Construction Composites Market | Top Key Players - UPM Biocomposites, Bedford Reinforced Plastics, Exel Composites, Diversified Structural Composites, Strongwell Corporation, Advanced Environmental Recycling Technologies, Fiberon LLC, Trex Company, Schoec
Construction Composites Market is forecast to exceed USD 65 billion; according to a new research report.
Construction composites market share is distributed among few market players. These players include UPM Biocomposites, Bedford Reinforced Plastics, Exel Composites, Diversified Structural Composites, Strongwell Corporation, Advanced Environmental Recycling Technologies, Fiberon LLC, Trex Company, Schoeck International, Hughes Brothers Inc. Fibrolux GmbH and Jamco Corporation.
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Extensive construction activities due to the increasing per capita income and the improving living standards are boosting the construction expenditure in the developing nations, which has been subsequently driving the construction composite market in the recent years. For instance, in China the expansion project of Beijing airport that is expected to be completed by 2025 will surely surpass Dubai's Al Maktoum Airport in total square miles, cost, and plane & passenger capacity. Similarly, in India Versova-Bandra sea link project has been approved. The bridge will be located about 900-1,800m from the coast of Mumbai, the stretch is approximately 17.7km, linking Versova and Bandra. Several other ongoing and future construction projects would increase the product demand directly propelling the construction composite market by 2025.
Stringent government regulations restricting the composite applications and high price of the product may prove to be a barrier in the advancement of the reinforced material market. Also, deficit of product knowledge may turn out to be an obstacle for the construction composite market. Nevertheless, growing construction operations and the lightweight and high tensile strength properties would strongly enhance the reinforced material market in the near future.
Subsequent increase in the construction of high rise buildings and infrastructures equipped with modern technological advancements is positively driving the use of fiberglass in the construction activities. Fiberglass are advanced composites which are being applied in all major infrastructure operations owing to its heavy durability and lightweight property. It increases the longevity and the reliability of the building or structure. Several, organizations are restoring historic buildings and monuments with fiberglass to increase the buildings life. For instance, St. Peter?s Church, a 155 year old building in the U.S. has been restored and renewed using fiberglass. These advanced properties of the product will augment the construction composites Market in the forecast timeframe.
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The global construction composites market is estimated to accumulate significant gains over the coming years owing to rising product demand in the construction industry which will also be supported by increasing infrastructural development in the Asia Pacific region.
Owing to longer life span and low maintenance cost, construction composites like fiberglass, metal composites, and wood composites are in high demand in the construction industry. According to a report by the Global Construction Perspectives and Oxford Economics the volume of construction output is estimated to grow by 85% to value $15.5 trillion globally by the year 2030, with the U.S., China, and India accounting for 57% of global growth. The report further states that an average global construction growth of 3.9% per annum to 2030, will outpace that of the global GDP by more than one percent. Robust growth in the construction industry will spur material demand, thereby proliferating the construction composites market growth.
Rapid urbanization in emerging countries, particularly in the Asia Pacific region, will also boost the construction industry driven by rising number of infrastructural projects. The current infrastructural race primarily among the US, China, and Japan as well as other Asian nations will have a huge impact on the future of global trade. Recently, at a summit in Tokyo, Japanese leaders along with leaders of five south-east Asian countries agreed to implement a new policy that will support the development of more than 150 infrastructural projects in the Mekong region. These projects will lead to high-profile construction contracts, which will further augment the construction composites market over the foreseeable years.
Reinforced material Market for residential construction applications is expected to rise with a CAGR over 5% in the forecast period. Residential buildings involve houses, apartments, housing societies etc. For example, Gammon Construction, a joint venture between Balfour Beatty and Jardine Matheson, has secured a contract worth around USD 430 million to build a large scale residential development in Hong Kong. Likewise, numerous other residential construction activities are on the play that is driving the construction composite market in the near future.
Latin America reinforced material Market is expected to expand with a CAGR close to 5% in the forecast timeframe. The region accounts for approximately over 17,000 upcoming constructions projects to be constructed. For example, Enel Green Power Peru has broken ground on its first wind farm in Peru. Enel will spend nearly USD 165 million in the construction of the new wind farm with a capacity close to 132MW i.e. the power generated by the wind farm would be adequate to meet the energy requirements of more than 480,000 homes. Likewise, Chile is going to be a home of new 98MW power plant i.e. is expected to generate 70% of the country?s electric power from renewable sources. Also, various other ongoing construction activities in South American countries is going to up surge the construction composites Market by 2025.
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