Construction Composites Market Size & Share 2022 to 2028
Market Size by Product (Fiberglass, Composite Wood, Metal Composites), by Application (Residential, Commercial, Industrial), by Region & Global Forecast.
Report ID: GMI2585
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Published Date: March 2022
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Report Format: PDF
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Authors:
Avinash Singh, Sunita Singh
Construction Composites Market Size
Construction Composites Market size was around USD 51.5 billion in 2021 and will grow at a CAGR of 5.1% from 2022 to 2028 owing to the strong product demand from the commercial sector. In terms of volume, the market share is projected to expand at a CAGR of 5% while recording 2,345.6 Kilo Tons through the forecast period.
Construction composites are among the fastest growing construction materials owing to their rising demand. Due to rising high-performance and technologically advanced construction activities, there is a need for high-performance composites. These composites have extensive applications in residential, commercial, and industrial construction activities.
Fiberglass is emerging as the most popular and the fastest growing composite of all due to its excellent durability, high tensile strength, and super lightweight. Reinforced composites are prepared from two or more materials with separate properties, when combined, yields a material with excellent characteristics from the original composites. Use of these high-performance composites increases the lifespan of buildings.
Strong demand and growing construction activities in emerging countries are mainly due to the rising construction spending by regional governments to amplify infrastructural developments. Growing urbanization and an increased per capita income in these emerging countries are giving rise to the construction of high-end buildings and innovative constructions embedded with new technology, which requires various composites to make the building durable and resistant.
The growing urbanization and the increased per capita income in many countries are giving a constant rise to the construction industry, which will directly augment the construction composites market share throughout the assessment period. Copious construction composite manufacturers are investing significantly in R&D activities for bringing up new innovative technologies to provide additional properties and to produce environment-friendly products.
Much attention is paid to the development of new composite materials using light industrial waste and chemicals which is anticipated further generate huge revenue gains throughout the forecast period. Moreover, growing construction activities mainly in the developing region for both commercial & residential infrastructure has reached a considerable high in the recent years.
However, high production cost of these material is anticipated to act as major downside to the overall market growth during the review period. Although, the increased product use and continuously growing construction industry in the Asia Pacific region will subsequently propel the product consumption regionally and globally as well during the forecast timeframe.
Construction Composites Market Analysis
Metal composites will generate demand over 700 kilo tons by 2028. These have a high tensile strength, and the anti-corrosive properties of the product will augment the construction composite market in the near future. The growing demand for efficient and effective composites materials to make the residential & commercial building parts shall drive the overall metal composites demand. Metal composites is an alternative for conventional metal parts in the buildings which shall further amplify the construction composites market size by 2028.
The other comprise of fiber-reinforced plastics (FRP), PVC polyester segment and will witness around 5% CAGR through 2028. Fiber-reinforced plastics (FRP) are composite polymers using fiber materials to augment the elasticity and tensile strength of the polymer. These materials possess excellent properties such as thermal insulation, structural integrity, fire hardiness, UV radiation stability, resistance to chemicals and others.
Construction composites market from commercial applications will generate over. Commercial construction includes tunnels, bridges, roads, offices, airports, hospitals, etc. Government of various developed as well as developing nations are continuously investment in its intrastromal development which is anticipated to generate huge revenue gains throughout the assessment period. For instance, government of India have announced spending USD 59 billion to modernize its infrastructure in the coming years which will make noteworthy contribution to the overall construction composites market by 2028
The Europe construction composites market value is projected to generate around USD 11.5 billion by 2028. Increasing penetration of composites in construction industry and huge shelf life of products coupled with low maintenance cost are driving the market in Europe. The high standard of living in the region welcomes innovative and high-end infrastructures is anticipated to further propel the product demand during the assessment period. Moreover, properties such as durability, improved workability and reducing time of construction will augment the market demand in the region.
Construction Composites Market Share
Global construction composites industry has a large number of manufacturers. The product market is largely fragmented into several prominent and small manufacturers including:
The construction composites market report includes in-depth coverage of the industry with estimates & forecast in terms of volume in kilo tons and revenue in USD million from 2022 to 2028 for the following segments:
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The above information is provided on a regional and country basis for the following:
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