Market Size and Growth Report 2024-2032:

According to a new report by IMIR Market Research on The Market for Construction Composites was valued at USD 6.67 billion in 2023, and it is expected to reach USD 11.08 billion by 2032, registering a CAGR of 5.8% during the forecast period (2024-2032).

Composite is a material formed by two or more constituent materials with significantly different chemical or physical properties; these are then compounded to create a composite, which is itself marked by specific, intrinsic characteristics not manifest in the individual components. Technically the term industrial composites are defined as components which are made from various fibers such as wood composite, fiberglass and metal. This kind of composites are very beneficial in the construction of commercial, industrial and residential industries. Construction composites are made out of fiberglass - polymeric thermoset resins, which is effective at the flash or cold weather, high-speed pressure, and high temperatures that may obtain in the environment. Composites can achieve the pros of light weight, superior in structural design, resistance to wear, and high-impact strength while under construction process. This enables the composites to be applicable in the construction sector.

Market Dynamics - Market Drivers

Increasing Use of Composites in Construction Applications

• In North America and Europe, the construction industry is also picking up where it left off, after the once receding economy. As customer demand grows for strong and corrosion-resistant materials with applications in the housing, commercial, and infrastructure construction, popularity of composite materials in the construction sector is witnessing increasing use. Composite decks and railings are usual materials which lend themselves to either houses and commercial constructions, since they are low in maintenance, unlike the timber decking and railing pieces. These materials have undoubtedly taken wooden decks to a whole new level of excellence, even surpassing traditional ones when it comes to resistance to slipping and scratching, fading, splintering, and rotting.

Rehabilitation of Old Concrete Structures

• The approaches for restoring windows, doors, bridge parts, roof design, elements, bridge systems, non-structural components including gratings, panels, and others, are usually applied when renovating old concrete structures. There is no need to replace completely the damaged concrete walls, girders, and others by composites, resinst and fibers do seal the area of concrete that is injured. This is one of the applications of composites which are used for crack binding within old concrete structures renovation. Alongside this, the composite materials are equipped with these advantageous traits that confer durability, non-corrosive, self-healing, weather resistance and watertightness.
• There is likely to be an increase in the demand for ecofriendly and durable concrete construction with a high life expectancy, which will result in rehabilitation of old structures. This will prop catering the demand for composites and in turn, increase their consumption. The upcoming increase in technological advancements and the necessity of structures to stay robust along with the sustainability trend globally, seem to be responsible for the rehabilitation activities of old structures, which means that they will be improved. Considering the possibility of such an occurrence, composite demand in the construction industry would raise.

Market Trends-

Growing Urbanization is Driving the Market Growth

• The construction sector is constantly expanding due to growing urbanization and rising per capita income in several nations, which will positively impact the market CAGR for construction composites during the course of the assessment period. Numerous construction composite manufacturers are making major investments in R&D operations to develop new, cutting-edge technologies that will add new features and make products that are environmentally benign. The creation of new composite materials employing chemicals and light industrial waste is a focus of interest because it is projected that they will continue to create significant revenue growth over the forecast period. In addition, the number of construction projects being built for both commercial and residential infrastructure, particularly in emerging countries, has increased significantly in recent years.
• Furthermore, because of its great tensile strength, superb durability, and exceptionally low weight, fiberglass is quickly becoming the composite with the fastest growth and the most popularity. The overall expansion of the construction composites market is anticipated to be driven by the increased need for effective and efficient fiberglass composite materials to produce the building components for commercial and residential structures.
• Additionally, due to their reduced maintenance costs than wood decking and railing products, building composites are becoming more and more necessary in residential and commercial construction. Construction materials with high strength and corrosion resistance are in higher demand, and the market is predicted to develop significantly. Thus, driving the Construction Composites market revenue.

Market Restraining Factors-

High Initial Production and Installation Costs of Composites

• Technological upgradation of the machinery used is an expensive process. Thus, the composite production costs are directly impacted. C composite materials like carbon fiber and glass fiber are more expensive than traditional products like steel, aluminum, and wood. As a result, it impacts the direct prices for composites used in construction. Installation of composite in a construction project is labour-intensive and requires a skilled workforce. The high cost of composites installation is likely to hamper its demand in construction applications.

