The Total Addressable Market (TAM) for Construction Composites was valued at USD 6.30 billion in 2022, and it is expected to reach USD 10.38 billion by 2031, registering a CAGR of 5.7% during the forecast period (2023-2031). Even under extreme conditions, construction composites can maintain the structural integrity of the structure they are used in. The most common composites used in construction are fiber composites and resin composites. Composites are used in construction in a variety of ways. H using civil, commercial, and industrial construction structures make up the market for composite materials used in construction. The use of composites in construction applications is on the rise, as is the rehabilitation of aging concrete structures. Other factors influencing the market under study include rapid urbanization, economic expansion in major economies, and strict adherence to green building standards.
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Increasing Use of Composites in Construction Applications
Composite materials are widely accepted in construction applications owing to their superior benefits over traditional construction materials. Durability, design flexibility, and high performance at elevated temperatures are among the significant benefits of composites to construction structures.
The rising demand for sustainable constructions worldwide, especially for the commercial segment, will likely create a broad growth scope for composite materials. Superior properties of composites have propelled its utilization in building products such as railings, windows, doors, exterior siding, interior molding, fencing, flooring, and others. Commercial availability of various resins and performance fibers offers composite manufacturers abundant sources, fulfilling the demand for composites in construction applications. Additionally, prominent players' technological innovations are upscaling composites' performance that finds applications in construction. The factors mentioned above are anticipated to drive the demand for composites in construction applications over the forecast period.
Rehabilitation of Old Concrete Structures
Refurbishment of windows, doors, bridge components, roof structures, bridge systems, non-structural gratings, panels, and others is considered in rehabilitating old concrete structures. T e complete replacement of damaged concrete walls, beams, and other structures can be done with composites, as resins and fibers can heal the damaged concrete area. Composites in the rehabilitation process of old concrete structures are used for crack binding. Moreover, composite materials have beneficial properties over traditional concrete and admixtures, including durability, non-corrosive, self-healing, weather resistance, and watertight.
The rise in demand for eco-friendly and sustainable constructions with high endurance is expected to increase the rehabilitation activities of old concrete structures, thus, positively impacting the composites demand. Increasing technological advancements and the growing need for stable building structures, coupled with sustainability trends worldwide, are likely to ascend the rehabilitation activities of old structures. This is likely to raise the demand for composites in construction applications.
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 labor-intensive and requires a skilled workforce. The high cost of composites installation is likely to hamper its demand in construction applications.
Increasing Ability to Mass Produce Composites in the Construction Sector and Strong Adherence to Green Building Norms
The abundant availability of raw materials across the globe and technological advancements in the production process has provided manufacturers with a broad scope to develop composites on a large scale. P prominent players, including Toray Industries, Exel Composites Oyj, Owens Corning, Teijin Limited, and Nippon Electric Glass Co. Ltd., operate large facilities to develop the products. T us, mass production by these players can heal the curve for demand and supply. Rising awareness of using composites in construction projects will likely raise the demand. Thus, prominent players aim to comply with the market demand and increase production capacities.
Rapid urbanization and economic growth in major economies, coupled with strong adherence to green building norms, are likely to create a wide scope for new constructions, thus, positively impacting the composites market. In the United States, increasing government initiatives toward modernizing infrastructure and building energy-efficient homes result in increased construction activities. In addition, growth in the construction of green buildings is projected to drive sustainable building construction activities in the country, which, in turn, is projected to positively impact the demand for composite products.
The global construction composites market is segmented by resin type, fiber type, end-user type, and region
By resin type, the global construction composites market is segmented into polyester resin, vinyl ester, polyethylene, polypropylene, epoxy resin, and other resin types. The polyester resin segment accounted for the largest market share and is estimated to grow at a CAGR of 6.6% 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. T is 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.
