Construction Composites Market worth over $65 billion by 2025
Published Date: May 17, 2018 Authors: Kiran Pulidindi, Akshay Prakash
According to a new research report by Global Market Insights Inc., the Construction Composites Market size is forecast to exceed USD 65 billion by 2025. Growing construction activities in the emerging countries due to massive government investments to improve public infrastructure will boost the industry growth by 2025.
For instance, in India USD 2.4 billion projects are currently in progress to build the Navi Mumbai International Airport that started in March 2015 and is expected to be completed by 2019. Similarly, UAE has been making considerable investment in constructing ports which were valued at approximately USD 24 billion for the Khalifa Port. Similar construction projects in the emerging nations are probable to make subsequent influence reinforced materials market for construction by 2025. Additionally, the durability, high strength and lightweight product properties will help in driving the construction composites market share in the near future.
High product prices may become a hurdle in the growth of the construction composites market. Also lack of product awareness shall negatively impact industry growth. However, rising construction activities and the composites durable and lightweight properties would profoundly augment the construction composites market by 2025.
Browse key industry insights spread across 274 pages with 270 market data tables & 24 figures & charts from the report, “Construction Composites Market By Product (Fiberglass, Composite Wood, Metal Composites), By Application (Residential, Commercial, Industry), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2025” in detail along with the table of contents:
Metal composites accounted for more than 25% of the overall market size in 2017. The high tensile strength and the anti-corrosive properties of the product will augment the construction composite market for this segment in the near future. The increasing need for high performance composites to make the exterior building parts anti corrosive and durable will complement industry growth by 2024. Metal composites act as an excellent substitute for traditional metal decking and flooring in the buildings which will surely amplify the construction composites market growth by 2025.
Commercial applications are projected to rise at a CAGR of more than 4.5% by 2025. Commercial construction includes bridges, tunnels, airports, roads, hospitals, etc. Government has been making substantial investments to improve the infrastructure, which in turn will propel the construction composite market size by 2025. For instance, government of India has announced spending USD 59 billion to modernize its infrastructure in the coming years which will make noteworthy contribution to the overall construction composites market sales by 2025.
Middle East & Africa is likely to grow at a CAGR of more than 6% by 2025. Government has been making huge investment to improve the overall infrastructure of the region. For instance, government construction spending in the region accounts for 67% with large scale projects, each of which is worth over USD 1 billion which in turn will drive the construction composites market in the near future. Countries including the UAE, Qatar, Oman and Egypt will power 6% overall growth in the Middle East in 2017 i.e. up from 5.3% last year. Also, increasing number of public private partnership projects is expected to boost investments in the construction sector in the coming years.
Construction composites industry share is highly competitive with prominent players accounting for a major chunk of the total business size in 2017. The major players include Exel Composites, Bedford Reinforced Plastics, UPM Biocomposites, Advanced Environmental Recycling Technologies, Diversified Structural Composites, Strongwell Corporation, Jamco Corporation, Schoeck International, Fiberon LLC, Trex Company, Hughes Brothers Inc. and Fibrolux GmbH.
The aforementioned players are expanding thier volume to fulfill the growing product demand in the world. For example, in January 2017, Fiberon launched 2 new construction composites product brands namely Fiberon Composite Cladding and new Fiberon Relax Decking to expand its product portfolio in the global construction composites market size.