Construction Composite Market Is Estimated to Witness High Growth Owing to Increasing Infrastructure Development Projects and Government Focus on Green Building Materials
The construction composite market is estimated to be valued at US$ 7.24 billion in 2024, exhibiting a CAGR of 5.6% over the forecast period (2024-2031). Furthermore, the market is projected to witness significant growth owing to rising infrastructure development projects worldwide and growing repair and renovation activities of existing structures.
The global construction composite market is projected to witness substantial growth over the forecast period owing to increasing infrastructure development projects globally and growing focus of governments on green building materials. Rising disposable income and rapid urbanization in emerging economies have boosted infrastructure development activities in recent years. This, in turn, has fueled the demand for lightweight and durable construction composite materials in building and construction applications. Moreover, green building initiatives by the governments of various countries are promoting the adoption of eco-friendly composite materials with properties like high strength-to-weight ratio and corrosion resistance over conventional construction materials. Fiber reinforced polymer (FRP) composites and wood-plastic composites (WPC) are being increasingly utilized in decks, windows, and railings owing to their recyclability and sustainability.
Increasing Demand for Lightweight and Durable Construction Materials
One of the major drivers for the construction composite market is the increasing demand for lightweight and durable construction materials from the construction industry. Construction composites offer significant benefits over traditional construction materials like concrete and steel as they are much lighter in weight but provide equal or higher strength. Their lightweight nature reduces the overall construction cost by requiring less foundation work and also easier transportation and handling on site. Furthermore, composites last longer and require less maintenance over the lifespan of a building. All these factors are driving the increased adoption of composites in applications like floors, walls, ceilings, and roofing.
Stringent Government Regulations Towards Green Buildings
Governments across major countries are implementing stringent regulations towards promoting green and sustainable construction practices. Construction composites play a vital role in enabling green construction as they help significantly reduce the environmental impact of buildings. Composites can substantially improve the energy efficiency of buildings by providing better insulation. They also allow the use of recycled materials in manufacturing. Such eco-friendly properties are increasing the demand for composites from developers and construction firms who want to comply with new environmental norms. Various government incentives and subsidies for green building materials are further fueling the growth of the construction composite market.
High Initial Cost Compared to Traditional Materials
One of the major challenges being faced by the construction composite market is their significantly higher initial costs compared to traditional construction materials like concrete, wood, and steel. While composites offer long-term cost-savings, their high upfront expenses are still a deterrent for many small and mid-size construction projects that have limited budgets. For composites to see wider adoption, bringing down their manufacturing costs through economies of scale and technological advancements will be critical.
Lack of Standardized Testing and Certification Protocols
Another restrain is the lack of standardized testing procedures and certification requirements for construction composites across different regions and applications. Unlike concrete and steel, composites are a relatively new building material and comprehensive guidelines regarding their durability, strength, fire resistance, and other performance metrics are still evolving. This uncertainty over codes and compliance is hindering projects that involve the use of composites in critical structural components. Establishing universal testing and certification protocols by industry bodies can help address this challenge.
Growing Infrastructure Development Projects
Major infrastructure development initiatives worldwide in areas like bridges, roads, railways, airports, and other civil structures provide a big opportunity for construction composites. Composites can enable lighter, stronger, and longer-lasting infrastructure assets that cut capital and operating costs significantly over their lifespan.
Innovation of Advanced Composite Formulations
Continuous material research towards developing new formulations of construction composites with better properties than existing ones can open up greenfield opportunities. Novel composite blends with customized attributes for special applications, self-healing qualities, recycled content, 3D-printability, and others could disrupt the market. Substantial investments flowing into composites R&D from both private and public sectors are aimed at commercializing next-generation materials, widening the scope and penetration of these products globally.
Link: https://www.coherentmarketinsights.com/market-insight/construction-composite-market-5322
Key Developments
- In June 2024, the Navrattan Group, an Indian conglomerate, announced plans to launch an electric bus (E-Bus) built using glass fiber composites. This innovative approach aims to provide a more sustainable and lightweight transportation solution compared to traditional bus designs.
- In 2023, the global specialty materials company Solvay announced the launch of its new composite bonding technology product, FusePly 250. This innovative solution aims to improve the efficiency and reliability of composite bonding processes in various industries, including aerospace, automotive, and wind energy.
- In October 2021, Excel Composite, a leading composites manufacturer, and the Kineco Group, an Indian conglomerate based in Bardez, Goa, announced the formation of a new joint venture company called Kineco Excel Composites India. This partnership aims to leverage the expertise and resources of both companies to design, engineer, and produce high-quality composite materials and products.
- In January 2020, Mitsubishi Chemical Advanced Materials (MCAM) announced the acquisition of c-m-p GmbH, a leading manufacturer of prepreg materials, through its German subsidiary, Mitsubishi Chemical Advanced Materials GmbH. This strategic acquisition aims to enhance MCAM's capabilities in the production and supply of prepreg materials across Europe, Asia, and the United States.
Key Players
Aegion Corporation, Exel composites, Gurit, Hexcel Corporation, Kordsa Teknik Tekstil AŞ, TORAY INDUSTRIES INC., Mitsubishi Chemical Corporation, Nippon Electric Glass Co. Ltd., Owens Corning, SGL Carbon, Teijin Limited., Fibergrate Composite Structures, Inc., Advanced Environmental Recycling Technologies, Inc., Fiberon LLC, Strongwell Corporation, Trex Company, Inc, Zhengzhou Yalong Pultrex Composite Materials Co., Ltd., Jiangsu Jiuding New Material Co., Ltd., and Fibrolux GmbH
