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Construction Composite Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Construction Composite Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

  • April 2022
  • 165 pages
  • ID: 6192767
  • Format: PDF
  • Mordor Intelligence LLP

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The Global Construction Composite Market size is evaluated at USD 17,157.38 million in 2020 and is projected to register a CAGR of ~6.14% during the forecast period (2021-2026).

The market was negatively impacted by COVID-19 in 2020 as the pandemic across the world has severely impacted international trade and hampered several industries including manufacturing, and building, and construction, among others.

Key Highlights
Over the medium term, the factors driving the growth of the market studied are the increasing usage of composites in construction applications, rehabilitation of old concrete structures, and other factors, such as rapid urbanization, economic growth in major economies, and strong adherence to green building norms.
On the flip side, the impact of COVID-19 pandemic on the composite industry’s growth and the supply chain disruptions, as well as the high initial production and installation costs of composites, are hindering the growth of the market studied.
However, the increasing ability to mass-produce composites in the construction sector is 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.

Key Market Trends

Civil Construction Sector to Dominate the Market

Civil construction is involved in the building of bridges, dams, roads, airports, canals, railway infrastructure, and related buildings.
In China, Edging toward the end of 2021, several Chinese provinces in recent days have announced major infrastructure projects. South China’s Guangxi Zhuang Autonomous Region unveiled a batch of major construction projects last week, with a total investment of 185.9 billion yuan (USD 29.15 billion). Those projects cover a wide range of sectors, including transportation, new energy, logistics and basic infrastructure.
Furthermore, China plans to expand its railway network, the second largest in the world, by one-third in the next decade and a half, as part of a long-term plan to propel urbanization and stimulate local economies. According to a plan issued by state-owned China State Railway Group, China aims to have about 200,000 kilometers (124,274 miles) of railway tracks by the end of 2035, including about 70,000 km of high-speed railway.
In Germany, the Ministry of Transport and Digital Infrastructure is planning to invest EUR 300 million in future technologies, such as electric mobility or automated and networked driving for electric vehicle charging infrastructure, which, in turn, is further expected to increase the consumption of composite materials.?Furthermore, The country has started working on the A49 highway project connecting Schwalmstadt and the Ohmtal interchange in Central Hesse.
This project is based on the public-private partnership model with an investment of EUR 700 million with a total construction of 93 Km road and is expected to complete in the third quarter of 2024. These massive railway and road construction projects will drive the demand for construction composites during the forecast period.?
Furthermore, In Canada, as a part of the ‘Investing in Canada Plan’, the government has announced plans of making an investment of nearly USD 140 billion for major infrastructure developments in the country by 2028.
All such factors are likely to influence the civil construction sector, thereby Civil Construction Sector is expected to Dominate the Market.

North America Region to Dominate the Market

North America region is expected to dominate the market for construction composites during the forecast period. With the growing construction sector in countries such as the United States, Canada, and Mexico, the utilization of construction composites is increasing in the region.
The North American region is one of the largest consumption markets for construction composites. The United States has one of the world’s largest construction industries, with the new trillion-dollar infrastructure bill in effect, the country is expected to drive the construction composite market.
Additionally, the total construction spending in the country reached USD 1,521.45 billion in January 2021 which increased by 1.7% compared to USD 1,496.45 billion in December 2020 and increased by 5.8% compared to USD 1,437.72 billion in January 2020. The total construction spending by June 2021 increased by 8.2% and reached USD 1552.2 billion compared to USD 1,435 billion in June 2020.
Moreover, In Canada, the residential and commercial sectors have been witnessing a steady growth in the recent past. The country witnessed some of the largest construction projects, such as Panda Condominium, Harwood Condominium, Power and Adelaide Condominium, and Amazon Distribution Centre/Ottawa.
As part of the ’Investing in Canada Plan,’ the government has announced plans to invest nearly USD 140 billion for major infrastructure developments by 2028.
The aforementioned factors, coupled with government support, is responsible for North America Region to Dominate the Market.

Competitive Landscape

The global construction composite market is fragmented in nature. Some of the major players in the market (in no particular order) include Hexcel Corporation, Teijin Limited, Toray Industries Inc., SGL carbon, and Gurit among others.

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