Key Companies in the Construction Composites market include:

• Aegion Corporation
• Exel composites
• Gurit
• Hexcel Corporation
• Kordsa Teknik Tekstil AŞ
• Toray Industries Inc.
• Mitsubishi Chemical Corporation
• Nippon Electric Glass Co. Ltd
• Owens Corning
• SGL Carbon
• Teijin Limited
• Bedford Reinforced Plastics
• Advanced Environmental Recycling Technologies Inc
• Diversified Structural Composites
• UPM Biocomposites
• Exel Composites Oyj
• Jamco Corporation
• Strongwell Corporation
• Schoeck International
• Trex Company Inc
• Fiberon LLC
• Fibrolux GmbH
• Hughes Brothers, Inc.

Key Industry Developments:

• In November 2022, American Industrial Partners ("AIP") and the Brock Group ("Brock") announced the acquisition of Aegion Energy Services ("AES"), headquartered in Rancho Dominquez, CA.
• In October 2022, Capital Region Water begins phase two of a significant rehabilitation of the Front Street Sewer Interceptor in Riverfront Park. T e $17 million project will restore about 2.7 miles of sewer interceptor between Seneca Street and the I-83 bridge in Harrisburg.
• In October 2022, The Front Street Sewer Interceptor in Riverfront Park is starting phase two of a massive restoration project, according to Capital Region Water. In Harrisburg, between Seneca Street and the 1-83 bridge, a 2.7-mile-long sewer interceptor will be repaired as part of a USD 17 million project.
• In June 2022, Leading producer of fiberglass rebar Pultron Composites joined forces with Owens Corning. The companies' position in the fiberglass market for the building industry was improved by this move.

Market Segmentation Insights:

The market scope is segmented because of by Resin Type, by Fiber Reinforcement Type, by Application.

By Resin Type

• Polyester
• Vinyl Ester
• Polyethylene
• Polypropylene

By resin type, the global construction composites market is segmented into polyester resin, vinyl ester, polyethylene, polypropylene. The polyester resin segment accounted for the largest market share and is estimated to grow at a CAGR of 6.7% during the forecast period. The most significant growth for polyester resin in recent years has come from the flat roofing industry. Flat roofing is seamless and rigid and, at the same time, easy to clean and maintain. T e Polyester Resin is worked into the chopped strand matting, which lays on top of wooden boards. This gives the roof its hardened layer of reinforcement. Concrete ponds are suitable for lining with fiberglass. Like other fiber glasses, polyester resin is worked into the layer of chopped strand matting to create the initial reinforcement. With pond lining, two layers of chopped strand matting are required. This means that double the amount of polyester resin will also be required. This layering up of resin and matting alongside the final topcoat layer ensures the pond remains leak free. With the increasing usage of polyester resin in various applications in the construction industry, the demand is likely to increase during the forecast period.

By Fiber Reinforcement Type

• Carbon Fibers
• Glass Fibers
• Natural Fibers
• Other Fiber Types

On basis of fiber reinforcement types, the global construction composites are segregated irrespective of carbon fibers, glass fibers, natural fibers and other fiber types. The carbon fiber corner is the fastest growing, and it is forecasted to have a CAGR of 6.7% during the estimation period. In regard to carbon fibers, they have high tensile strength and are very strong. Carbon fibers offer high stiffness and fatigue strength that enable their usage in constructing different things. Carbon fiber-reinforced polymers are chemically stable, demonstrate good thermal properties with low thermal expansion and corrosion-resistant characteristics. These parameters of the materials make them one of the substitutes that are becoming increasingly common in civil engineering. Carbon fiber composite materials are applied commonly in many different fields, like stressed structures repair, bridge construction and reinforced precast concrete. This is how all these factors contribute in the development of consumer segments.

By Application

• Industrial
• Commercial
• Housing
• Civil

By application sector, the global construction composites market is segmented into industrial, commercial, housing, and civil. The civil segment accounted for the largest market share and is estimated to grow at a CAGR of 6.7% during the forecast period. Civil construction involves building bridges, dams, roads, airports, canals, railway infrastructure, and related buildings. In China, Edging toward the end of 2021, several Chinese provinces in recent days have announced significant infrastructure projects. South China's Guangxi Zhuang Autonomous Region unveiled a batch of major construction projects last week, with a total investment of 185.9 billion yuan (USD 29.15 billion). Those projects cover a wide range of sectors, including transportation, new energy, logistics, and basic infrastructure. The government of Brazil planned to auction 44 infrastructure projects in 2020. Of the 44 projects, 22 are airports to be conceded to the private sector. Additionally, there were nine ports, seven highways, and six railways considered in the project. The government aimed to attract USD 24.6 in investments in these projects. All such factors are likely to influence the civil construction sector, thereby affecting the construction composites market.

