Construction Composite Market Research Report by Raw Material, by Application, by End-Use Industry, by Region - Global Forecast to 2028 - Cumulative Impact of COVID-19 - by The Insight Partners

NEW YORK, June 29, 2022 /PRNewswire/ -- The Insight Partners published latest research study on Construction Composites Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Fiber Type (Glass Fiber, Carbon Fiber, Natural Fiber); by Resin Type (Polyester Resin, Vinyl Resin, Polyethylene) Application (Commercial, Industrial, Residential, Civil). The global construction sector is consistently witnessing high growth rate, majorly attributed to the rising demand for commercial and residential constructions. The composites materials have high strength and are corrosion resistant, chemical resistant, durable and flexible and capable of withstanding enormous heat. These benefits have attracted several construction companies and individual promoters across the globe. These benefits continue to gain customer traction in recent years, which is anticipated to create substantial market space in construction composites market. These construction composites are cost-effective and require less maintenance than normal construction materials.

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The increasing urbanization in the emerging economies is also helping the construction composite manufacturers to sell their products in large quantity, thereby fueling the growth of the market. In developed countries such as the US, the UK, Germany and China, the demand for composites is increasing continuously for civil construction applications. The major challenge faced by the construction composite manufacturers to attract their customers is the easy availability of alternative construction products.

Strategic Insights – Construction Composite Market

Construction Composites are being demanded in residential and commercial construction applications. In vehicles these composites would increase the fuel efficiency and provide structural stability to aircrafts, thereby resulting in high demand from aerospace and defense sectors. These composites have better insulation, water resistance, thermal resistance, and re-usability properties. These make them applicable for a wide range of applications.

The major driving factor for construction composites is growing urbanization, long life and low-cost maintenance of construction composites. Furthermore, technological innovation and advancement in innovative products is creating lucrative opportunities.

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Market Report Scope/Inclusions

The "Global Construction Composites Market Analysis to 2028" is a specialized and in-depth study of the construction composites industry with a focus on the global market trend. The report aims to provide an overview of global construction composites market with detailed market segmentation by material, end-use, and geography namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America.

The market by each region is later sub-segmented by respective countries and segments. The report covers analysis and forecast of more than 18 major countries globally along with current trend and opportunities prevailing in the region for the Construction Composites market.

The report provides a detailed overview of the industry including both qualitative and quantitative information. Further, the report analyzes factors affecting market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend.

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Construction composites are being demanded in residential and commercial construction applications. The growing urbanization and increased per capita income in many countries are giving constant rise to the construction industry, which has directly augmented the construction composites growth. Copious construction composite manufacturers invest in R & D activities to bring up new innovative technologies to provide additional properties and produce eco-friendly construction composites products.

However, high production cost of construction composites materials may hamper the over-market demand during the forecast period. Although, the increased product use and continuously growing construction sector will drive the consumption of construction composites.

The construction sector is continuously growing across the globe and witnessing high growth rate, majorly attributed to the rising demand for commercial and residential constructions. These composites in construction tends to increase strength, corrosion resistant, chemical resistant, durability, and flexibility, all these properties make them withstand enormous heat. These benefits have attracted several construction companies and individual constructors across the globe which has helped the construction composites market to grow. Further, these composites are gaining traction in high performance and technological advancement in construction activities.

Impact of COVID-19 Pandemic on Construction Composites Market:

The COVID-19 pandemic has significantly affected the world and is continuing to shatter several countries. To stop the spread of the COVID-19 pandemic, unprecedented lockdowns were enacted worldwide, and many manufacturing industry units were shut down. As a result, there is less demand for industrial items, which has hampered global economic activity. More than 78 percent of respondents claimed the COVID-19 pandemic had had a negative financial impact on their industry, according to a study conducted by the National Association of Manufacturers (US) in February and March 2020. The market was negatively impacted by COVID-19 crisis. Construction work stopped across the globe, especially in construction hubs like China, India, and Japan. Supply chain disruptions and work stoppages due to measures imposed by governmental authorities have affected the growth of construction composites.

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Key Recent Developments: Construction Composites Market.

• In April 2021, Heatcon, a US-based aerospace company partnered with Hexcel Corporation for an undisclosed amount. This partnership granted Heatcon to sell Hexcel's carbon fiber prepreg tapes and fabrics to support advanced air mobility vehicles and the unmanned aerial vehicles industry. Hexcel Corporation is US-based composite manufacturing company.
• In March 2020, Owens Corning, a US-based company manufacturing composites, acquired Hughes Brother's concrete reinforcement business Aslan FRP. This acquisition broadens the Owens Corning portfolio of composite solutions.

The report segments the global Construction Composites market as follows:

By Fiber Type

• Glass Fiber
• Carbon Fiber
• Natural Fiber

By Resin Type

• Polyester Resin
• Vinyl Resin
• Polyethylene

By Application

• Commercial
• Industrial
• Residential
• Civil

By Geography

North America

• US
• Canada
• Mexico

Europe

• France
• Germany
• Italy
• UK
• Russia
• Rest of Europe

Asia Pacific (APAC)

• China
• India
• Australia
• South Korea
• Japan
• Rest of APAC

Middle East and Africa (MEA)

• UAE
• Saudi Arabia
• South Africa
• Rest of MEA

South America

• Brazil
• Argentina
• Rest of SAM

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Construction Composite Market - Company Profiles:

• Strongwell Corporation
• Trex Company Inc.
• Bedford Reinforced Plastics
• Hughes Brothers Inc.
• Schoek International
• Diversified Structural Composites
• UPM Composites
• Excel Composites
• Pultron Composites
• Fibergate Composite Structure, Inc.

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