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Carbon textile reinforced concrete market share is slated to grow notably over the forecast period of 2022-2028, driven by the rising prominence of the material in building and construction. Besides, growing urbanization and rising disposable incomes across various developing and developed nations will augment the need for more housing structures, expanding the construction industry statistics.
As per the Global Construction 2030 forecast, the construction output volume is expected to grow by 85% by 2030, with 3 main countries - the US, India, and China, accounting for 57% of the overall growth.
Carbon textile reinforced concrete is a lightweight and sustainable composite with versatile nature and little thermal expansion. The product is capable of being developed in diverse configurations and shapes, thereby being an ideal replacement for steel reinforcing bars in the construction industry.
Moreover, surging demand for green initiatives in the construction industry will as well impel the demand for carbon textile reinforced concrete. This can be ascribed to the product’s high cost-effectiveness and lightweight attributes which helps in the reduction of energy consumption supports resource protection, and lower carbon emission. Various conglomerates are working towards developing novel initiatives in the green building space, positively influencing the market growth. To illustrate, in 2020, HDFC has inked an MoU with the Indian Green Building Council (IGBC) to promote green buildings in the Indian subcontinent. The former organization is working with IGBC to create awareness and encourage the financing of green buildings in the nation.
Based on the type, large-tow carbon textile reinforced concrete segment would foresee considerable gains across the overall market in the ensuing years. The demand for these products for industrial applications is swiftly rising. In addition, the elevating demand for wind energy blades to draw considerable energy would as well push the need for large-tow carbon textile reinforced concrete market.
In terms of applications, carbon textile reinforced concrete is being largely used for construction of bridges. This would imply that growing construction of bridges worldwide would add to the product demand. The use of these materials is to strengthen the girder bridge, which makes it a convenient product for construction and reduces the construction period. Also, it improves the bearing capacity of the slab, thus ensuring the driver’s safety.
Considering the regional outlook, Asia Pacific carbon textile reinforced concrete market would record foreseeable growth through 2028, majorly due to the expanding size of the regional construction industry. Positive trends in the residential markets are the primary factors impelling the construction sector growth in Asian economies. Moreover, ongoing initiatives regarding the refurbishment and renovation of aging infrastructures would further call in for the demand for carbon textile reinforced concrete.
The overall carbon textile reinforced concrete industry space is highly concentrated and boasts of the presence of leading players including CarboCon GmbH, Solidian GmbH, Tradecc, ADCOS NV, Raina Industries Pvt Ltd, and Hering Architectural Concrete, amongst others. These prominent leaders are going nine yards for introducing novel solutions in the space while engaging in mergers and acquisitions and partnerships, in an attempt to gain a significant position in the overall marketplace.
COVID-19 crisis and its influence on carbon textile reinforced concrete market forecast
The coronavirus pandemic outbreak has had an adverse impact on the overall market growth. This can be reasoned to the fact that the construction sector has emerged out to be the biggest contributor for the market growth over the recent years, which only fell severely during the COVID-19 phase. This was majorly due to the lockdown restrictions and halt in production units and activities. Moreover, disruptions in the supply chain were also held responsible for the sluggish growth of carbon textile reinforced concrete business space during the pandemic.