Global Construction Composites Market to Reach US$ 8.1 Billion by 2032, Impelled by Increasing Infrastructural Developments

May 24, 2023 | Construction and Manufacturing

According to the latest report by IMARC Group, titled "Construction Composites Market by Fiber Type (Carbon Fiber, Glass Fiber, and Others), Resin Type (Thermoplastic, Thermoset), End Use (Industrial, Commercial, Residential), and Region 2024-2032," the global construction composites market size reached US$ 5.5 Billion in 2023. Construction composites are manufactured by fusing two or more distinct materials, such as fibers, resins, and additives. They are composite materials with enhanced properties and performance. By combining strength, durability, and lightweight properties, construction composites aim to outperform conventional building materials including concrete, steel, or wood. They are used in a variety of building materials, including beams, columns, facades, panels, and bridges, where their special characteristics improve structural integrity while using less upkeep and energy. Additionally, they may also be molded into a variety of forms and sizes, enabling customized designs and more architectural flexibility. As a result, architects and designers seeking creative and visually beautiful architectural solutions frequently use composites. They also demonstrate impressive resilience to environmental deterioration, such as corrosion, rot, and decay.

Global Construction Composites Market Trends:

The escalating demand for lightweight and high-strength materials majorly drives the global market. This can be supported by the growing adoption of construction composites in infrastructure projects, buildings, and transportation systems due to the rising awareness regarding energy efficiency. Along with this, rapid infrastructural developments are leading to the widespread adoption of construction composites to provide excellent resistance to corrosion, weathering, and chemical degradation. For instance, in residential construction, composites are utilized for various applications, including decking, fencing, and insulation, due to their long lifespan and low maintenance requirements. In addition, the lightweight nature of composites lowers transportation costs and are easier installation. These cost-efficiency and lifecycle benefits attract construction companies and project developers to adopt composites, which is acting as another growth-inducing factor. Apart from this, the increasing emphasis on sustainability and energy efficiency is influencing the demand for construction composites, such as fiberglass-reinforced polymers (FRPs) and carbon fiber-reinforced polymers (CFRPs) are contributing to the market. Furthermore, the introduction of advanced composites, such as carbon fiber composites to expand the range of applications is creating a positive market outlook. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 8.1 Billion by 2032, exhibiting a growth rate (CAGR) of 4.12% during 2024-2032.

Market Summary:

On the basis of the fiber type, the market has been divided into carbon fiber, glass fiber, and others. Among these, carbon fiber represents the largest market segment.
Based on the resin type, the market has been segmented into thermoplastic and thermoset. According to the report, thermoset accounts for the largest segment.
On the basis of the end use, the market has been divided into industrial, commercial, and residential. Among these, the industrial sector represents the largest market segment.
On the geographical front, the market has been classified into North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. At present, Asia Pacific holds the leading position in the market.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include Aegion Corporation, Bedford Reinforced Plastics, Exel Composites Oyj, Fibergrate Composite Structures Incorporated (RPM International Inc.), Gurit Holding AG, Jiangsu Jiuding New Material Company Ltd., Owens Corning, Schock Bauteile GmbH, SGL Carbon SE, Strongwell Corporation, and UPM Biocomposites.

Report Scope:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Fiber Types Covered	Carbon Fiber, Glass Fiber, Others
Resin Types Covered	Thermoplastic, Thermoset
End Uses Covered	Industrial, Commercial, Residential
Regions Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	Aegion Corporation, Bedford Reinforced Plastics, Exel Composites Oyj, Fibergrate Composite Structures Incorporated (RPM International Inc.), Gurit Holding AG, Jiangsu Jiuding New Material Company Ltd., Owens Corning, Schock Bauteile GmbH, SGL Carbon SE, Strongwell Corporation, UPM Biocomposites, etc.
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Global Construction Composites Market to Reach US$ 8.1 Billion by 2032, Impelled by Increasing Infrastructural Developments

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