The construction composites market is projected to grow at a CAGR of 4.5% during the forecast period (2020-2026). The increasing penetration of composites in the construction industry owing to their low cost of purchase, long life, and low maintenance cost is the key factor driving the growth of the construction composites market. Additionally, growing industrialization and urbanization in the emerging countries along with the development of innovative composite products are further driving the construction composites market across the globe. 

The rising demand for eco-friendly and cost-effective materials in construction applications is further encouraging the adoption of composites in the construction industry, which in turn is anticipated to drive the global construction composite market. The ongoing R&D activities in the field of the construction industry over years have been enabling the researchers to find potential applications of composites in the construction industry. Technological innovations in the composite industry have led to the use of the products in the making of various structures that have complex shapes and are impossible to build with other traditional construction materials such as wood, iron, and steel.   

Segmental Outlook  

The construction composites market is segmented based on fiber type, resin type, and end-user. Based on fiber type, the market is segmented into carbon fiber, glass fiber, and other fiber types. Based on the resin type, the construction composites market is segmented into thermoplastics resin and thermosetting resin. Based on end-user, the market is segmented into residential, commercial & industrial. The industrial sector is anticipated to hold a major market share based on end-user. The high adoption of construction composites in industrial facilities owing to their high resistance towards highly corrosive fluids and harsh environmental conditions at various temperatures, pressures, adverse weather, and soil conditions is anticipated to drive the growth of the market segment.

Glass Fiber will be a considerable segment based on Fiber type

Glass fiber is a highly used composite in performing various construction composite applications including industrial, commercial, housing, and civil. The lower cost and superior properties of the glass fiber such as durability, flexibility, lightweight, strength, stability, as well as resistance to heat, temperature, and moisture are the major factors driving the growth of demand for glass fiber in the construction composite market. Additionally, the easy manufacturing process of glass fiber leads to a low cost of manufacturing which in turn is further anticipated to drive the market growth.  

Global Construction Composite Market Share by Fiber Type, 2019 (%)

Regional Outlook 

The global construction composite market is further segmented based on geography including North America, Europe, Asia-Pacific, and the Rest of the World. North America is anticipated to hold considerable market share during the forecast period. The US is the major contributor to the North American market share. This is due to the increasing development of construction activities. The presence of a well-established chemical sector and considerable growth in investment regarding eco-friendly building and construction industry are the pivotal factors driving the North American construction composite market. As per the America Chemistry Council, in the US alone, the chemical industry registered a significant growth of 2.5% rise in 2019 and is projected to register a significant growth of a 3.0% rise in 2020, despite this pandemic. 

Global Construction Composite Market Growth, by Region 2020-2026

Asia-Pacific will augment with the significant growth rate in the construction composite market 

The infrastructural development activities in emerging countries such as China, India, Japan, Indonesia, and South Korea are growing at a fast pace. Rapid urbanization and a rise in the count of novel residential and commercial units resulted in the competitive real estate sector. The growing demand for construction composites from China, India, Japan, and South Korea for various construction applications is a key factor driving the regional market growth. China is one of the key contributors to the growth of the construction composites market in Asia-Pacific. China has a well-established construction industry, with developments in the residential and infrastructural verticals supporting the growth of the construction industry at a large scale.

Market Players Outlook

The major players contributing to the global construction composites market include Arkema S.A., Mitsubishi Chemical Corp., BASF SE, Reichhold LLC, Koninklijke DSM N.V., and others. The key players in the market focus more on new product development and launches, partnerships and collaborations, geographical expansions, and innovative technological upgradations. For instance, in February 2020, PolyntSpA announced to establish its fully owned subsidiary Polynt Composites Turkey, incorporated and based in Istanbul. Polynt Turkey KimyeviÜrünlerTicaretAnonim?irketi will be established to allow the Group to serve the Turkish growing markets with its product portfolio and technical experience in the business of unsaturated polyester resins, vinyl ester resins, gel coats, and compounds, with a special focus on the local composites applications in construction, engineering stone, and transportation.

The Report Covers

• Market value data analysis of 2019 and forecast to 2026.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global construction composite market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.