As per the report published by Fior Markets, the global Construction Composites market is expected to grow from USD 5.50 Billion in 2017 to USD 8.86 Billion by 2025 at a CAGR of 6.14% during the forecast period from 2018-2025. Asia Pacific region is expected to witness substantial growth during the next decade. This growth is going to be fueled by huge construction and infrastructure development activities that are being undertaken in India and China.
Global Construction Composites market by Fiber Type (Carbon, Glass, Others), Resin Type (Thermoset and thermoplastic), Application, Region,” and Forecast 2018-2025.
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Prominent companies of the sector include Advanced Environmental Recycling Technologies, Inc., Bedford Reinforced Plastics, Diversified Structural Composites, Exel Composites Oyj, Hughes Brothers, Inc., Jamco Corporation, Schoeck International, Strongwell Corporation, Trex Company Inc. UPM Biocomposites and others. Composites are being increasingly accepted into mainstream construction activities around the world. In 2016 World’s Largest Lock Gates made out of construction composites were installed in Wilhemina Canal, Tilberg, Netherlands. Developing economies of the world are going to be the key growth drivers due to increased allocation to the housing and general infrastructure development.
Fiber type segment is subcategorized into Carbon and Glass Fiber and other. The carbon fiber type segment is projected to attain 42% market share by revenue during the forecast period while growing at slower rate. Glass fibers segment is witnessing robust growth rate of 7.47% CAGR as it is increasingly being preferred over carbon fibers every passing day owing to its properties of being cheaper and less brittle than carbon fiber. Resin type is further segmented as Thermoset and thermoplastic type. Due to recyclable, non-toxic and cost effectiveness properties of Thermoplastic segment is expected to grow at CAGR of 7.15% during forecast period. Application segment is divided into residential, commercial, industrial and others. Based on their property of being resistant to corrosion and moisture proof properties construction composites are widely being utilized in the industrial applications. Industrial segment accounted for largest share of the Global Construction Composites Pie with 39% total revenues in 2017. Increased spending on residential infrastructure development propelled residential segment to the second spot.
Increasing need for replacing the traditional materials such as wood, aluminum due to their high cost has driven demand for construction composites on account of their properties of having low maintenance cost and being durable, and cost effective. Stringent approval process for the commercial use construction composites and availability of low cost substitutes are proving to be the major hindrance for global construction composites market.
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