Oct 14, 2021, 09:44 EST
Shibuya-ku, Tokyo, Japan, Japan, Oct 14, 2021, 09:44 /Comserve / -- Construction Composite Market With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast
The global construction composite market is estimated to witness a healthy growth, at an estimated CAGR of over 5%, over the forecast period. The major factors driving the growth of the market studied are increasing use of composites in construction applications and rehabilitation of old concrete structures.
- High initial production and installation costs of composites is likely to hinder the markets growth.
- Increasing ability to mass produce composites in the construction sector are likely to create opportunities for the market in the coming years.
- North America region is expected to dominate the market. Asia-Pacific region is likely to witness highest CAGR during the forecast period.
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Key Market Trends
Increasing Demand for Polypropylene Resins
- Polypropylene resin segment is expected to grow at a fast rate during the forecast period, owing to efficient thermal and mechanical properties.
- Some of the principle properties of polypropylene include semi-rigid, translucence, good chemical resistance, toughness, good fatigue resistance, integral hinge property, and good heat resistance.
- It is used in various applications in building and construction sector, such as siding, air, and moisture barrier membranes, carpet textiles, films, and sheets used in insulating building wraps, industrial adhesives and tapes, and plastic parts included in piping.
- The construction sector of Asia-Pacific has been witnessing a steady growth, in the recent past, owing to the presence of fast-growing economies, rapid urbanization, and rising infrastructure spending. The increasing presence of foreign companies in the Asia-Pacific region has also created demand for the construction of new offices, buildings, production houses, etc., thereby, driving the growth of the construction sector in the region.
- The usage of polypropylene in industrial and construction sectors is growing and boosting the demand for construction composite over the forecast period.
Asia-Pacific Region to Lead the Market Growth
- The Asia-Pacific construction sector is the largest in the world, and is growing at a healthy rate, owing to the rising population, increase in middle-class incomes, and urbanization.
- Increasing infrastructure construction activities and the entry of major players from the European Union into the lucrative market of China have further fueled the industry’s expansion.
- China’s 13th Five Year Plan started in 2016, as it was an important year for the country’s engineering, procurement, and construction (EPC) industry. In addition, the country ventured into new business models domestically and internationally, during the year. Although the construction sector slowed down after 2013, it is still a major contributor to the GDP of the country. The China’s construction industry developed rapidly in the recent past, due to the central government’s push for infrastructure investment, as a mean to sustain economic growth.
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- Furthermore, restrictions on foreign investment on land development, high-end hotels, office buildings, international exhibition centers, and construction and operation of large theme parks have also been lifted. The growth in the infrastructure and transportation sectors is expected to boost the construction composites market in the country, over the forecast period.
The construction composite market is partially consolidated in nature. Some of the major players in the market include Advanced Environmental Recycling Technologies, Inc. (AERT), Exel Composites, STRONGWELL CORPORATION, Trex Company, Inc., and UPM, among others.
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Increasing Use of Composites in Construction Applications
4.1.2 Rehabilitation of Old Concrete Structures
4.1.3 Other Drivers
4.2.1 High Initial Production and Installation Costs of Composites
4.2.2 Impact of COVID-19 Pandemic
4.3 Industry Value-Chain Analysis
4.4 Porters Five Force Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5 MARKET SEGMENTATION
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