The commercial segment is the second largest. With the increasing commercial activities worldwide, the demand for construction composite materials in this segment is increasing quickly. The education sector is expanding rapidly due to the rise in the school-going population worldwide. This has facilitated the foundation of many educational institutes in recent years. Both the government and the private sectors are increasingly investing in education. This is a factor expected to drive the growth of the construction composites market.

Regional Snapshots:

North America was the largest market, however, the forecast at a compounded annual growth rate (CAGR) of 6.4% during the forecast period. Private construction in the USA reached a new high in history at USD 1,159.978 billion in January this year, rising by 6.9% as compared to USD 1,068.42 billion in January 2020. The development trajectory for the country has been seen to be very similar to what has been in the past: although it was downhill earlier, it is now estimated to improve insofar as the later part of the forecast period is concerned. Another upcoming civil construction is on the rise that will help to grow the demand. In the US there are 2,000 State-regulated high-hazard dams and according to the Association of State Dam Safety of them were listed as needing repairs. It is due to the chance that lives are at stake if a malfunction results to the dam not being upgraded or repaired; therefore, it is an area of high hazard. Due to this, market demand is also increasing that reflects in the price.

Asia Pacific is second in terms of size, the. As per projection, this market is anticipated to reach USD 1,140.2 million by 2032 and to be more precise, its CAGR is calculated as 7.9%. China relies mostly on the growth in the dwellings and industrial buildings investment, propelled by the increasing economy. China, conducted by the housing authorities of Hong Kong, initiated a series of concrete steps that will make low-cost housing construction begin. The officials plan to complete 301,000 housing unit projects by the year 2030. On the same note, the Chinese retail landscape shall include another 7,000 new shopping malls by 2025. It is estimated to be unveiled. Such a build-up in the construction business is probable to set the market demand in a motion. As the income levels in households have been rising and we are also seeing that population is shifting from the rural areas to the urban areas we expect the demand for the construction of residential sectors in the country to continue rising. There is a growing concern and more attention in the social and economic sectors on the need for affordable housing. This has got the residential construction industry growing fast. The non-residential infrastructure is the one that may crease a lot. The elderly and the sick requires the country to see the development of the new healthcare facilities. The recent economic changes in the country of the Chinese features the service sector taking a larger share of the total GDP thus, causing a booming of commercial and office space construction. The aforementioned issues may pose a risk for the demand of construction composite materials in China in future years.

Europe is the third world largest region. Europe's largest construction market by value is Germany. The country's construction industry experiences a steady growth, solely because there is more new residential constructions projects that are in the process of being built. It is forestalled that the country’s non-residential and commercial structures will have a considerable rise in the perspective of the projected period. Low interest rates, rising household's real income, and generous injections from the European Union, and Germany's government obviously create a base for the economy grow faster. Now that the Syrian war is coming to an end, millions of individuals are expected to reach Germany in the next few years which may require the construction of on the order of thousands of new housing enterprises. According to the German government, the number of new apartment required for build-up is approximately 1.5 million until 2021 (this due to coronavirus situation delay is anticipated). Wide-ranging expansion activities in the manufacturing industry will surely increase the demand for construction composites in the market. With the rising structural maintenance of the federal trunk road infrastructure, the growing old age amplification of the roads and bridges constructed, the escalating requirement of the upgrade of the already existing rail network as well as the enhanced replacement of physical structures on the federal waterways are set to raise the demand for construction composites.

Construction Composites Market Report is also available for below Regions and Country Please Ask for that

North America

• U.S.
• Canada

Europe

• Switzerland
• Belgium
• Germany
• France
• U.K.
• Italy
• Spain
• Sweden
• Netherland
• Turkey
• Rest of Europe

Asia-Pacific

• India
• Australia
• Philippines
• Singapore
• South Korea
• Japan
• China
• Malaysia
• Thailand
• Indonesia
• Rest Of APAC

Latin America

• Mexico
• Argentina
• Peru
• Colombia
• Brazil
• Rest of South America

Middle East and Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest Of MEA

Points Covered in the Report:

• The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.
• The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analysed 5 years data history and forecast.
• The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.
• Data and information by market player, by region, by type, by application and etc., and custom research can be added according to specific requirements.
• The report contains the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.

Key Questions:

• How much the global Construction Composites Market valued?
• Which region has the largest share in 2024 for the global Construction Composites Market?
• What are the driving factors for the market?
• Which is the leading segment in the global market?
• What are the major players in the market?

Research Scope of Construction Composites Market:

• Historic year: 2019-2022
• Base year: 2023
• Forecast: 2024 to 2032
• Representation of Market revenue in USD Million

Construction Composites Market Trends: Market key trends which include Increased Competition and Continuous Innovations Trends: