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.
As per Lucintel, the European construction market for composite applications is expected to grow at a CAGR of 5% from 2015 to 2020. Increasing residential and non-residential markets, along with civil construction, drive the composite market in the European construction region. The demand of new offices, growing leisure, and logistic facilities after recovery of Eurozone economies also drive the composite market. Several important emerging trends that have a direct impact on the dynamics of the industry include the shifting of investments from an international to an intercontinental arena and the increasing interest of private equity firms in the construction industry. The composite materials market in the North American construction industry witnessed robust growth in 2012 due to recovery from the recession and the uptrend in the key market segments as compared to 2009 and 2010. The composites market is projected to continue its growth momentum and experience double digit growths in 2013 and thereafter grow at a brisk pace until 2018. The market is expected to grow to US$1534 mln in 2018 with a robust CAGR over the next 5 years. Construction is one of the largest segments within the Asian composites industry in volume shipment. This includes 12 major applications such as door, windows, rebar, utility pole, column shutter, grating, cooling tower, bathtub, swimming pool, architectural applications, FRP panel, and others. Today composite products are becoming far more commonplace. Rebar, decking, grating, door and window, swimming pool, FRP panel and many other applications are gaining great interest from consumers. The worst performers in Asian construction were markets that were most closely associated with the slowdown in residential construction. Because of the slowdown in residential construction, specifically for exports into the U.S., these markets witnessed a significant decline from the previous year. The best markets were those associated with industrial or commercial applications, most of which have very little correlation to the movements in residential housing. As the global residential housing market continues to decline into 2008, it is important to know which sectors have continued to show strength despite the global economic slowdown. In addition, knowing the top five segments, which are expected to grow at or above 10% a year for the next five years, can help to avoid some of the further weaknesses projected for some application segments. For the next five years, the Asian composite market in construction is expected to average over 8.9% per year, however, individual results vary greatly from -5.3% to 19.2% per year.