Selbyville, Delaware, March 16, 2022 (GLOBE NEWSWIRE) -- As per the latest research report by Global Market Insights Inc., the Construction Composites Market was estimated at USD 51.5 billion in 2021 and is anticipated to reach a valuation of over USD 72.5 billion by 2028, growing at a CAGR of 5.1% from 2022 to 2028. The report provides a detailed analysis of market size & estimations, drivers & opportunities, top winning strategies, competitive scenario, wavering market trends, and major investment pockets.
Composites find widespread utilization in construction owing to its positive impact on the environment. The durability of construction composites as well as insulating properties result in reduced use of materials and energy savings, which decreases air leaks in buildings. Moreover, the light weight of composites makes them suitable for transportation and installation with minimal environmental impact. Additionally, construction composites are versatile, which paves the way for the integration of biomaterials for binding composites. Construction composites are also considered more sustainable than traditional materials.
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Fiberglass is used as an insulating material for the manufacturing of roof panels, insulation panels, and roof plates, and has allowed buildings to be healthy living areas. The semi-finished structure of fiberglass is considerably more durable both mechanically and chemically. Due to their waterproof properties, fiberglass is typically leveraged in indoor installations and other construction areas, wherein water is widely used, which is estimated to bolster product demand. Driven by these factors, the fiberglass product segment is poised to reach a valuation of above USD 2 billion by 2028.
Key reasons for construction composites market growth:
- Prevalent uptake of fiberglass in buildings.
- Surging utilization in construction activities.
- Growing application in commercial construction.
- Increasing usage in residential infrastructural projects.
2028 forecasts show ‘residential’ segment retaining its dominance:
Based on application, the residential segment is projected to acquire more than 15% share in the construction composites industry by 2028. Construction composites are utilized on a larger scale and architectural elements in residential structures. These composites are also used in fencing, door skins, roofing, stairways, window panels & frames, and moldings. Moreover, construction composites, when used in combination with other materials, improves strength, stiffness, and durability, which is foreseen to support segmental growth over the following years.
On the other hand, the construction composites market share from the commercial application segment is speculated to see significant growth by 2028, registering a solid CAGR through the review timespan. Prominent infrastructural activities, coupled with growing investments across developing economies, are expected to foster segmental outlook in the upcoming period.
Asia Pacific to maintain top status in terms of revenue:
In the regional landscape, Asia Pacific is set to account for around 49% of the construction composites market in terms of revenue by the end of 2028. Rapid modernization, coupled with surging demand for fast-paced construction activities, is primed to support the growth of the market. Furthermore, prevalent industrialization would promote product adoption, which is set to fuel regional market development over the study timeline.
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Impact of COVID-19 pandemic on construction composites market:
The COVID-19 outbreak forced virtually all industries to halt operations. The construction sector was severely impacted due to supply chain disruptions that adversely affected the availability of raw materials. However, widespread vaccination efforts across the globe and increased emphasis on accelerating economic recovery have allowed for construction projects to be resumed, which has positively impacted product adoption, thereby driving business growth during the pandemic.
Leading market players:
Major players in the global construction composites market include Exel Composites Oyj, Strongwell Corporation, Jamco Corporation, Bedford Reinforced Plastics Inc., Schöck Bauteile GmbH, Teijin Limited, Advanced Environmental Recycling Technologies Inc., Fiberon LLC, Trex Company Inc., Hughes Brothers Inc., UPM Biocomposites, Fibrolux GmbH, and others.
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
