Building and Construction Composites Market

Building and Construction Composites Market - An Overview

The global building and construction composites market is expected to witness strong growth during the forecast period between 2021 and 2031.

Construction composites are an engineered combination of several materials molded into one single product. Composites have witnessed more demand than other construction products in the last few years owing to properties such as improved resistance against extreme weather conditions.

Carbon fiber composites have emerged as one of the most-used composite materials in the last few years owing to product features such as high corrosion resistance, and superior durability to other materials.

Some of the industries that have extensively deployed building and construction composites include automotive, aerospace, wind energy, and industrial.

Building and Construction Composites Market - Trends and Opportunities

Rising product demand owing to reduced maintenance costs and longer shelf life is the key growth driver for the global building and construction composites market.

Also, increasing construction activities, especially in developing economies are anticipated to fuel the demand for building and construction composites, in the years ahead.

Innovations to existing products could play a key role in increasing the demand for building and construction composites and propel the overall market.

Government initiatives and measures, such as providing funding for leading players for R&D undertakings could bolster the global market, in future.

Metal composites product segment is expected to make the largest contribution to the overall market owing to properties such as high tensile strength and anti-corrosive nature.

Commercial application segment is anticipated to contribute the most to the overall market due to increased product deployment in the construction of tunnels, roads, and bridges.

Building and Construction Composites Market - Competitive Landscape

The global building and construction composites market is extremely competitive and comprises several well-established players. Many of these players are anticipated to account for a large share in the overall market, in the upcoming years.

Research and development undertakings to produce an improved quality of products could help prominent players meet the requirements of a large number of customers, in future.

Growth strategies such as novel product launches could help leading market players gain a competitive edge over other players.

Collaborations with smaller players could help well-established players expand their market presence and increase their revenue shares.

In July 2020, Teijin Carbon Europe and the National Composites Center in the UK signed a deal to manufacture composite materials, which are exclusively developed from carbon fiber.

A few leading players in the global market include Diversified Structural Composites, Exel Group Worldwide, Construction Composites Limited, UPM Biocomposites, and Strongwell Corporation.

Building and Construction Composites Market - Regional Assessment

The global building and construction composites market is classified into five regions, namely, North America, Asia Pacific, Europe, Middle East and Africa, and Latin America.

North America is expected to be the dominant region in the global building and construction composites market owing to increasing demand for lightweight and non-corrosive materials, which require very little maintenance.

Asia Pacific is anticipated to offer lucrative growth opportunities for the overall market in future owing to the rapid urbanization witnessed in countries such as India and Thailand.

Leading market players could establish R&D facilities in countries such as India, owing to ease of availability of key resources such as land and labor.

Europe is anticipated to witness moderate growth in the global market in the years ahead owing to changing construction practices in countries such as UK and Germany.

Other regions of the world such as Latin America and Middle East and Africa are expected to witness sluggish growth in the global market, in the upcoming years, owing to lack of presence of well-established market players in countries, belonging to both regions.