Construction Composites Market

Growing urbanization is driving the market growth

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 Global Construction Composites Market Industry experiences a notable increase in demand for sustainable materials. As environmental concerns gain prominence, construction companies are increasingly opting for composites that offer reduced carbon footprints and enhanced recyclability. For instance, bio-based composites, which utilize renewable resources, are becoming more prevalent. This shift aligns with global sustainability goals, potentially leading to a market valuation of 58.2 USD Billion in 2024. The emphasis on eco-friendly construction practices is expected to drive innovation and adoption of sustainable composites, thereby influencing market dynamics significantly.

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, Market Research Future 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.