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(Construction.IndustryNews247.Com, March 26, 2020 ) Market Overview
• The Global Construction Composites Market is expected to grow at a high CAGR during the forecasting period (2019-2026). The rise in the demand for construction composites owing to the rising construction all around the world is anticipated to drive the market in the forecast period.
• Construction Composite are made from a combination of two materials and the final materials made have better properties compared to the combined materials. These composites are used in construction and repair a wide variety of infrastructure applications, from bridges and buildings to roads and railways. An increase in demand for better materials for construction with more durability, corrosion-resistant, heat resistance, etc. have ensured the high growth for the market during the forecasted period. And the development of new products and its use for better results also increased the demand for the composite construction market.
• The report covers all the major trends and drivers playing a vital role in the growth of the global Construction Composites market. The global Construction Composites market has been segmented based on Product Type, Application, and Region.
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Market Dynamics
• The global Construction Composites Market is primarily driven by heavy investments in the infrastructure in developing nations like China and India. Long life cycle, low maintenance, corrosion resistance, heat resistance, lightweight and other advantages of the construction composite has also attracted the attention for its usage in the construction industry.
• China Commercial real estate has become popular with foreign investors as funding constraints on domestic developers reduce valuations in the sector. Foreign investors announced deals worth $6.7bn in the first half of this year, according to consultancy CBRE, up from $2.6bn in the same period last year.
• However, the availability of low-cost substitutes in the market and the high R&D cost for the development of these construction composites has hampered the growth of construction composites.
Market Segmentation
• By Product Type, the global Construction Composites Market is segmented into Carbon fiber, glass fiber, and others. Glass fiber composites has the dominant position in the Construction composite market and is expected to retain its dominance in the forecasted period. However, due to increase in industrial construction the demand for Carbon fiber composites will also increase due to its property of corrosive resistance, low thermal and electric conductivity. It is expected that Carbon fiber construction composites will grow at a CAGR of ~XX% during the forecast period.
• By Application, the global Construction Composites Market is segmented into Industrial, Commercial, Residential, and Others. Construction composite materials have higher dominance in the industrial application followed by residential application of construction composite, and its share is to increase due to the population growth leading to demand of dwelling place for the population, while Commercial application is also expected to grow in the forecasted period. And heavy investment in China for building up of the industries has also shown significant growth for industrial market as well.
Regional Analysis
• By geography, the global Construction Composites Market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA).
• APAC holds the largest market share for Construction Composites Market due to economy rise and rising activity in infrastructure and industrial development in developing nations like China and India has high demands for construction composite. The rise in urbanization in the region is another major region for the market to grow. Urbanization in India began to accelerate due to the country's adoption of a mixed economy, which gave rise to the development of the private sector. Urbanization is taking place at a faster rate in India. The population residing in urban areas in India, according to 1901 census, was 11.4%. This count increased to 28.53% according to 2001 census and crossing 30% as per 2011 census, standing at 31.16%. In 2017, the numbers increased to 34%, according to The World Bank.
• However, North America is after APAC in terms of the market share of Construction Composites Market due to large investment for infrastructure development and also due to increase in the urban population, increasing the demand in residential construction.
• In the Middle East and Africa (MEA) region, the middle east countries are expected to increase the market for the construction composite market as the activities for the construction is planned by the government. For instance, the government of Qatar is planning to spend over US$ 200 billion as part of a major infrastructure investment scheme between 2016 to 2022 as they are hosting the FIFA world cup 2022. The World Cup is expected to cost about US$ 30 billion, with stadiums accounting for US$10 billion. Africa’s demand for construction will also subsequently increase due to the rise in the economy which attracts more investments in infrastructure for the forecasted period 2019-2026.
Competitive Analysis
• Key players are adopting strategies such as investing in R&D, new product launches, expansion in distribution channels to stand out as strong competitors in the market. Global Construction Composites Market is a fragmented market with the presence of various global and regional players in the market. The major players include Bedford Reinforced Plastics, Diversified Structural Composites, Exel Composites Oyj, and Hughes Brothers, Inc.. Other key players in the market include amco Corporation, Johns Manville, Strongwell Corporation, Trex Company, Inc., UPM Biocomposites, RPM International, and CRH Plc.
• In April 2018, Exel Composites Plc (Mäntyharju, Finland) has signed an agreement to acquire 100% of the shares in Diversified Structural Composites Inc. (DSC, Erlanger, KY, US), from Teijin Carbon America Inc. (Rockwood, TN, US) a subsidiary of global carbon fiber manufacturer Teijin (Tokyo, Japan).
• In November 2018, Johns Manville (JM), a global manufacturer of energy-efficient building products and engineered specialty materials and a Berkshire Hathaway company, announced the release of the first-ever fiberglass duct wrap with an installed thermal resistivity rating of R-12: Microlite® FSK. This Formaldehyde-free™ duct wrap is designed specifically to meet new code requirements set forth by the IECC in 2015 that mandate the use of R-12 insulation on ducts in unconditioned spaces in climate zones 5-8.
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