Global Construction Composites Market - Drivers and Forecasts by Technavio

Technavio has published a new report on the global construction composites market from 2017-2021. (Graphic: Business Wire)

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LONDON--()--Technavio analysts forecast the global construction composites market to grow at a CAGR of almost 6% during the forecast period, according to their latest report.

The research study covers the present scenario and growth prospects of the global construction composites market for 2017-2021. The market is segmented on fiber type (glass fiber and natural fiber), end-user (industrial, commercial, housing, and civil), and geography (North America, APAC, Europe, and ROW).

The global construction sector is striving to reduce the cycle time, from the inception to the completion of the project, by 50% and lowering the cost by one-third. To achieve this target, it would be necessary to implement off-site manufacturing and the use of low cost and novel materials. The larger focus on sustainability and the need for green products are increasing the use of construction composite products as they use recycled plastic materials and wood wastes. Moreover, aggressive distribution strategies pursued by vendors are contributing to the market growth.

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Technavio chemicals and materials research analysts highlight the following three factors that are contributing to the growth of the global construction composites market:

  • Growth in housing and construction sector
  • Superior properties of composites
  • Strong demand for composites in construction sector

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Growth in housing and construction sector

Composites are widely used in the building and construction industry for interior and outdoor applications such as decking. Decking accounts for the largest share of the market and the demand for these products are expected to increase significantly during the forecast period. APAC offers significant growth opportunities because of the growth in the housing sector. North America and Europe represent mature markets for decking.

Hitesh Bhatia, a lead metals and minerals research analyst at Technavio, says, “Composites play a vital role in the housing and construction sector with their unique functionalities that are often unavailable through conventional building materials. The growth in the housing and construction sector is expected to positively impact the global construction composites market, thus, increasing their demand.”

Superior properties of composites

Composites can meet a myriad of design requirements posed by engineers and architects, which are conveniently supported by significant weight savings and high strength-to-weight ratio when compared with conventional building materials.

“The composites structures bring down the weight by 30%-40% as compared with the same structures designed with aluminum. Composites offer great resistance to weathering and harsh chemicals that tend to damage conventional building materials. They also offer corrosion and damage resistance and work well under a wide range of temperatures,” adds Hitesh.

Strong demand for composites in construction sector

The construction sector has been providing a conducive platform for the growth of the global construction composites market. Fiber reinforced polymers (FRP) has taken over conventional building materials owing to its superior performance. Products manufactured using composites offer lightweight advantages, require less supporting structure, and offer greater resistance to corrosion and rot as compared with conventional building materials.

A staggering growth is observed in Europe and North America because of low residential housing construction, whereas, APAC looks promising and favorable for the growth of the market. Structural damage repair has been gaining momentum in the construction sector. This is backed by government fund allocation for retrofitting old infrastructures, especially, bridges and roads.

Top vendors:

  • Advanced Environmental Recycling Technologies
  • CPG International
  • Fiberon
  • Trex Company
  • UPM

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com

Release Summary

Technavio analysts forecast the global construction composites market to grow at a CAGR of almost 6% during the forecast period, 2017-2021.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com