Published On : 22 Nov 2018
The global construction composite market is already worth billions. And going forward, experts predict it would rise further because of the nimble strategies of the companies operating in the market. Those include mergers and acquisitions, considerable spends on product innovation and diversifications, and expansion or addition in existing production capacities.
The global construction composite market is characterized by a range of offerings for various application areas such as stairways, gratings, railings, decks, and fences for end use segments such as commercial, industrial, and household complexes. While these no doubt are supporting demand growth in the global construction composite market, there are other factors too enabling it to rise. Those include surging infrastructure building across nations, particularly in the developing nations, and the residential and commercial construction boom.
Construction Industry Emerges Frontrunner in Driving Demand
It is quite obvious that the flourishing construction industry is at the forefront of driving the global construction composite market. This is because of the long life and reduced maintenance cost of the product. Composites, also known as reinforced materials, are typically prepared from two or more constituent materials having distinct chemical or physical properties. However, once combined, they produce materials having features quite different from the individual components. It is widely projected that robust reinforced material, namely advanced polymer composites used in the construction industry would mainly fuel the global construction composite market.
Despite such advantages, the global construction composite market is facing headwinds from the high cost of the product owing to a complicated production procedure.
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Glass Fibers Generate Maximum Revenue in Construction Composite Market
The various types of construction composites in the market are glass fiber, carbon fiber, and others. Of them, the glass fiber at present grosses most of the revenue in the market. It is increasingly finding usage in different constructions in the commercial, industrial, civil, and housing sectors. The reason for the soaring popularity and sales of glass fiber is their flexibility, strength, durability, and light weight. Besides, they are also resistant to temperature, heat, and moisture. Another added benefit is the fact that glass fiber is less complicated and hence costs less.
Asia Pacific Market, Powered by China and India, to Expand at Fastest Clip
With respect to geography, the global construction composite market is currently being buoyed by Asia Pacific. This is because of the rapid economic development in the region, particularly in nations of China and India which has resulted in a construction boom. This further has filliped sales of construction composites. Further building or strengthening of infrastructure in the aforementioned nations along with others such as Indonesia, Malaysia, and Japan is also having a positive impact on the market. The fact that construction composites are durable and eco-friendly has led to their high usage.
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