Market Research Future (MRFR) has published a cooked research report on the “Global Construction Repair Composites Market” that contains information from 2018 to 2032. The construction repair composites market is estimated to register a CAGR of 10.10%during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global construction repair composites market—Sika AG, BASF SE, Arkema SA, Owens Corning, Saint-Gobain S.A., S&P Global Inc., DuPont de Nemours, Inc., Ashland Global Holdings Inc., Henkel AG & Co. KGaA, W.R. Grace & Co., PPG Industries, Inc., Mapei S.p.A., 3M Company, Fosroc International Limited, Dow Inc., RPM International Inc., GCP Applied Technologies Inc., Simpson Strong-Tie Company Inc., Chomarat Group, Fiber-Tech Industries Inc., ENECON Corporation, Structural Group Inc., Canam Group Inc., Normet Group Oy, GFRP Composites Inc.
The global construction repair composites market is accounted to register a CAGR of 10.10% during the forecast period and is estimated to reach USD 0.75 Billion by 2032.
Growing demand for infrastructure construction to fuel market expansion. Growing environmental apprehension is limiting commercial expansion. Additionally, however, new applications offer growth potential. Traditional methods are facing increased competition, which will limit market expansion.
The global construction repair composites market has been segmented based fiber type, resin type, product type, and application.
On the basis of fiber type, the market is segmented into glass fiber, carbon fiber, and others. The glass fiber was attributed to holding the largest market share in 2022, because of its exceptional tensile strength, outstanding tensile durability, and extreme lightness.
Based on resin type, the global construction repair composites market has been segmented into vinyl easter, epoxy, and others. The epoxy segment was expected to hold the largest market share in 2022, Due to their lower shrinkage and superior strength.
On the basis of product type, the market is segmented into textile / fabric, plate, rebar, mesh, and adhesive. The rebar was attributed to holding the largest market share in 2022, because Rebar is a lightweight, fiber-reinforced polymer with exceptionally high strength.
Based on application, the global construction repair composites market has been segmented into residential, commercial, bridge, silo flue pipe, oil & natural gas pipe line, water structure, industrial structure, and others. The industrial structure segment was expected to hold the largest market share in 2022, Due to growing industrialization on a global scale and increased industrial activity.
The global construction repair composites market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe construction repair composites market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The construction repair composites market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World construction repair composites market comprises of Middle East, Africa, and Latin America.
The largest market share for construction repair composites was maintained by the North American regional sector. This is attributable to the growing number of companies who regularly spend in R&D to improve the efficacy of building repair composites and broaden the applications for them, which could potentially result in a greater growth rate. Higher demand may result from Europe's increasing number of rehabilitation projects on older buildings to preserve the region's renowned concrete systems.
Moreover, the Europe market has been persistently growing over the forecast period. The construction industry's increasing use of composites, along with products that have extended shelf life and require little maintenance, are driving the market in Europe. A larger demand for the product is anticipated during the evaluation period due to the region's high level of living, which fosters innovative and high-end infrastructures. The demand in the region would also increase due to durability, improved workability, and faster construction.
Additionally, due to its rapid infrastructure development, which has significantly increased building activity there and is driving the construction composites market growth through 2028, Asia Pacific is expected to expand at the fastest rate during the projected period. Significant aspects that are affecting this region's construction composites market potential include rapid urbanization and industrialization. According to projections, China and India's developing economies will represent this region's most important marketplaces.
Furthermore, the rest of the world's construction repair composites market is divided into the Middle East, Africa, and Latin America. This growth is attributed to the region's rising urbanization and increasing per capita income in many countries. Government support, a rise in investor interest, and the viability of the technology in the sector are all contributing factors to the market expansion.
Key Findings of the Study