The global construction composites market is projected to reach US$6.65 bln by 2021, at a CAGR of 5.8%, during the forecast period, 2016 and 2021, as per Research and Markets. The increase in the penetration of construction composites in the construction industry, the long life & low maintenance requirement, rapid urbanization & economic boom in the emerging countries and the development of innovative products, are key factors responsible for the growth of the construction composites market. The construction composites market, by resin type is segmented into polyester, vinyl ester, polyethylene, polypropylene and other resins. The polypropylene resin construction composites market is expected to grow faster during the forecast period, as polypropylene resin based construction composites offer various thermal and mechanical properties, such as resistance to corrosive liquids, excellent electrical insulation and good performance at elevated temperatures, lower styrene emissions as compared to polyester resins, good adhesion strength to the different varieties of reinforcements, and so on. The construction composites market, by fiber type is further segmented into glass fiber and natural fiber construction composites. The glass fiber construction composites market is the largest in terms of value and volume owing to the growing demand from applications such as industrial, commercial, housing, and civil. The major applications in the construction composites market include industrial, commercial, housing and civil. The industrial application constituted a major portion in the construction composites market, by value and volume. Composites offer various features including resistance to corrosion & heat, dimensional stability, flexibility, high strength & stiffness and so on, due to which, the usage of composites in industries is witnessing a growing trend.
North America is expected to be the fastest-growing market for construction composites during the next five years. The factors that contribute to this growth are, the increasing urbanization and industrialization, coupled with long life & the low maintenance requirement. This has resulted in the high demand for construction composites in existing applications such as civil, commercial and industrial. Thus, these growing application industries are expected to drive the construction composites market in the North American region.
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