The global construction composites market is expected to grow from $5.71 billion in 2021 to $6.31 billion in 2022 at a compound annual growth rate (CAGR) of 10.7%. The market is expected to grow to $8.09 billion in 2026 at a compound annual growth rate (CAGR) of 6.4%.
Major players in the construction composites market are Advanced Environmental Recycling Technologies Inc., Hexcel Corporation, Exel Composites Oyj, Toray Industries Inc, Owens Corning, Teijin Limited, Fiberon LLC, Fibrolux GmbH, UPM, Strongwell Corporation, Diversified Structural Composites, TAMKO Building Products LLC, Mitsubishi Chemical Corporation, Aegion Corporation, and Gurit.
The construction composites market consists of sales of the construction composites by entities (organizations, sole traders, and partnerships) that are used in the construction of entire bridge structures, bridge decks, and bridge enclosures. The composite construction is aimed at providing the maximum strength and stiffness to the structure with the minimum investment of the resources that are made available.
They are advantageous due to their high stiffness-to-weight and strength-to-weight ratios when compared to standard materials such as steel and reinforced concrete. The compression resistance of concrete and the tension resistance of steel in the structure are combined in the composite construction.
The main types of resins in construction composites are polyester resin, vinyl ester, polyethylene, polypropylene, and epoxy resin. Polyesters are the frequently used thermoset resin for all commercial composites. These resins provide stability of good mechanical, chemical, electrical properties, dimensional stability, ease of handling, and low cost. The different types of fibers include carbon fibers, glass fibers, and natural fibers that are used by various end-use sectors such as industrial, commercial, housing, and civil.
North America was the largest region in the construction composites market in 2021. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The increasing construction activities are significantly driving the growth of the construction composites market. Construction is the process of putting together materials to create enormous structures. Composite materials are employed in construction because of the numerous advantages they provide over traditional building materials.
The increasing construction activities for residential and non-residential buildings are promoting the demand for construction composites and thereby promoting the market growth. For instance, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development's new residential construction data, in 2021, an estimated 1,337,800 new residential housing construction units were completed, a 4% increase from 2020. Therefore, the increasing construction activities are expected to fuel the construction composites market growth going forward.
Strategic collaborations and partnerships have emerged as a key trend gaining popularity in the construction composites market. Major players in operating in the construction composites sector are focused on collaborations and partnerships to extend their growth in new areas and to strengthen their position.
For instance, in March 2021, Air Conditioning Contractors of America (ACCA), a US-based association partnered with Owens Corning for an undisclosed amount. This partnership enables HVAC industry suppliers, manufacturers, and service providers to demonstrate their extraordinary commitment to ACCA members and the contracting industry through year-round support of the association's activities. Owens Corning is a US-based composite manufacturing company.
Also, in April 2021, Heatcon, a US-based aerospace company partnered with Hexcel Corporation for an undisclosed amount. This partnership granted HEATCON to sell Hexcel's carbon fiber prepreg tapes and fabrics to support advanced air mobility vehicles and the unmanned aerial vehicles industry. Hexcel Corporation is a US-based composite manufacturing company.
Key Topics Covered:
1. Executive Summary
2. Construction Composites Market Characteristics
3. Construction Composites Market Trends And Strategies
4. Impact Of COVID-19 On Construction Composites
5. Construction Composites Market Size And Growth 5.1. Global Construction Composites Historic Market, 2016-2021, $ Billion 5.1.1. Drivers Of The Market 5.1.2. Restraints On The Market 5.2. Global Construction Composites Forecast Market, 2021-2026F, 2031F, $ Billion 5.2.1. Drivers Of The Market 5.2.2. Restraints On the Market
6. Construction Composites Market Segmentation 6.1. Global Construction Composites Market, Segmentation By Resin Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
Polyester Resin
Vinyl Ester
Polyethylene
Polypropylene
Epoxy Resin
6.2. Global Construction Composites Market, Segmentation By Fiber Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
Carbon Fibers
Glass Fibers
Natural Fibers
6.3. Global Construction Composites Market, Segmentation By End-use Sector, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion Industrial
Commercial
Housing
Civil
7. Construction Composites Market Regional And Country Analysis 7.1. Global Construction Composites Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion 7.2. Global Construction Composites Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
Companies Mentioned
Advanced Environmental Recycling Technologies Inc.
