldwide Aerospace Foam industry to assist customers and expand the market sector is local manufacturing to reduce operational costs. Some of the biggest benefits to medicine have recently come from the Construction Composites sector. Major players in the Construction Composites market, including 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, and Teijin Limited, are attempting to increase market demand by investing in research and development operations.
Leading industry companies are making significant R&D investments in order to diversify their product offerings, which will drive the Construction Composites market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants are also engaging in a number of strategic actions to increase their global footprint. The Construction Composites sector needs to provide affordable products if it wants to grow and thrive in a more competitive and challenging market environment.
One of the primary business strategies employed by manufacturers in the worldwide Aerospace Foam industry to assist customers and expand the market sector is local manufacturing to reduce operational costs. Some of the biggest benefits to medicine have recently come from the Construction Composites sector.
· 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
October 2022: Capital Region Water has announced that phase two of a significant repair project at the Front Street Sewer Interceptor in Riverfront Park has begun. As part of a USD 17 million project, a 2.7-mile-long sewer interceptor in Harrisburg will be renovated between Seneca Street and the 1-83 bridge.
June 2022: Pultron Composites, a top manufacturer of fiberglass rebar, partnered with Owens Corning. This action strengthened the companies' position in the fiberglass market for the construction sector.
· Polyester Resin
· Vinyl Ester
· Polyethylene
· Polypropylene
· Epoxy Resin
· Other Resin Types
· Carbon Fibers
· Glass Fibers
· Natural Fibers
· Other Fiber Types
· Industrial
· Commercial
· Housing
· Civil
· North America
- U.S.
- Canada
· Europe
- Germany
- France
- U.K
- Italy
- Spain
- Rest of Europe
· Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
· Rest of the World
- Middle East
- Africa
- Latin America
|
Report Attribute/Metric |
Details |
|
Market Size 2022 |
USD 52.6 Billion |
|
Market Size 2023 |
USD 55.8 Billion |
|
Market Size 2032 |
USD 84.4 Billion |
|
Compound Annual Growth Rate (CAGR) |
5.60% (2023-2032) |
|
Base Year |
2022 |
|
Market Forecast Period |
2023-2032 |
|
Historical Data |
2018- 2022 |
|
Market Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Resin Type, Fiber Type, End Use Sector, and Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
|
Countries Covered |
The U.S., Canada, German, France, U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
|
Key Companies Profiled |
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, and Teijin Limited |
|
Key Market Opportunities |
Technological advancements |
|
Key Market Dynamics |
The rising infrastructure development activities and investments across the emerging economies of the world |
The global Construction Composites Market was valued at USD 52.6 billion in 2022, and it is estimated to reach USD 84.4 billion by 2032.
The global market is projected to grow at a CAGR of 5.60% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are 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, and Teijin Limited.
The Polyester Resin Type dominated the market in 2022.
The Carbon Fibers Fiber Type had the largest share in the global market.
Report Code :
RL65116
Published on :
Aug 2023
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