Construction Composites Market Size was valued at USD 52.3 Billion in 2022. The Construction Composites market is projected to grow from USD 55.2 Billion in 2023 to USD 84.7 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.50% during the forecast period (2023 - 2032). The increasing investment and development of infrastructure across emerging economies worldwide, are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
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.
The Construction Composites Market segmentation, based on resin type includes polyester resin, vinyl ester, polyethylene, polypropylene, epoxy resin, and other. During the anticipated period, the polyester resin category held the biggest market share. The flat roofing sector has seen polyester resin's most notable rise in recent years. In addition to being seamless and rigid, flat roofing is also simple to maintain. The chopped strand matting, which is placed on top of hardwood boards, has polyester resin woven into it. This forms the reinforced layer of hardness for the roof. Fiberglass can be used to line concrete lakes.
The Construction Composites Market segmentation, based on fiber type, includes carbon fibers, glass fibers, natural fibers, and other. Due to its high tensile strength, low thermal expansion, high stiffness, high temperature tolerance, high chemical resistance, and lightweight characteristics, carbon fibers had the biggest market share in 2022. This has resulted in the material's extensive application in product manufacturing in recent years. In terms of compressive and tensile strength, carbon fibers perform better than glass fibers and others. Carbon fibers' shape also doesn't change over time and stays constant even when a constant force is applied to it.
The Construction Composites Market segmentation, based on end use, includes industrial, commercial, housing, and civil. With the biggest market share, the civil sector is anticipated to expand over the projection period. Building roads, bridges, dams, airports, canals, railway infrastructure, and associated structures all fall under the category of civil construction. A number of Chinese provinces have recently announced big infrastructure projects as we approach the end of 2021. Guangxi Zhuang Autonomous Region in South China launched a number of significant construction projects this week, investing a total of 185.9 billion yuan (USD 29.15 billion). These initiatives span a variety of industries, including transportation, alternative energy, logistics, and fundamental infrastructure.
Construction composites are being utilized more frequently in place of conventional decking and railing materials like wood, aluminum, and steel. Due to the rising need for long-lasting, low-maintenance products in the aforementioned nations, the industrial and residential categories are anticipated to generate the highest levels of income. Additionally, it is anticipated that increased infrastructure spending will boost product demand even more.
Figure 1: Construction Composites Market, by End Use, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America region with the biggest market share (45.80%) is expected to expand over the forecast period. Private construction spending in the United States climbed to USD 1,159.978 billion in January 2021 from USD 1,068.42 billion in January 2020, a 6.8% rise. Since late 2020, the nation's construction industry has been on the mend, and it is anticipated that it will expand toward the end of the forecast period. Further, the U.S. Construction Composites market held the largest market share, and the Canada Construction Composites market was the fastest growing market in the North America region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: CONSTRUCTION COMPOSITES MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The third-largest region is Europe. Germany has the biggest construction market in all of Europe. Due mostly to an increase in the number of new residential construction projects being completed, the nation's construction industry is gradually growing. During the projected period, there are expected to be strong growth potential for non-residential and commercial buildings in the nation. Further, the German Construction Composites market held the largest market share, and the U.K Construction Composites market was the fastest growing market in the European region.
Second in size is the Asia-Pacific region. The robust residential and commercial construction sectors in China are being driven by the country's expanding economy. Hong Kong's housing authority in China started a number of initiatives to speed up the development of affordable housing. By 2030, the authorities hope to have 301,000 public housing units available. Similar to this, 7,000 additional shopping malls are expected to be built in China and open by 2025. Further, China’s Construction Composites market held the largest market share, and the Indian Construction Composites market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their Product lines, which will help the Construction Composites market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Construction Composites industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Construction Composites industry to benefit clients and increase the market sector. In recent years, the Construction Composites industry has offered some of the most significant advantages to medicine. Major players in the Construction Composites market, including Aegion Corporation, Exel Composites, Gurit, Hexcel Corporation, Kordsa Teknik Tekstil AS, Toray Industries Inc., Mitsubishi Chemical Corporation, Nippon Electric Glass Co. Ltd, Owens Corning, SGL Carbon, and Teijin Limited, are attempting to increase market demand by investing in research and development operations.
American Industrial Partners is a middle-market private equity firm focused on operations that invests in industrial companies that serve both domestic and international markets. The company has strong ties to the industrial sector and has participated in private equity investing through three different economic cycles. AIP makes investments in all types of corporate divestitures, management buyouts, recapitalizations, and going-private deals involving established companies with annual revenues over USD 500 million. American Industrial Partners ("AIP") and The Brock Group ("Brock") announced in November 2022 that they would be purchasing Rancho Dominquez, California-based Aegion Energy Services ("AES").
Systems for composite and building materials are produced by Owens Corning. Fiberglass composites are made and sold by the business. Thermal and acoustical batts, foam sheathing, loose-fill insulation, and accessories are among its product offerings. Additionally, the business sells synthetic packaging materials, laminated and strip asphalt roofing shingles, and oxidized asphalt. The business sells its goods under a number of different brand names, including PINK FIBERGLAS, FOAMGLAS, Paroc, and FOAMULAR. Residential, commercial, industrial, defense, automotive, transportation, power, and energy are just a few of the sectors that Owens Corning supplies. The corporation operates in the Asia-Pacific, South and Central America, North America, and Europe regions. In the United States, Toledo, Ohio, is home to Owens Corning. WearDeck, a U.S. manufacturer of composite decking and structural lumber located in Florida, was purchased by Owens Corning in June 2022. The company's position in the market for construction composite materials was strengthened by this action.
October 2022:Â 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.
June 2022:Â 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.
Construction Composites Resin Type Outlook
Construction Composites Fiber Type Outlook
Construction Composites End Use Outlook
Construction Composites Regional Outlook
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 52.3 Billion |
| Market Size 2023 | USD 55.2 Billion |
| Market Size 2032 | USD 84.7 Billion |
| Compound Annual Growth Rate (CAGR) | 5.50% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Resin Type, Fiber Type, End Use Sector, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Aegion Corporation, Exel Composites, Gurit, Hexcel Corporation, Kordsa Teknik Tekstil AS, Toray Industries Inc., Mitsubishi Chemical Corporation, Nippon Electric Glass Co. Ltd, Owens Corning, SGL Carbon, and Teijin Limited |
| Key Market Opportunities | Technological advancements |
| Key Market Dynamics | The rising infrastructure development activities and investments across the emerging economies of the world |
Construction Composites Market Highlights:
Frequently Asked Questions (FAQ) :
The Construction Composites Market size was valued at USD 52.3 Billion in 2022.
The global market is projected to grow at a CAGR of 5.50% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are Aegion Corporation, Exel Composites, Gurit, Hexcel Corporation, Kordsa Teknik Tekstil AS, Toray Industries Inc., Mitsubishi Chemical Corporation, Nippon Electric Glass Co. Ltd, Owens Corning, SGL Carbon, and Teijin Limited.
The Polyester Resin Type dominated the market in 2022.
The Carbon Fibers Fiber Type had the largest share in the global market.
Team Lead - Research With a technical background as bachelor's in mechanical engineering, with mba in operations management , swapnil has 6+ years of experience in market research, consulting and analytics with the tasks of data mining, analysis, and project execution. he is the poc for our clients, for their consulting projects running under the automotive/a&d domain. swapnil has worked on major projects in verticals such as aerospace & defense, automotive and many other domain projects. he has worked on projects for fortune 500 companies' syndicate and consulting projects along with several government projects.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
