Construction Composite Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The Construction Composite Market is segmented by Resin Type (Polyester Resin, Vinyl Ester, Polyethylene, Polypropylene, Epoxy Resin, and Other Resin Types), Fiber Type (Carbon Fibers, Glass Fibers, Natural Fibers, and Other Fiber Types), End-use Sector (Industrial, Commercial, Housing, and Civil), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report offers the market size and forecasts for construction composites in terms of revenue (USD million) for all the above segments.

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Construction Composite Industry Overview

Construction Composite Market Summary
Study Period: 2017-2027
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: > 5.5 %

Major Players

Construction Composite Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Construction Composite Market Analysis

The Construction Composite Market is estimated at around USD 20,420 million by the end of this year and is expected to register a CAGR of over 5.5% during the forecast period.

COVID-19 negatively impacted the market in 2020 as the pandemic severely affected international trade and hampered several industries, including manufacturing, building, and construction. However, in 2021, the market demand from these sectors recovered significantly.

  • Over the medium term, the factors driving the growth of the market studied are the increasing usage of composites in construction applications and the rehabilitation of old concrete structures.
  • On the other hand, the high initial production and installation costs of composites, coupled with the inadequacy of skilled labor, are hindering the market's growth.
  • Increasing the ability to mass-produce composites in the construction sector will likely create opportunities for the market in the coming years.
  • North America is expected to dominate the market in terms of revenue while the Asia-Pacific region is likely to witness the highest CAGR during the forecast period.

Construction Composite Industry Segments

Composite materials such as carbon fiber (which is the most popular material for producing thermoplastic composites) are widely accepted in construction applications owing to their superior benefits over traditional construction materials. Durability, design flexibility, and high performance at elevated temperatures are among the major benefits offered by composites to construction structures. The construction composites market is segmented by resin type, fiber type, end-use sector, and geography. By resin type, the market is segmented into polyester resin, vinyl ester, polyethylene, polypropylene, epoxy resin, and other resin types. By fiber type, the market is segmented into carbon fibers, glass fibers, natural fibers, and other fiber types. By end-use sector, the market is segmented into industrial, commercial, housing, and civil. The report also studies the construction composites market in 16 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of revenue (USD million).

Resin Type
Polyester Resin
Vinyl Ester
Polyethylene
Polypropylene
Epoxy Resin
Other Resin Types
Fiber Type
Carbon Fibers
Glass Fibers
Natural Fibers
Other Fiber Types
End-use Sector
Industrial
Commercial
Housing
Civil
Geography
Asia-Pacific
China
India
Japan
South Korea
ASEAN Countries
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Spain
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa

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Construction Composite Market Trends

This section covers the major market trends shaping the Construction Composite Market according to our research experts:

Civil Construction Sector to Dominate the Market

  • Civil construction comprises the construction of bridges, dams, roads, airports, canals, railway infrastructure, and related structures.
  • Toward the end of 2021, several Chinese provinces announced major infrastructure projects. South China's Guangxi Zhuang Autonomous Region unveiled a batch of major construction projects, with a total investment of CNY 185.9 billion (USD 29.15 billion). Those projects cover many sectors, including transportation, new energy, logistics, and basic infrastructure.
  • Furthermore, China plans to expand its railway network, which is the second-largest in the world, by one-third in the next 15 years, as part of a long-term plan to propel urbanization and stimulate local economies. According to a plan issued by the state-owned China State Railway Group, China aims to have about 200,000 km (124,274 miles) of railway tracks by the end of 2035, including about 70,000 km of high-speed railways.
  • In Germany, the Ministry of Transport and Digital Infrastructure plans to invest USD 348.72 million in future technologies, such as electric mobility or automated and networked driving for electric vehicle charging infrastructure. Also, the country has started working on the A49 highway project connecting Schwalmstadt and the Ohmtal interchange in Central Hesse. This, in turn, is expected to increase the consumption of composite materials.​
  • The Schwalmstadt-Ohmtal project is based on a public-private partnership model with an investment of USD 813.68 million. The construction, which comprises 93 km of road, is expected to be completed in the third quarter of 2024. These massive railway and road construction projects may drive the demand for construction composites during the forecast period.​
  • According to US Census Bureau, annual value of highway and street construction put in place of United states, in 2021 accounted for USD 100.68 million, compared to USD 102.32 million in 2020.
  • In Canada, as part of the "Investing in Canada" plan, the government announced plans to invest nearly USD 140 billion in major infrastructure developments in the country by 2028.
Construction Composite Market - Annual Value of Highway and Street Construction Put in Place, in USD Million, United States, 2017-2021

