Construction Composites Market Size

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.