The epoxy resin segment is the second largest. Epoxy resins are available in solid and liquid forms depending on the epoxy resin used. However, liquid epoxy resins are used in water pipes and flooring applications in the building and construction industry. Epoxy resins are used in various composite parts, structures, and concrete repairs. These polymers form strong bonds that adhere to many surfaces, including wood, metal, glass, stone, and some plastics. They are heat and chemical-resistant, making them the perfect bonding material for building applications. These are primarily used in manufacturing laminated wood for decks, walls, and roofs, combining quartz, tile, and other materials for high-performance and decorative flooring, and developing composites for use in architectural surfaces such as countertops.
By fiber type, the global construction composites market is segmented into carbon fibers, glass fibers, natural fibers, and other fiber types. The carbon fiber segment is the fastest growing and is estimated to grow at a CAGR of 6.7% during the forecast period. Carbon fibers have high tensile strength and are very strong. Carbon fibers have a high elastic modulus and fatigue strength, making them suitable for construction. Carbon fiber-reinforced polymers are resistant to chemicals and have high-temperature tolerance with low thermal expansion and corrosion resistance. These properties make them one of the increasingly popular materials in civil engineering. Carbon fiber composite materials are increasingly used in various applications, such as repairing stressed structures, bridge construction, and reinforced precast concrete. All such properties drive segment growth.
By end-use 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 6.5% 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.
By Region, the global construction composites market is segmented into North America, Asia-Pacific, Europe, South America, the Middle East, and Africa.
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North America accounted for the largest market share and is estimated to grow at a CAGR of 6.2% during the forecast period. Private construction in the US reached USD 1,159.978 billion in January 2021, which increased by 6.8% compared to USD 1,068.42 billion in January 2020. The construction in the country has been on track to recovery since late 2020 and is estimated to grow during the latter part of the forecast period. Civil construction is also expected to rise, contributing to the market demand. Nearly 2,000 state-regulated high-hazard dams in the United States were listed as needing repair by the Association of State Dam Safety. Based on the potential for fatalities if a dam is not renovated or repaired, it is deemed a "high hazard" area. All of these renovation projects are increasing demand in the market.
Asia Pacific is the second largest region. It is expected to reach USD 11402 million by 2031, registering a CAGR of 7.8%. C ina is driven by the ample developments in the residential and commercial construction sectors, supported by the growing economy. In China, the housing authorities of Hong Kong launched several measures to push start the construction of low-cost housing. The officials aim to provide 301,000 public housing units by 2030. Similarly, China will likely witness the construction of 7,000 more shopping centers, estimated to be opened by 2025. S ch growth in the construction industry is likely to propel market demand. The rising household income levels, combined with the population's migrating from rural to urban areas, are expected to continue to drive the demand for the residential construction sector in the country. The increased focus on affordable housing by both the public and private sectors is driving the growth in the residential construction sector. Non-residential infrastructure is expected to grow considerably. The aging population in the country is creating a demand for the construction of healthcare facilities and new hospitals. The structural changes in the Chinese economy over the past few years, with the service sector taking a larger share of the total GDP, gave rise to the construction of substantial commercial and office spaces. The aforementioned factors are likely to affect the demand for construction composite products in China during the forecast period.
Europe is the third largest region. Europe's largest construction market is in Germany. The country's construction industry is slowly expanding, primarily due to an increase in the number of new residential construction projects being built. The non-residential and commercial buildings in the country are expected to witness significant growth prospects during the forecast period. Lower interest rates, increased real disposable incomes, and numerous investments by the European Union and the German government likely support the growth. M recover, millions of immigrants are projected to arrive in Germany in the coming few years who may require thousands of new dwellings. The German government announced the construction of around 1.5 million new apartments by 2021 (a delay is expected due to the COVID-19 situation). All such growth in the construction industry will likely propel the market demand for construction composites. The growing need for the structural maintenance of the federal trunk road infrastructure, the increasing age of the roads and bridges constructed, the increased requirement to upgrade the existing rail network, and the rising necessity to replace physical structures on the federal waterways are expected to increase the demand for construction composites.
Key companies in the global construction composites market are 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.