Construction Composites Market to Record an Exponential CAGR by 2024
Composites
are defined as an engineered combination of various materials that
results in a single entity with better and more advanced properties
than the materials in the composite. Composites have been widely
used, initially in a number of applications such as automotive,
marine, aerospace, industrial, and wind energy. Lately, composites
are being used in the construction industry as well. This usage is
attributed to properties of composites such as durability, corrosion
resistance, design flexibility, impact resistance, and low weight.
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Composites
also have properties such as better insulation, water containment,
thermal resistance, and re-usability. These make them a preferred
option for use in the construction industry. Composites are capable
of maintaining the integrity of the construction in which they are
being used even in harsh conditions. Composites used in construction
are of various forms; two of the major forms of construction
composites are fiber composites and resin composites. Major
application segments of the construction composites market comprise
commercial, housing & civil, and industrial construction
structures.
The
major driving factor for the market for construction composites are
growing urbanization, long life and low-cost maintenance of
construction composites, and the economic boom in developing
countries coupled with the development of new and innovative
products.
Some
of the major factors restraining the construction composites market
are issues relating the re-usability of composites and high costs of
production and installation of construction composites.
Composites
play an essential role in the production and designing of complex
components in industrial and civil applications. The scope for the
use of construction composites in industries offers ample amount of
opportunity for the market to flourish at the regional level.
Composites have the property of resistance to highly corrosive fluids
and extreme environmental conditions such as pressure, soil
conditions, temperature, and adverse weather.
The
global market for construction composites is anticipated to witness
constant growth during the forecast period, due to superior qualities
and better performance offered by them and changing trends involved
in the activities related to the segment of construction.
North
America is anticipated to be the speedily expanding market for
construction composites, which would be followed by Asia Pacific. In
North America, there exists high demand for non-corrosive and
lightweight materials, which need less maintenance, in applications
such as civil and housing, commercial, and industrial construction
structures. The U.S. constitutes the major share of the construction
composites market in North America, in terms of consumption, due to
urbanization and changes in the lifestyle of the population.
Asia
Pacific has been witnessing speedy change in the lifestyle of people.
This has raised the rate of urbanization and the demand for advanced
architectural constructions, which requires the usage of composites
on a large scale to construct better structures. The increasing rate
of industrialization in countries such as India, Japan, and China is
a major factor driving the market in the region.
The
regions of Europe and Middle East & Africa are expected to
witness steady growth of the market for construction composites in
the near future, due changing trends associated with construction
practices.
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However,
the market in Latin America may experience growth at a sluggish pace
as compared to other regions.
Major
players operating in the market for construction composites at the
global level include Construction Composites Limited, Diversified
Structural Composites, Strongwell Corporation, UPM Biocomposites,
Exel Group Worldwide, Jiangsu Jiuding New Material Co. Ltd., Advanced
Environmental Recycling Technologies, Inc., and Trex Company Inc.
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