In 2016, the global market for construction composites was valued at USD 4.68 million. The growth of the construction industry, coupled with rising demand for environmental-friendly and low-maintenance products, is expected to fuel the demand for the product over the forecast years.
There are many product options for various application areas, including railings, gratings and stairways. The rising infrastructure development activity and investment in emerging economies around the globe are the main drivers of the industry. The product is also being used more often as a substitute for older materials like aluminum and wood, due to technological advancements.
In 2016, the U.S. product market was valued at USD 898.7 millions. It is expected to grow at a 4.9% CAGR from 2017 to 2025. Over the last few years, a number of research agencies have invested in R&D and conducted activities in the area of construction composites. This has allowed for the discovery of new uses for the product and increased its use. The products can be used to create complex structures that are difficult to build with traditional materials like wood or steel thanks to technological innovations.
All types of construction industry needs are met by the major players in construction composites. Composites such as floor tiles, railings and fences are becoming more popular and replacing traditional materials like wood and steel. Composites are more durable than other materials. Composites are light and have low thermal conductivity. They also resist corrosion. These properties have resulted in increased use of these products in the construction sector.
These products have been specifically designed to withstand heat and corrosion. Composites have a longer lifespan than other materials. In factories, for example, walkway railings were made from steel or other metals. They corrode quickly due to constant exposure to heat and other environmental conditions. They are also resistant to moisture and heat so they don't corrode and can last for a longer time without the need for regular maintenance.
Industry participants have been encouraged to combine their portfolios with downstream production technologies due to the growing demand for custom components in the construction industry. Construction composites are approved by different governing bodies. However, they must be used within the prescribed restrictions and regulations. Manufacturers must adhere to the Toxic Substances Control Act (the Clean Air Act), which describes the chemical and physical dangers associated with formaldehyde emitted during composite production.
Composites are made from fibers, which is one of the most important raw materials. Expected to have significant impacts on the production and growth of the composites industry are the prices of fibers as well as the widespread use of these raw materials for other purposes.
Carbon fibers have been widely used in product manufacturing for their properties such as high tensile strengths, low thermal expansion, high stiffness and high chemical resistance. In terms of compressive strength and tensile strength, carbon fibers are superior to glass fibers. Carbon fibers are also resistant to deterioration and can withstand constant forces.
The carbon fiber segment, which is growing at the slowest CAGR over the forecast period, will be the largest revenue-generating segment. It is projected to have a market value of more than USD 4.40 billion in 2025. These fibers are being replaced by glass fibers which will grow at a CAGR close to 7.5% over the forecast period.
Glass fiber is also known as fiberglass. It is made from fine glass fibers. Glass fiber is much more common in composites than carbon fiber because it's cheaper and has a lower brittle point than carbon fiber. To make lightweight plastic polymers, glass fibers can be used as reinforcement agents in a variety of polymer products. Glass fibers are very easy to use and cost-effective compared to other materials. They also have the highest breaking point.
Thermoplastic resins shrink when they are cooled, but retain their flexibility. You can re-melt them and shape them by heating at higher temperatures. They are more affordable, easier to weld, non-toxic, recyclable and tougher than other materials. Expectedly, the prices of resins will have a significant effect on the production of composites. This in turn will affect the growth and development of the product market.
The forecast period will see a nearly 7% increase in the thermoplastic segment. This is due to its lower cost, recyclability and non-toxicity. However, the thermoset segment is expected to grow at a slower rate of around 5% over the forecast years.
Thermoset and thermosetting resins, synthetic materials, are stronger when heated but can't be remolded after initial heating. Thermosetting resins are strong due to cross-linking, and can be used for high temperatures. Vinyl ester resin, epoxy resin, and polyester resin are the most common thermoset resins. Because it is liquid at room temperature, thermoset resins are more popular than ever. This makes it easier to impregnate fibers like glass and carbon fibers.
In 2016, the largest application for the product was industrial, accounting for almost 36% of total revenues. The segment is expected to grow due to its anti-corrosion properties and moisture-proof capabilities.
