Construction Composite Market, By Resin Type (Polyester Resin, Vinyl Ester, Polypropylene, Epoxy Resin, and Other Resin Types), By Fiber Type (Carbon Fibers, Glass Fibers, Natural Fibers, and Other Fiber Types), By End-Use Sector (Industrial, Commercial, and Housing), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : Jul 2024

Code : CMI5322

Pages :165

Formats :

Excel and PDF

Industry : Advanced Materials

Construction Composite Market Size and Trends

The construction composite market is estimated to be valued at USD 7.24 Bn in 2024 and is expected to reach USD 10.60 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 5.6% from 2024 to 2031.

Construction Composite Market Key Factors

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Composite materials help reduce weight and improve strength in construction, increasing their appeal for residential and commercial building applications. Their corrosion resistance properties make them suitable for infrastructure projects as well. The construction composite market is expected to witness steady growth over the forecast period. Composites are increasingly being used in place of concrete and steel in buildings and structures due to their higher strength-to-weight ratio and non-corrosive properties. Growing infrastructure investment across major economies to boost economic activity in the wake of the COVID-19 pandemic will further drive the need for lightweight and durable composite materials in construction.

Demand for structural composites

The construction industry has been witnessing high demand for structural composites owing to their versatile properties and wide application areas. Composite materials such as Fiber Reinforced Polymer (FRP), Glass Fiber Reinforced Polymer (GFRP), and Carbon Fiber Reinforced Polymer (CFRP) composites are increasingly replacing traditional construction materials like concrete, wood, and steel in several load bearing applications. Composites offer superior physical and mechanical properties like high strength to weight ratio, resistance to corrosion, and weathering compared to conventional materials. Their light weight enables easy transportation and handling at construction sites.

Composites are highly suitable for structures that require low maintenance and minimal repairs such as bridges, rail infrastructure, commercial buildings, etc. The use of composite materials helps reduce reinforcement corrosion which is a major issue plaguing concrete structures. Fiber reinforced polymer rebars have higher tensile strength than steel and do not corrode even under severe weather conditions. This promotes longer service life of structures with lower maintenance costs. Composites also provide designers greater freedom due to their customizable properties support innovative designs that were not possible with other materials. Several highway authorities and public works departments are actively promoting the use of pultruded fiber reinforced polymer profiles for railings, sound barriers, and other applications requiring rugged maintenance-free structures.

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Government initiatives and investments

Government policies and investments in advanced materials across major economies have pumped significant momentum into the construction composite market. Regulatory bodies in North America and Europe have allocated large funding towards research, demonstration projects, and innovation in infrastructure materials. Use of composite solutions is viewed as strategic both environmentally and economically. Many nations seek to replace outdated civic assets with low carbon alternative materials as part of their climate action plans.