May 26, 2020

Construction Composites Market by Type, End Use Industry, and Region - Global Forecast to 2024

Construction Composites Market: Overview

Composites are defined as an engineered combination of various materials that results in a single entity with better and more advanced properties than the materials in the composite. Composites have been widely used, initially in a number of applications such as automotive, marine, aerospace, industrial, and wind energy. Lately, composites are being used in the construction industry as well. This usage is attributed to properties of composites such as durability, corrosion resistance, design flexibility, impact resistance, and low weight.

Composites also have properties such as better insulation, water containment, thermal resistance, and re-usability. These make them a preferred option for use in the construction industry. Composites are capable of maintaining the integrity of the construction in which they are being used even in harsh conditions. Composites used in construction are of various forms; two of the major forms of construction composites are fiber composites and resin composites. Major application segments of the construction composites market comprise commercial, housing & civil, and industrial construction structures.

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Construction Composites Market: Market Trends

The major driving factor for the market for construction composites are growing urbanization, long life and low-cost maintenance of construction composites, and the economic boom in developing countries coupled with the development of new and innovative products.

Some of the major factors restraining the construction composites market are issues relating the re-usability of composites and high costs of production and installation of construction composites.

Composites play an essential role in the production and designing of complex components in industrial and civil applications. The scope for the use of construction composites in industries offers ample amount of opportunity for the market to flourish at the regional level. Composites have the property of resistance to highly corrosive fluids and extreme environmental conditions such as pressure, soil conditions, temperature, and adverse weather.

The global market for construction composites is anticipated to witness constant growth during the forecast period, due to superior qualities and better performance offered by them and changing trends involved in the activities related to the segment of construction.

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Construction Composites Market: Region-wise Outlook

North America is anticipated to be the speedily expanding market for construction composites, which would be followed by Asia Pacific. In North America, there exists high demand for non-corrosive and lightweight materials, which need less maintenance, in applications such as civil and housing, commercial, and industrial construction structures. The U.S. constitutes the major share of the construction composites market in North America, in terms of consumption, due to urbanization and changes in the lifestyle of the population.

Asia Pacific has been witnessing speedy change in the lifestyle of people. This has raised the rate of urbanization and the demand for advanced architectural constructions, which requires the usage of composites on a large scale to construct better structures. The increasing rate of industrialization in countries such as India, Japan, and China is a major factor driving the market in the region.

The regions of Europe and Middle East & Africa are expected to witness steady growth of the market for construction composites in the near future, due changing trends associated with construction practices.

However, the market in Latin America may experience growth at a sluggish pace as compared to other regions.

Construction Composites Market: Key Players

Major players operating in the market for construction composites at the global level include Construction Composites Limited, Diversified Structural Composites, Strongwell Corporation, UPM Biocomposites, Exel Group Worldwide, Jiangsu Jiuding New Material Co. Ltd., Advanced Environmental Recycling Technologies, Inc., and Trex Company Inc.

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