New York, United States, Jan. 16, 2024 (GLOBE NEWSWIRE) -- Construction composites are materials manufactured by combining two or more components to create a new material with enhanced properties. These materials, which typically consist of fiber reinforcement and a polymer matrix, are used in various construction applications, including roofing, insulation, flooring, and cladding. Fiber reinforcements and polymer matrices utilized in the global building composites business include glass fiber, carbon fiber, polymer concrete, and polyester resin. Building composites offer a wide range of applications and are used in a variety of construction projects, from residential to commercial, rehabilitation to new construction. For example, insulation panels, façade cladding, roofing tiles, and pipes can all be made from construction composites.
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Low Cost of Maintenance and a Longer Life Drive the Global Market
Decks and railings made of composite materials do not fade or break over time and do not rust. The qualities of these composites have helped them achieve favor in the industrial, commercial, and residential sectors. Steel, metal, concrete, and bricks are all heavier than composites. They are stronger and stiffer than standard building materials. They are extremely strong and corrosion-resistant.
Composites have a longer life than other materials. For example, industrial walkway railings were originally constructed from steel or other metals. They corrode readily due to prolonged exposure to heat and other environmental conditions and must be repainted and polished on a regular basis. Composites do not rust and last longer without regular maintenance since they withstand heat and moisture. This is likely to expand their use in the building industry.
Increasing Use of Composites in the Construction Industry Creates Tremendous Opportunities
According to Straits Research, “The global construction composites market size was valued at USD 6.30 billion in 2022. It is estimated to reach USD 10.38 billion by 2031, growing at a CAGR of 5.7% during the forecast period (2023–2031).” In the construction sector, the introduction of composites has given an alternative to the various construction materials that were previously employed. Composites minimize the weight of a construction while preserving its overall strength. Moreover, composites come in various hues and textures with a wood-like appearance, making them readily fit in with the surroundings. Composites last longer than other building materials and are impervious to water, meaning they do not corrode as rapidly. This pattern is predicted to drive future product demand.
Furthermore, Strongwell Corporation, Trex Company, Inc., UPM Biocomposites, and Bedford Reinforced Plastics are among the key firms active in the global manufacture of construction composites. These businesses create goods for use in commercial, industrial, and residential buildings. Due to a rise in global infrastructure investment, the construction sector is projected to grow substantially over the forecast period. As a result, it is anticipated to catalyze the expansion of the construction composites market.
Regional Analysis
Asia-Pacific's construction composites market share is estimated to exhibit a CAGR of 6.01% over the forecast period. This is because of the expansion of the building sector in nations such as India, South Korea, Australia, China, and Thailand. Governments in these nations are substantially investing in developing new residential and commercial complexes and constructing dams, bridges, railway lines, and water and power management projects. The use of composite materials in the region is increasing since it minimizes the carbon footprint of the building sector. Moreover, it allows architects to develop buildings and structures with greater freedom than steel and wood. Due to building sector advances, composite is likely to be used more often in China, India, and Japan.
Key Highlights
- Based on fiber type, the global construction composites market is bifurcated into carbon, glass, and others. The carbon fiber segment dominates the global market and is projected to exhibit a CAGR of 5.61% over the forecast period.
- Based on resin type, the global construction composites market is bifurcated into thermoset and thermoplastic.The thermoset segment owns the highest market share and is predicted to exhibit a CAGR of 6.01% over the forecast period.
- Based on application, the global construction composites market is segmented into industrial, commercial, residential, and other.The industrial segment dominates the global market and is predicted to exhibit a CAGR of 5.91% during the forecast period.
- Asia-Pacific is the most significant global construction composites market shareholder and is estimated to exhibit a CAGR of 6.01% over the forecast period.
Competitive Players
The Top performing players in the global construction composites market are Fibergrate Composite Structures, Inc.; Oldcastle APG, Inc.; Fiberon LLC; Strongwell Corporation; and Trex Company, Zhengzhou Yalong Pultrex Composite Materials Co., Ltd.; Jiangsu Jiuding New Material Co., Ltd.; and Fibrolux GmbH, and others.
Market News
- In May 2023, Fiberon announced the acquisition of Sireg, a composite product producer for the residential and commercial building industries. Due to its purchase, Fiberon can extend its product portfolio and enter new markets.
- In January 2023, Bedford Reinforced Plastics (BRP), a maker of composite components for the construction sector, was bought by Advanced Environmental Recycling Technologies (AERT). AERT can extend its product portfolio and enter new markets due to the purchase.
Global Construction Composites Market: Segmentation
By Fiber Type
- Carbon fiber
- Glass fiber
- Others
By Resin Type
- Thermoset
- Thermoplastic
By Applications
- Industrial
- Commercial
- Residential
- Other
By Regions
- North America
- Europe
- Asia-Pacific
- Central and South America
- The Middle East and Africa
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