Proliferating demand for fiber glass products to underscore Construction Composites Market size

Burgeoning construction activities and increasing living standards are slated to fuel construction composites market size. Notably, stakeholders perceive lightweight and high tensile strength properties of the composites to trigger demand for the product. China has been an apt example of the expanding construction project as Beijing airport is set to be completed by 2025. The airport will allegedly outdo AI Maktoum Airport of Dubai in terms of cost, total square miles and plane & passenger capacity.

Palpable trend for fiber glass in the construction activities is fueling construction composites industry revenue. An uptick in the construction of skyscrapers and infrastructure equipped with advanced technologies has instilled confidence among stakeholders.

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Of late, fiber glass has become highly sought-after as a durable and lightweight property in almost all infrastructure operations. They tend to propel longevity and boost the reliability of the building.

As such, many leading organizations are adopting fiber glass in historic buildings and monuments. St. Peter’s Church—a 155 year old building in the U.S.— for instance, has been restored and renewed using fiberglass. Profound inclusion of fiber glass composites in the construction activities is anticipated to have an overarching influence on construction composites industry size expansion.

Use of construction composites in residential sector will continue to rise in the next half-a-decade as buildings such as apartments, houses adopt advanced construction composites. For instance, Gamman Construction struck a deal of around US$ 430 million to build a large scale residential development in Hong Kong. Construction composites market for residential application is expected to grow at a robust CAGR of over 5% through 2025.

Stakeholders are likely to infuse investments in Latin America construction composites market owing to dynamic future projects in the region. In the ensuing period, Latin America is expected to witness around 17,000 construction projects. Markedly, Enel Green Power is set to outlay around US$ 165 million in the construction of the novel wind farm, having a capacity of around 132MW.

Besides, Chile is expected to witness a construction of 98MW power plant, thereby generating around 70% of the country’s electric power from renewable sources.

That said, rigorous government regulations and exorbitant price of construction composites may derail the growth of the industry. Moreover, dearth of product knowledge is also likely to impede the growth of construction composites market. Having said that, soaring popularity of the composites in residential sector and trend for fiber glass will underscore the industry size expansion.

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Some of the leading industry players profiled in the report are contemplating mergers & acquisitions and product roll outs in a bid to gain a competitive edge in construction composites market. Prominent companies included in the report are Bedford Reinforced Plastics, UPM Biocomposites, Exel Composites, Strongwell Corporation, Diversified Structural Composites, Fiberon LLC, Advanced Environmental Recycling Technologies, Fibrolux GmbH, Hughes Brothers Inc., Jamco Corporation, Schoeck International and Trex Company. According to the latest research report by Global Market Insights, construction composites market size is anticipated to surpass US$ 65 billion by 2025.

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