North America Reinforcement Materials Market Forecast 2019-2028KEY FINDINGS
The North America reinforcement materials market is registered to record a CAGR of 5.72% in terms of revenue, and 4.53% in terms of volume, across the forecast period of 2019 to 2028. The region's market growth is driven by factors, such as, the rising renewable energy production, the surging electricity demand, and the rising construction activities.
The North America reinforcement materials market growth analysis includes the evaluation of the United States and Canada. The increasing demand from various application segments in Canada is anticipated to propel the demand for aramid fibers, during the forecast years. Similarly, the optical fibers segment is expected to offer lucrative opportunities, due to the modernization and augmentation of transmission and distribution network. Moreover, the rising demand for electricity and the swift renewable energy growth is predicted to fuel the need for reinforcement materials.
Canada’s construction division is a vital economic driver and presents itself as an accurate indicator of the national economy's strength and weakness. Likewise, the country is extensively recognized as one of the largest markets for residential, commercial, and infrastructural developments. These sectors have observed substantial growth over the last ten years, with nearly 50 skyscrapers built, in leading cities like Toronto, Calgary, and Vancouver. Additionally, Infrastructure Canada sustained more than 6,500 projects, to repair and build thousands of kilometers of highways and expressways, throughout the nation. As a result, the growing construction activities and expanded energy infrastructure have bolstered the demand for wire and cables production, over recent years. Besides, it is likely to maintain a similar trend over the forecast period, as well. Hence, these factors are predicted to fuel the region’s market growth.
Key companies operating in the region's market are, Honeywell International Inc, DuPont, BASF, Owens Corning, Bast Fibers LLC, etc.
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