Construction Composites Market Analysis
Composite is a material that is composed of two or more constituent materials with substantially different chemical or physical characteristics, which are blended to construct a composite that exhibits distinct characteristics from the individual components. Construction composites such as wood composites, metal composites, and fiberglass are majorly applicable in the construction of commercial, industrial, and residential industries. Construction composites use glass fiber-bonded polymers that provide effective assistance at varying environmental conditions against extremely corrosive materials, extreme weather, pressure, and temperatures. Composites possess properties such as lightweight, stability in design, resistance to degradation, and toughness, which make suitable for use in the construction industry.
Key drivers of global construction composites market
The development of the construction industry along with increase in demand for eco-friendly and low-maintenance goods is anticipated to augment the demand for construction composites during the projected timeline. Furthermore, long service life and low maintenance costs fuels the demand for construction composites in the construction industry. In addition, change in lifestyle owing to increase in per capita income in emerging regions significantly contributes toward the development of innovative buildings and high-end buildings integrated with modern technologies, requiring specific composites to make the building durable and functional in all situations. Thus, all these factors collectively drive the growth of the global construction composites market.
Market scenario: opportunities and challenges
Increase in application of construction composites in fencing, stairways, gratings, railings, and floors for the industrial, residential, and household industries notably contributes toward the growth of the global market. In addition, the growth of the industry is driven by rise in construction activities and investments in infrastructure development in emerging nations. Technological developments have resulted in increased use of the commodity, especially as a substitute for conventional products such as aluminum and wood, which, in turn, is anticipated to create remunerative opportunities for the expansion of the global market during the forecast period. However, owing to the complex manufacturing cycle and high composite price can become a barrier to reinforced building materials industry. In addition, lack of knowledge on adding value to product characteristics such as longevity, increased workability, and time reduction is expected to impede the growth of the construction composites market.
COVID-19 scenario analysis
The global construction composite market is expecting a slowdown, owing to the outbreak of COVID-19 pandemic. Governments of various countries have implemented lockdown, which has led to shutdown of factories in scores of cities and provinces across the world, thus leading to predictions of a sharp slowdown in the output from the industrial sector to residential sector. This pandemic situation is likely to slow down the world’s economic development. With the slowdown in the economic growth, the construction composite industry is anticipated to witness negative impacts.
Key benefits of the report
- This study presents the analytical depiction of the global construction composites industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global construction composites market share.
- The current market is quantitatively analyzed to highlight the global construction composites market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years.
Questions answered in the global construction composites market research report
- Which are the leading market players active in the global construction composites market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What are the projections for the future that would help in taking further strategic steps?
Construction Composites Market Report Highlights
By Fiber Type
Key Market Players
Bedford Reinforced Plastics, Advanced Environmental Recycling Technologies, Inc., Diversified Structural Composites, UPM Biocomposites, Exel Composites Oyj, Jamco Corporation, Strongwell Corporation, Trex Company, Inc., Schoeck International, and Fib
Other Key Market Players
Owens Corning, SGL Carbon, Teijin Limited