The second largest segment was residential applications. It is expected to grow at a 6.2% CAGR during the forecast period. This is due to rising residential construction activity in emerging economies like Brazil, India, China and South Korea.
Composites for construction are being increasingly used to replace traditional decking and railing products like wood, aluminum and steel. Due to growing demand for durable and low-maintenance products in these countries, the residential and industrial segments will generate the highest revenue. The product demand will be further boosted by the increasing infrastructure spending around the world.
In terms of revenue, the Asia Pacific was the dominant region in the overall industry in 2016. This trend is expected to continue during the forecast period. The forecast period will see a 6% increase in this region, which was valued at USD 1,606.3million in 2016. Market growth is expected to be driven by the increasing demand for composites in countries like India and China.
Asia Pacific was the largest segment of the market in 2016, in terms volume, and it is expected to grow at the fastest rate over the forecast period. Construction composites for industrial applications will be in demand due to the expected growth in the Indian and Chinese construction industries. These countries are expected to see industrial growth that will impact the market. Market growth is also expected to be fueled by the boom in the construction industry over the forecast period.
Fibergrate Composite Structures, Inc., Advanced Environmental Recycling Technologies, Inc., Fiberon LLC, Strongwell Corporation, and Trex Company, Inc are the key players in this global market. There are also a few small regional players like Zhengzhou Yalong Pultrex Composite Materials Co., Ltd., Jiangsu Jiuding New Material Co., Ltd., and Fibrolux GmbH, which operates in China and Germany. To increase their share and competitiveness in this industry, the companies focus on acquisitions, capacity expansions and new product development.
This report predicts revenue growth and volume growth at the global, regional and country levels. It also provides analysis of industry trends for each sub-segment from 2014 through 2025. Grand View Research has divided the global market for construction composites on the basis fiber type, resin type and application.
Fiber Type Outlook (Volume of Kilotons; Revenues, USD Million; 2014-2025)
Carbon fiber
Glass fiber
Other
Resin Type Outlook (Volume, Kilotons; Revenue, USD Million; 2014 - 2025)
Thermoplastic
Thermoset
Application Outlook (Volume of Kilotons; Revenues, USD Million; 2014-2025)
Industrial
Commercial
Residential
Other
Regional Outlook (Volume of Kilotons; Revenues, USD Millions; 2014-2025)
North America
The U.S.
Europe
The U.K.
Germany
Asia Pacific
China
India
Japan
Central & South America
Brazil
Middle East & Africa
South Africa
Up Market Research published a new report titled “Construction Composites Market research report which is segmented by Fiber Type (Carbon Fiber, Glass Fiber), By Players/Companies Ltd; and Fibrolux GmbH operating in China and Germany The companies are emphasizing on acquisitions, Ltd; Jiangsu Jiuding New Material Co, new product developments to increase their shares and competitiveness in the industry , Inc; Advanced Environmental Recycling Technologies, Fibergrate Composite Structures, capacity expansions, Inc; Fiberon LLC; Strongwell Corporation; and Trex Company, Inc as well as a few medium and small regional players such as Zhengzhou Yalong Pultrex Composite Materials Co”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Construction Composites Market Research Report |
By Fiber Type | Carbon Fiber, Glass Fiber |
By Companies | Ltd; and Fibrolux GmbH operating in China and Germany The companies are emphasizing on acquisitions, Ltd; Jiangsu Jiuding New Material Co, new product developments to increase their shares and competitiveness in the industry , Inc; Advanced Environmental Recycling Technologies, Fibergrate Composite Structures, capacity expansions, Inc; Fiberon LLC; Strongwell Corporation; and Trex Company, Inc as well as a few medium and small regional players such as Zhengzhou Yalong Pultrex Composite Materials Co |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 211 |
Number of Tables & Figures | 148 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Fiber Type (Carbon Fiber, Glass Fiber).
Construction Composites Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
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Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Construction Composites Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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