Global Construction Composites Market - 2020-2027
Composites are referred as an engineered combination of various materials that results in a single entity with better and more advanced properties than the materials in the composite. Composites have been widely used, initially in a number of applications such as marine, automotive, industrial, aerospace, and wind energy. Lately, composites are being used in the construction industry as well. This usage is ascribed to properties of composites such as corrosion resistance, durability, impact resistance, design flexibility, and low weight. Construction composites is often used in building aircraft, watercraft, and building construction. There are several reasons to use composite materials including increased strength, aesthetics, and environmental sustainability.
The global construction composites market size was worth US$ XX billion in 2019 and further predicted to reach US$ XX billion by 2027, at a CAGR of XX% during the forecast period (2020-2027).
Construction composites are an engineered combination of materials that result in better overall properties than the starting constituents. It has the ability to open up a world of new possibilities for designers, manufacturers and engineers. Working with composites allows the companies to tailor the properties of fibers, resins and additives to get the exact material properties and performance characteristics needed.
Long lasting and low maintenance property of composites
Long lasting and low maintenance property of composites have resulted in the growth of the sector. Composites properties are durable, low weight, high strength to weight ratio, impact resistant, corrosion resistant, heat resistant construction composites have found wider acceptability in the construction industry. Furthermore, due to these superior construction composites are also increasingly replacing traditional construction materials like wood, aluminum resulting in increased demand.
Increasing acceptance of composites in construction
Composites have numerous advantages over conventional materials used in construction. These include their high strength to weight and stiffness to weight ratios, superior durability and corrosion resistance, low maintenance requirements and installation costs, long life-cycle, the ability to mold complex forms and to apply special surface finishes and effects. The use of composite materials also brings about social benefits such as minimizing any disruption to transport routes due to their much simpler installation. Their use has ranged from the rehabilitation and retrofit of buildings and bridges to the construction of new infrastructure.
COVID-19 Impact Analysis
COVID-19 has severely impacted the construction composites market. The commercial construction (new buildings & refurbishments), infrastructure projects, and road construction and repair are industries have witnessed a modest decline. These construction activities were put on hold in the beginning of the lockdown but later were continued. Also, industrial manufacturing was highly impacted due to the COVID-19 outbreak. Residential construction had also struggled, especially interior projects. The work from home and social distancing has highly impacted this industry.
Based on the fiber type, the construction composites market has been classified into carbon fiber, glass fiber and other.
The carbon fiber segment is anticipated to account for the highest market share on account of its high tensile strength, low thermal expansion ratio, high chemical resistance high temperature tolerance, high chemical resistance and lightweight being utilized for product manufacturing. Moreover, glass fibers are replacing the carbon fibers and are anticipated to grow during forecast period due to its cost-effectiveness and as it is less brittle than carbon fiber.
Based on the resin type, the construction composites market has been classified into thermoset and thermoplastic application.
The thermoplastic segment is anticipated to grow owing to its properties of being weldable, non-toxic, recyclable, less expensive, improved toughness. Furthermore, thermoset segment is also expected to grow forecast period due to it being expensive and non-recyclable.
Based on the applications, the construction composites market has been classified into residential, commercial, industrial and others.
The industrial application accounted for the highest share of the construction composites. This is mainly attributed to the anti-corrosion and moisture-proof properties of construction composites making them suitable for application areas such as walkways, stairways, trash gates, gratings. The residential application is the second-largest segment. This is due to the increasing residential construction and infrastructure development activities in emerging economies.
Based on geography, the study analyzes the global construction composites market, including North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
Asia Pacific leads the global market throughout the forecast period
Asia- Pacific region accounted for the highest market share due to increasing urbanization and the need for low-maintenance structures during the forecast period. Owing to rise in construction and infrastructure industry in the developing economies such as China and India, the market in the Asia-Pacific region is expanding at the significant rate.
Furthermore, increasing disposable income accompanied by improving consumer lifestyle of the middle-class population in the region are anticipated to fuel the demand for residential and commercial infrastructure, which in turn is estimated to increase the demand for the construction composites market.
The construction composites market is highly competitive, owing to the presence of big brands. The key construction composites market players which are contributing to the growth of the global market include UPM Biocomposites, Bedford Reinforced Plastics, Jamco Corporation, Diversified Structural Composites, Exel Composites, Trex Company Inc., Advanced Environmental Recycling Technologies, Inc., Strongwell Corporation, Schoeck International, Fiberon LLC, Fibrolux GmbH and Hughes Brothers, Inc.
Overview: Exel Composites is the world’s leading composite technology company that engineers and manufactures composite products and solutions to an extensive range of demanding industrial applications. Diversified structural composites provides proprietary resin systems of polyester, vinyl ester, epoxy, urethanes, and others which are selected to meet performance and cost objectives. Headquartered in Finland, Exel Composites employs approximately 650 forward-thinking professionals around the world and is listed on Nasdaq Helsinki. With nine manufacturing plants across Europe, Asia, and North America, and a global sales network, the company has a superior customer experience and world-class operations.
Product Portfolio: The company's portfolio comprises composite-based solutions.
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