New York, NY, Aug. 02, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Construction Composites Market by Fiber Type (Glass Fiber, Carbon Fiber, and Others), by Resin Type (Polypropylene, Vinyl Ester, Polyester, and Polyethylene), and by Application (Commercial, Industrial, Residential, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”. According to the report, global construction composites market was valued at USD 5.34 billion in 2017 and is expected to reach USD 8.03 billion in 2024, growing at a CAGR of 6% between 2018 and 2024.
Construction composites possess some advanced properties such as design flexibility, durability, low weight, corrosion resistance, and impact resistance. Other properties it possesses include reusability, better insulation, thermal resistance, and water containment. Construction composites are capable of maintaining their integrity even in the harsh weather conditions.
Browse through 81 Tables & 35 Figures spread over 110 Pages and in-depth TOC on "Global Construction Composites Market Size & Share 2017: Industry Type, Growth, Segments, Analysis and Forecast, 2024”.
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The market is driven by various factors such as less maintenance cost, long shelf life, and the rising use of composites in the construction sector. However, issues of recyclability and high initial installation and production costs for composites are expected to impede the demand of the construction composites market. Nevertheless, increasing demand for construction composites in North America for civil applications and rising demand in pultruded profiles are the major opportunities for the global construction composites market during the projected years.
The construction composites market is segmented into fiber type, resin type, application, and region. In terms of fiber type, the construction composites market is divided into the glass fiber, carbon fiber, and others. Carbon fiber held the largest market share in 2017.
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Carbon fibers have some characteristics such as high chemical resistance, high stiffness, high tensile strength, high-temperature tolerance, lightweight, and low thermal expansion; these properties are essential in the manufacturing of the product thus increasing the demand for the construction composites market during the projected years. Glass fiber is referred as fiberglass, which is derived from the fine fiber. It is less brittle and economical than carbon fiber hence the use of glass fiber in composites is growing significantly. Glass fibers are used in polymer products as reinforcing agent to make polymer plastic more lightweight. Glass fiber is economical and easy to handle than the other fiber type and breaking point of it is very high than others; these properties of glass fibers is anticipated to boost the glass fiber market in the years to come. In terms of key resin type, the construction composites market is segmented into polypropylene, vinyl ester, polyester, and polyethylene. In terms of application, construction composites market is segmented into commercial, industrial, residential, and others. Industrial application accounted for the largest market share in 2017 followed by residential and commercial application. Rapidly usage of composites for walkways, ladders, trash gates, stairways, and gratings in the industrial applications due to its moisture-proof and anti-corrosion properties is anticipated to fuel the construction composites market during the forecast period.
The Asia Pacific accounted for the largest market share in 2017 for the construction composites market followed by Europe and North America. Owing to rising construction and infrastructure industry in the developing economies such as China and India as well as developed countries such as Japan, the market in the Asia Pacific region is expanding. Increasing disposable income coupled with improving consumer lifestyle of the middle-class population in the region are expected to fuel the demand for residential and commercial infrastructure, which in turn is estimated to propel the demand for the construction composites market. The low cost of ownership and the growing demand for the sophisticated homes are the factors influencing the construction composites market growth in the Asia Pacific region. Developing construction sector coupled with rapid growth of other industries in developing countries such as India, Vietnam, and Indonesia is anticipated to boost the construction composites market demand within the projected years.
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North America is anticipated to witness a significant growth rate over the projected time period. On an account of rising renovation activities and expanding construction sector the demand for the construction composites market will increase in the coming years. North America regional market is relatively mature hence new constructions are relatively less than developing countries but the renovation of infrastructure is expected to fuel the construction composites market in the near future.
Europe region accounted the second largest market share of the construction composites market in 2017. Rising demand for public infrastructure and residential infrastructure is estimated to fuel the construction composites market during the years to come. Government initiative for the developments of big projects in the region related to the renewable energy source is expected to enhance the construction composites market in the near future.
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The Middle East & Africa and Latin America are projected to witness significant demand in coming years, owing to the growing construction industry in the region. Many industries are moving their production plant in the region for geographical expansion which will also create new opportunities for the construction composites market in the years to come.
The key manufacturers in the global construction composites market are Hughes Brothers, Inc., Schoeck International, Advanced Environmental Recycling Technologies, Inc., Jamco Corporation, UPM Biocomposites, Exel Composites Oyj, Bedford Reinforced Plastics, Diversified Structural Composites, Strongwell Corporation, and Trex Company, Inc.
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This report segments the construction composites market as follows:
Construction Composites Market: Fiber Type
- Glass fiber
- Carbon fiber
- Others
Construction Composites Market: Resin Type
- Polypropylene
- Vinyl Ester
- Polyester
- Polyethylene
Construction Composites Market: Application Analysis
- Commercial
- Industrial
- Residential
- Others
Construction Composites Market: Region Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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