North America Region to Dominate the Market

  • In North America, the utilization of construction composites is increasing due to the growing construction sector in countries such as the United States, Canada, and Mexico.
  • The North American region is one of the largest consumption markets for construction composites. The United States has one of the world’s largest construction industries. In the full year 2021, construction spending amounted to USD 1,590.37 billion, 8.2% above USD 1,469.2 billion in 2020, thereby increasing the consumption of construction composites from various construction applications.
  • According to the US Census Bureau, during February 2022, the construction spending in the country was estimated at a seasonally adjusted annual rate of USD 1704.4 billion, 0.5% more than the revised January estimate of USD 1,695.5 billion. Moreover, the February 2022 estimation is 11.2% more than the February 2021 estimate of USD 1,533.3 billion. During the first two months of 2022, construction spending amounted to USD 237.8 billion, 10.4% percent above USD 215.4 billion for the same period in 2021.
  • In Canada, the residential and commercial sectors have been witnessing steady growth in the recent past. There has been a boom in the construction of skyscrapers in Canada (more specifically in Toronto) in recent times. Over 30 high-rise buildings are expected to be completed by 2025, and another 50 such buildings are in the proposal and planning phases in Toronto.
  • Moreover, as part of the ‘‘Investing in Canada Plan’’, the government has announced plans to invest nearly USD 140 billion in infrastructure developments in the country by 2028.
Construction Composite Market - Growth Rate by Region, 2022-2027

Construction Composite Market Competitor Analysis

The global construction composite market is fragmented. Some major players in the market (in no particular order) include Hexcel Corporation, Owens Corning and Nippon Electric Glass Co. Ltd., Toray Industries Inc., and Gurit.

Construction Composite Market Top Players

  1. Hexcel Corporation

  2. Toray Industries Inc.

  3. Gurit

  4. Owens Corning

  5. Nippon Electric Glass Co. Ltd.

*Disclaimer: Major Players sorted in no particular order

Construction Composite Market Concentration

Construction Composite Market Recent Developments

  • In June 2022, Owens Corning acquired WearDeck, a composite decking and structural lumber manufacturer, in Florida, USA. This move strengthened the company's position in the construction composite materials market.
  • In June 2022, Owens Corning partnered with Pultron Composites, a leading fiberglass rebar manufacturer. This move enhanced the companies' position in the fiberglass market for the construction industry.

Construction Composite Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Increasing Use of Composites in Construction Applications

      2. 4.1.2 Rehabilitation of Old Concrete Structures

    2. 4.2 Restraints

      1. 4.2.1 High Initial Production and Installation Costs of Composites

    3. 4.3 Industry Value-Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION (Market Size in Revenue)

    1. 5.1 Resin Type

      1. 5.1.1 Polyester Resin

      2. 5.1.2 Vinyl Ester

      3. 5.1.3 Polyethylene

      4. 5.1.4 Polypropylene

      5. 5.1.5 Epoxy Resin

      6. 5.1.6 Other Resin Types

    2. 5.2 Fiber Type

      1. 5.2.1 Carbon Fibers

      2. 5.2.2 Glass Fibers

      3. 5.2.3 Natural Fibers

      4. 5.2.4 Other Fiber Types

    3. 5.3 End-use Sector

      1. 5.3.1 Industrial

      2. 5.3.2 Commercial

      3. 5.3.3 Housing

      4. 5.3.4 Civil

    4. 5.4 Geography

      1. 5.4.1 Asia-Pacific

        1. 5.4.1.1 China

        2. 5.4.1.2 India

        3. 5.4.1.3 Japan

        4. 5.4.1.4 South Korea

        5. 5.4.1.5 ASEAN Countries

        6. 5.4.1.6 Rest of Asia-Pacific

      2. 5.4.2 North America

        1. 5.4.2.1 United States

        2. 5.4.2.2 Canada

        3. 5.4.2.3 Mexico

      3. 5.4.3 Europe

        1. 5.4.3.1 Germany

        2. 5.4.3.2 United Kingdom

        3. 5.4.3.3 Italy

        4. 5.4.3.4 France

        5. 5.4.3.5 Spain

        6. 5.4.3.6 Rest of Europe

      4. 5.4.4 South America

        1. 5.4.4.1 Brazil

        2. 5.4.4.2 Argentina

        3. 5.4.4.3 Rest of South America

      5. 5.4.5 Middle-East and Africa

        1. 5.4.5.1 Saudi Arabia

        2. 5.4.5.2 South Africa

        3. 5.4.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share (%) ** / Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles (Overview, Financials, Products and Services, and Recent Developments)

      1. 6.4.1 Aegion Corporation

      2. 6.4.2 Exel Composites

      3. 6.4.3 Gurit

      4. 6.4.4 Hexcel Corporation

      5. 6.4.5 Kordsa Teknik Tekstil AS

      6. 6.4.6 Toray Industries Inc.

      7. 6.4.7 Mitsubishi Chemical Corporation

      8. 6.4.8 Nippon Electric Glass Co. Ltd

      9. 6.4.9 Owens Corning

      10. 6.4.10 SGL Carbon

      11. 6.4.11 Teijin Limited

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Increasing Ability to Mass Produce Composites in the Construction Sector

**Subject to Availability
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Construction Composite Market Research FAQs

The Construction Composite Market market is studied from 2017 - 2027.

The Construction Composite Market is growing at a CAGR of >5.5% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2021.

Hexcel Corporation, Toray Industries Inc., Gurit, Owens Corning, Nippon Electric Glass Co. Ltd. are the major companies operating in Construction Composite Market.

Construction Composite Industry Reports

In-depth industry statistics and market share insights of the Construction Composite sector for 2020, 2021, and 2022. The Construction Composite research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the Construction Composite report PDF.

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