Construction Composites Market

Construction Composites Market Size (2024-2029):

The Global Construction Composites Market is expected to grow at a CAGR of 5.4% during the forecast period 2024-2029. The market value was at USD 59.97 billion in 2023, and the value is expected to reach USD 82.22 billion by the end of 2029.

Market Overview: 

Composites also have properties such as better insulation and better weather control Water. water, thermal resistance, and reuse. These make it a preferred option for use in the construction industry. Composites can maintain the integrity of the construction in which they are employed even under difficult conditions. Composite materials employed in construction come in many forms like fiber composites and resin composites. The main application segments of the construction composites market include commercial, residential, civil, and industrial building structures. The products are specially designed for environments exposed to corrosion, heat, and pressure. Composites offer a longer life than other materials. For example, in factories, railings employed on walkways were previously made of steel or other metals. Due to constant exposure to heat and other environmental conditions, they corrode easily and need to be repainted and polished from time to time. Since the products are resistant to heat and humidity, they do not corrode and last longer without requiring regular maintenance.

Building composites are made from a combination of two materials and the final materials produced have better properties compared to the combined materials. These compounds are employed in the construction and repair of a wide variety of infrastructure applications, from bridges and buildings to roads and railways. An increase in the call for better building materials with more durability, corrosion resistance, heat resistance, etc. ensured strong market expansion during the foreseen period. And the development of new products and their use for better results has also escalated the call in the global construction composites market.

Market Trends:

The global construction composites market is predicted to grow over the foreseen period (2020-2026) due to its high strength-to-weight ratio, heat resistance, and lightweight, which would increase the fuel efficiency of vehicles and provide stability structural of aircraft, which would lead to a high call from the aerospace and defense sectors. Additionally, the building composites market is predicted to grow during the foreseen period due to the escalating penetration of composites in the construction industry, their longevity, and low maintenance costs.

Market Drivers:

The worldwide market for construction composites is driven primarily by heavy infrastructure investments in developing countries such as China and India. The long service life, low maintenance, corrosion resistance, heat resistance, lightweight, and other advantages of the building compound have also attracted attention for its use in the construction industry. Composite materials play an essential role in the production and design of complex components in industrial and civil applications. The possibilities of using composite building materials in industries provide many opportunities for the market to prosper regionally. Composites have the property of resisting highly corrosive fluids and extreme environmental conditions such as pressure, soil conditions, temperature, and inclement weather.

Market Opportunities:

The global construction composites market is predicted to experience steady expansion over the foreseen period, due to the superior qualities and performance they offer, and the changing trends involved in the construction-related business.

Market Challenges:

However, the availability of low-cost substitutes on the market and the high R&D cost for the development of these construction composites have slowed the expansion of construction composites.

CONSTRUCTION COMPOSITES MARKET REPORT COVERAGE:

Market Segmentation 

Construction Composites Market - By Fiber Type:

• Carbon
• Natural fiber
• Glass fiber

Glass fiber is the primary type of fiber employed for a variety of composite construction applications, such as industrial, commercial, residential, and civil applications.

Construction Composites Market - By Resin Type:

• Polyester
• Vinyl ester
• Polyethylene
• Polypropylene

Construction Composites Market - By Application:

• Industrial
• Commercial
• Housing
• Civil

Industrial Composites utilize glass fiber-reinforced polymers and offer complete solutions.

Market Regional Analysis:

• North America
• Europe 
• Asia Pacific
• Latin America 
• Middle East & Africa 

North America is predicted to be the fastest-growing market for construction composites during the foreseen period. Factors such as escalating urbanization and industrialization, along with long service life and low need for maintenance, are predicted to drive calls for composites in existing applications such as civil, commercial, and industrial applications in this region. Asia-Pacific is predicted to be the largest consumer of construction composites during the foreseen period due to escalating expansion in various end-use sectors such as energy and electronics, construction, and infrastructure. and improvement of transportation facilities in the region. China, India, Sweden, the UK, the US, Brazil, and Malaysia are important markets for construction composites due to rapid industrialization. APAC has the largest market share of the construction composites market due to economic expansion and escalated activity in infrastructure and industrial development in developing countries such as China and India. Another important region for market expansion is the increase in urbanization in the region. Urbanization in India began to accelerate due to the country's adoption of a mixed economy, which resulted in the development of the private sector. However, North America lags behind APAC in terms of market share in construction composites due to large investments for infrastructure development and also due to the increase in urban population which increases call in the area of residential construction.

Market Key Players:

1. Advanced Environmental Recycling Technologies, Inc. (U.S.)
2. Bedford Reinforced Plastics (U.S.)
3. Diversified Structural Composites (U.S.)
4. Exel Composites Oyj (Finland)
5. Hughes Brothers, Inc. (U.S.)
6. Jamco Corporation (Japan)
7. Schoeck International (Germany)
8. Strongwell Corporation (U.S.)
9. Trex Company, Inc. (U.S.)
10. UPM Biocomposites (Finland)

Market Recent Developments:

• Composites UK will launch its Construction Sector Group (CSG) to provide a discussion forum on Fiber Reinforced Polymer Composites (FRP) in construction. The CSG will operate similarly to the Network Group for Composites in Construction (NGCC), which was dissolved into its AGM in April this year, but with a renewed focus and as part of Composite UK, giving access to members. a wider range of benefits of having a Composites UK membership.