Construction Composites Market By Resin Type (Polyester, Vinyl Ester, Polyethylene, Polypropylene, Epoxy, Others) , By Fiber Type (Carbon Fiber, Glass Fiber, Natural Fiber, Others) By Application (Residential, Commercial, Industrial) : Global Opportunity Analysis and Industry Forecast, 2024-2033
Construction Composites Market
The construction composites market was valued at $21.8 billion in 2023 and is projected to reach $36.7 billion by 2033, growing at a CAGR of 5.3% from 2024 to 2033.
A construction composite is a material with eminent attributes formed by combining two or more elements with distinguished chemical and physical properties. It consists of a matrix that acts as a base material and a reinforcement substance to enhance the properties. The key benefits of using composites in the construction industry are their lightweight nature, durability, high strength, and resistance to various environmental factors. Different types of construction composites include fiber-reinforced, wood, concrete, advanced polymers, and metal matrix.
The lightweight property & high strength-to-weight ratio of construction composites are the major drivers of the market as these attributes fuel their requirement in bridges and high-rise buildings. Furthermore, increase in ongoing infrastructural projects due to rapid surge in urbanization has elevated the need for construction composites, augmenting the market growth significantly. An emerging trend projected to gain prominence in the coming years is the development of recyclable composites to promote a circular economy. These construction composites are designed with structures that are easy to disassemble, enabling efficient recovery of constituent materials during the end of the product life cycle.
However, as the awareness regarding the usage and benefits of construction composites is confined, their demand remains limited, hampering the development of the market. Moreover, the enhancement of conventional materials such as treated steel and ultra-high-performance concrete presents stringent competition to construction composites, restraining the market growth notably. On the contrary, the development of bio-composites with biodegradable matrices and high-strength natural fibers is poised to present remunerative opportunities for the market owing to rise in adoption of eco-friendly materials & practices in the construction industry. The 2023 Global Status Report for Buildings and Construction by the UN Environment Programme states that in 2022 buildings were responsible for approximately 34% of global energy demand and 37% of carbon emissions. As an effort to reduce these figures, the adoption of construction composites is projected to witness a considerable surge.
Segment ReviewThe construction composites market is segmented into resin type, fiber type, application, and region. On the basis of resin type, the market is divided into polyester, vinyl ester, polyethylene, polypropylene, epoxy, and others. Depending on fiber type, it is classified into carbon fiber, glass fiber, natural fiber, and others. As per application, it is categorized into residential, commercial, and industrial. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key FindingsOn the basis of resin type, the polyester segment is expected to dominate the market during the forecast period.
Depending on fiber type, the carbon fiber segment is projected to acquire a high stake in the market by 2033.
As per application, the commercial segment is anticipated to hold a high share of the market throughout the forecast period.
Region wise, Asia-Pacific is predicted to be the highest revenue generator by 2033.
Competition AnalysisThe major players in the global construction composites market include Azuria, Exel Composites, Gurit Services AG, Hexcel Corporation, Kordsa, TORAY INDUSTRIES, INC., Mitsubishi Chemical Group Corporation, NIPPON STEEL CORPORATION, Owens Corning, SGL Carbon, and Teijin Limited. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships to strengthen their foothold in the competitive market.
Key Market SegmentsBy Resin TypePolyester
Vinyl Ester
Polyethylene
Polypropylene
Epoxy
Others
By Fiber TypeCarbon Fiber
Glass Fiber
Natural Fiber
Others
By ApplicationResidential
Commercial
Industrial
By RegionNorth America
U.S.
Canada
Mexico
Europe
France
Germany
Italy
Spain
UK
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
South Africa
Saudi Arabia
Rest of LAMEA
Key Market PlayersAzuria
Exel Composites
Gurit Services AG
Hexcel Corporation
Kordsa
TORAY INDUSTRIES, INC.
Mitsubishi Chemical Group Corporation
NIPPON STEEL CORPORATION
Owens Corning
SGL Carbon
Teijin Limited