Global Construction Composites Market is Expected to Reach USD 8.86 Billion by 2025 : Fior Markets
13 August 2019
New Jersey, NJ, Aug. 12, 2019 (GLOBE NEWSWIRE) -- Increasing adoption of composites in the construction industry and properties of having low maintenance cost and longer life are forecasted to propel the growth of construction composites market. Also, rapid urbanization and on-going infrastructure boom in emerging economies around the world is driving the construction composites market globally. The global construction composites market is expected to grow from USD 5.50 Billion in 2017 to USD 8.86 Billion by 2025 at a CAGR of 6.14% during the forecast period 2018-2025, according to the new report published by Fior Markets.
An engineered combination of materials that results in a finished material with better overall properties than the starting constituents is known as a composite material. Due to it’s properties of being extremely durable, low eight, impact resistant, high strength to weight ratio, corrosion resistant and heat resistant, construction composites have found wider acceptability in the construction industry. Due to these superior properties, construction composites are also increasingly replacing traditional construction materials like wood, aluminium resulting in increased demand.
Increasing need for replacing the traditional materials such as wood, aluminium due to their high cost limitations has driven the demand for construction composites due to their low maintenance cost, durability and cost effectiveness. Stringent approval process for the commercial use of construction composites and availability of low cost substitutes are proving to be the major hindrance for global construction composites market. However, development of new innovative composites and rapid pace of urbanization and infrastructure development in developing economies is anticipated to create new opportunities for the global construction composites market expansion in upcoming years.
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Key players operating in the global construction composites market are Advanced Environmental Recycling Technologies, Inc., Bedford Reinforced Plastics, Diversified Structural Composites,Hughes Brothers, Inc., Jamco Corporation, Schoeck International, Strongwell Corporation, Trex Company, Inc., UPM Biocomposites among others. In order to increase their global construction composites market position, top leading players active in the market are adopting various strategies such as collaboration, merger, product launch, agreements and expansion to strengthen the growth of the market.
- Composites are being increasingly accepted into mainstream construction activities around the world. In 2016, World’s Largest Lock Gates made out of construction composites were installed in Wilhemina Canal, Tilberg, Netherlands. Developing economies of the world are going to be the key growth drivers due to increased allocation into the housing and general infrastructure development.
- Composite construction materials are finding innovative applications in various fields on account of their superior properties. For instance, Edotco Group based in Malaysia installed the first carbon fibre telecommunications tower in the region. The tower which has been installed in Taman Tasik Prima, Puchong is 70% lighter than a conventional steel tower whilst being 10 times stronger. In addition, the company aimed to contribute towards lower maintenance costs structure. These features result in lower total cost of ownership by 20%. As the company gains more experience in the deployment of carbon fibre towers, customisation requirements will lessen, bringing the company closer to its target of 40% in TCO reduction.
Carbon Fiber segment is expected to achieve a market share of about 42% by revenue by 2025.
Fiber type segment includes Carbon Fiber, Glass Fiber and others. Carbon Fiber segment is expected to achieve the highest market share of about 42% of total market revenues by the year 2025 due to their properties of high tensile strength, high chemical resistance, low thermal expansion ratio, high temperature tolerance, high chemical resistance and lightweight. Glass Fiber segment is expected to achieve a CAGR of nearly 7.47% during the forecast period as it is increasingly replacing the carbon fiber.
The thermoplastic resin segment is expected to grow at a CAGR of 7.15% in the forecast period
Resin type is further segmented as Thermoset and thermoplastic type. The thermoplastic segment is expected to growth at aCAGR of 7.15%over the forecast period. Demand for cost effectiveness, recyclable, and non-toxicity construction composites is the driving force for the increase in growth. Thermoset segment is forecasted to grow at a moderate pace of 5.89% CAGR over the forecast period due to its properties of being expensive and non-recyclable.
The industrial application segment held the largest share 39% in 2017.
Applications segment includes Residential, Industrial, Commercial and Others. Anti-corrosive and moisture-proof properties of construction composites have propelled the industrial segment market share to attain 39% of total market revenue in 2017. Residential segment is also registering an impressing growth based on increased spending on development of residential infrastructure and redevelopment of old structures.
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Regional Segment Analysis of the Construction Composites Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
Asia Pacific region dominated the demand for global construction composites with 34.29% of total market by revenue in 2017 followed by North America and Europe. Asia Pacific dominated the overall industry in 2017, in terms of revenue, and this trend is expected to be maintained over the forecast period. This region is expected to witness a growth rate of over 7.67% CAGR over the forecast period propelled by the demand for construction composites in countries such as India and China. North America and Europe region are expected to generate a moderate demand on account of stagnant nature of their economies.
About the report:
The global construction composites market is analysed on the basis of value (USD Billion), volume (Kilotons), consumption (Kilotons), imports (Kilotons) and exports (Kilotons). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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Fior Markets is a futuristic market intelligence company, helping customers flourish their business strategies and make better decisions using actionable intelligence. With transparent information pool, we meet clients’ objectives, commitments on high standard and targeting possible prospects for SWOT analysis and market research reports. Fior Markets deploys a wide range of regional and global market intelligence research reports including industries like technology, pharmaceutical, consumer goods, food and beverages, chemicals, media, materials and many others. Our Strategic Intelligence capabilities are purposely planned to boost your business extension and elucidate the vigor of diverse industry. We hold distinguished units of highly expert analysts and consultants according to their respective domains. The global market research reports we provide involve both qualitative and quantitative analysis of current market scenario as per the geographical regions segregated and comprehensive performance in different regions with global approach. In addition, our syndicated research reports offer a packaged guide to keep companies abreast of the upcoming major restyle in their domains. Fior Markets facilitates clients with research analysis that are customized to their exact requirements, specifications and challenges, whether it is comprehensive desk research, survey work, composition of multiple methods, in-detailed interviewing or competitive intelligence. Our research experts are experienced in matching the exact personnel and methodology to your business need.
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