Building and Construction Composites Market: Overview
Composite materials that can be used in building and construction activities are known as building and construction composites. They are prepared from two or more constituent materials with unique physical and chemical properties. These in turn form a single entity. In the combined form, building and construction composites show advanced chemical and physical properties. Building and construction composites can meet numerous design requirements posed by engineers and architects. These composites offer significant weight savings and high strength-to-weight ratio compared to conventional building and construction materials. Building and construction composites offer advantages such as improved tensile strength compared to steel and aluminum; and high resistance to weathering and harsh chemicals. Composite structures lower the weight of building structures by almost 40%. Building and construction composites are widely used in applications such as industrial, automotive, wind energy, marine, construction, and aerospace. Building and construction composites are ideal for application in building and construction activities owing to their key properties such as flexibility, durability, low weight, corrosion resistance, thermal performance, and impact resistance.
Building and Construction Composites Market: Driver & Restraints
Demand for building and construction composites is primarily driven by the rise in requirement of these composites in the residential sector and renovation activities across the globe. Low maintenance cost and long shelf life are primary factors driving the building and construction composites market. Overall economic development and rapid urbanization in emerging economies are anticipated to fuel the demand for building and construction composites in the near future. Additionally, technological advancement and increase in product innovation are anticipated to propel the building and construction composites market. Demand for robust reinforced materials such as advanced polymer composites has been rising in the building and construction industry. Substantial investments in infrastructure developments by various governments in emerging economies of Asia Pacific and Latin America is also estimated to positively influence the building and construction composites market.
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Building and Construction Composites Market: Key Segments
In terms of fiber, the global building and construction composites market can be bifurcated into carbon fibers and glass fibers. Demand for glass fibers is high due to the rise in demand for glass fiber composites in industrial, commercial, residential, and infrastructure applications. Based on resin type, the building and construction composites market can be segmented into polyester, vinyl ester, polyethylene, and polypropylene. In terms of application, the global building and construction composites market can be divided into industrial, commercial, residential, and infrastructure.
Building and Construction Composites Market: Trends & Development
The global building and construction composites market expanded significantly in 2017. This trend is expected to continue during the forecast period. Rapid urbanization is fuelling the building and construction composites market across the globe.
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Building and Construction Composites Market: Regional Outlook
Asia Pacific accounts for large share of the building and construction composites market. It is also a rapidly growing region of the market. Increase in construction and renovation activities, especially in China and India, are driving the building and construction composites market in Asia Pacific. Availability of key resins such as polyester, polypropylene, and polyethylene is anticipated to positively influence the building and construction composites market in Asia Pacific. North America, especially the U.S., is a major region of the global building and construction composites market owing to growth in renovation activities in the region. Germany and countries in Eastern European contribute significantly to the building and construction composites market in Europe. The market in Middle East & Africa and Latin America is expected to experience positive growth in the next few years due to the recent economic developments and rise in investment in construction projects in these regions.
Building and Construction Composites Market: Key Players
Prominent companies operating in the building and construction composites market include Jamco Corporation, UPM, Bedford Reinforced Plastics, and Exel Composites Oyj.
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Companies in the Building Construction Composites market have increasingly shifted gears with wide application of digital technology across the continuum, from raw material sourcing to manufacturing to generation of final output, to warehousing to final distribution operations. Among the various affects, the market is witnessing new growth economics due to thinning of line between specialty and commodity businesses that are associated with the larger ecosystem. At the same time, new growth parameters are being vigorously being debated as industry stakeholders put greater emphasis on the circular economy processes.
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