A 45-billion dollar-fraternity in terms of renumeration, construction composites market stands as one of the most high-potential verticals of the advanced materials domain. These composites endorsed with properties such as light weight, durability, design flexibility, and strength have gained a massive prominence over their traditional counterparts. With the construction domain expanding at a phenomenal rate, the growth prospects for the construction composites market are indeed humongous.
Add to it, tremendous increase in disposable incomes and construction of technologically advanced buildings that are embedded with cutting-edge features will further add a significant momentum to this fraternity.
The necessity for better and customizable materials in construction to keep up with constantly evolving designs and lifestyles has led to the development of many composites such as fiberglass, composite wood, metal composites and other materials. Fiberglass in particular has excellent insulation properties and is very light in weight, pertaining to which it is extensively used in residential as well as industrial buildings for thermal and electrical insulation. The composite is specifically projected to be massively incorporated in construction across the emerging economies due to augmented spending on infrastructure expansion.
To highlight the aforementioned statement, a recent news stated that the China National Building Material Company has signed a contract with Industrial Development and Renovation Organization of Iran for (USD) 74 million to set-up a fiberglass and composite manufacturing plant in East Azerbaijan having an annual capacity of 30 kilo tons. The agreement is a vivid depiction of the fact that the countries across the Asian zone are likely to emerge as pivotal revenue contributors in construction composites industry.
A quick outline of the application spectrum of construction composites market:
Composite products used in construction are designed to survive in environments where exposure to heat and corrosive material is high. They can handle pressure and are used to make infrastructure components like stairways, ladders and gratings in manufacturing plants.
Owing to the favorable characteristics of composites, the commercial and industrial segments apportion higher revenue to construction composites market. Indeed, the commercial domain was the largest revenue-generating segment in 2017, driven by the escalating demand for low-maintenance and durable products in numerous construction projects. According to estimates, construction composites market share from commercial applications is slated to grow with a 5% CAGR over 2017-2025.
Residential applications are also known to form an integral part of the application landscape of construction composites industry. In fact, this segment is predicted to depict an appreciable growth rate on account of the rising number of residential projects being undertaken by governments of developing countries.
The significant uses of composites in house construction including insulation, construction of entire frames that are termite resistant and reinforced fiberglass roofs that do not require maintenance for decades with room for aesthetic flexibility are expected to push construction composites market trends in the residential sector.
In recent times, doors and windows are also being made of composites but crafted to give the impression of traditional wood. Given that composite materials are convenient in constructing waterproof surfaces that are easy to clean, their deployment in residential buildings is only forecast to increase in the forthcoming years.
Despite excellent projected growth prospects, the market is touted to be the recipient of myriad constraints, primary among them being, high initial costs for set-up and raw material procurement. The escalating prices of composites are essentially due the complicated manufacturing process and the strict norms put forth by government bodies. That apart, the revenue graph of construction composites industry also suffers on account of the stiff competition from low cost and traditional substitutes like steel, concrete and timber.
But pivotal contenders across this vertical have been striving to eradicate these constraints via myriad growth strategies. Leading companies such as Bedford Reinforced Plastics and Advanced Environmental Recycling Technologies Inc., are consistently on the go to expand their product portfolio, which in consequence would impact the commercialization potential of overall industry in the years to come.
Browse key industry insights spread across 274 pages with 270 market data tables and 24 figures & charts from the report, “Construction Composites Market Size By Product (Fiberglass, Composite Wood, Metal Composites), By Application (Residential, Commercial, Industry), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, Saudi Arabia, UAE), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2025” in detail along with the table of contents here.