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The construction composites market is estimated to grow during the forecast period (2017-2023) owing to their high strength-to-weight ratio, heat resistance, and lightweight that would increase the fuel efficiency in vehicles and provide structural stability to aircrafts, thereby resulting in high demand from aerospace and defense sectors. Additionally, the construction composites market is projected to grow during the forecast period due to the increasing penetration of composites in the construction industry and their longevity and low maintenance cost.
The global construction composites market can be segmented into fiber type, resin type, application and region. The construction composites market, by fiber type, is segmented into carbon fiber, glass fiber and natural fiber. The glass fiber construction composites market is growing on account of increasing demand from end-use applications such as industrial, commercial, housing, and civil. Based on resin type, the construction composites market is categorized as polyester, vinyl ester, polyethylene, and polypropylene. The polypropylene resin construction composites market is expected to grow during the forecast period, as these type of construction composites offer resistance to corrosive liquids, excellent electrical insulation and good performance at elevated temperatures, lower styrene emissions as compared to polyester resins, and good adhesive strength.
The major applications of composites include end-use sectors such as aerospace and defence, transportation, wind energy, construction and infrastructure, pipes and tanks, marine, electricals and electronics. Wind energy is the fastest-growing application in the construction composites market during the forecast period. The construction composites offer properties such as shape stability, strength, damage resistance, and longitudinal stiffness, that makes them suitable for use in high-performance wind energy applications.
North America is expected to be the fastest-growing market for construction composites during the forecast period. Factors such as increasing urbanization and industrialization, coupled with long life and the low maintenance requirement is expected to drive the demand for construction composites in existing applications such as civil, commercial and industrial in this region. Asia-Pacific is expected to be the largest consumer of construction composites during the forecast period due to increasing growth in various end-use sectors such as electrical and electronics, construction and infrastructure, and improved transportation facilities in the region. China, India, Sweden, the U.K., the U.S., Brazil, and Malaysia are the key markets of construction composites owing to the rapid industrialization.
The restraining factors for construction composites market include high production and installation costs of construction composites and recyclability.
Toray Industries, Inc., Teijin Limited, Owens Corning, Advanced Environmental Recycling Technologies, Inc., Bedford Reinforced Plastics, Diversified Structural Composites, Strongwell Corporation, Excel Global, UPM and Hexcel Corporation are the key manufacturers of construction composites market. These companies undertake strategic alliances including product & business expansions, investments and agreements, to increase their market share and customer base.
By Fibre Type
By Resin Type
By Manufacturing Process