The construction composites industry has undergone significant transformation over the recent decades due to the increasing infrastructural development across emerging economies, backed by massive population growth and rapid industrial growth. The fast-paced migration of people from rural to urban areas has escalated the demand for housing and other amenities like schools, hospitals, shopping malls, etc. Driven by these growing infrastructural requirements, governments of several economies have poured in hefty investments in different residential and commercial projects, which may strengthen the construction composites market forecast in the coming years.
The remarkable attributes of composites like high strength, low weight, improved thermal and electrical insulation, corrosion and water resistance have made them increasingly popular across the construction sector. These characteristics make them flexible to be used in the construction of complex decorative or structural building designs. Due to their durability, versatility, and excellent insulating properties, the application of these products is known to have a positive impact on the environment. Besides, growing R&D practices by notable industry players to manufacture products with improved characteristics in line with the rising disposable incomes and strong economic growth leading to the construction of high-end establishments will increase the construction composites market share.
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As per a research report by Global Market Insights Inc., the global construction composites market size could surpass a valuation of USD 72 billion by 2028.
Mentioned ahead are some prominent factors streamlining the industry expansion.
ACCELERATING INFRASTRUCTURE DEVELOPMENT ACROSS THE ASIA PACIFIC
The Asia Pacific construction composites market may experience lucrative growth due to flourishing real estate and developing urban infrastructure across emerging economies like India.
According to a recent report by Invest India, the construction industry in the nation is estimated to reach $1.4 trillion by 2025. In addition, favorable government initiatives like Housing for All, Swachh Bharat Abhiyan, the Smart Cities Mission, and the approval of 100% FDI will positively influence the construction sector in the Asia Pacific region. This, in consequence, will propel the demand for construction composites in the years to come.
FIBER REINFORCED PLASTICS COMPOSITES SALES ON THE RISE
FRP composites have gained significant traction over the years owing to their superior corrosion resistance, high strength to density ratio, and convenient thermal, magnetic, and electrical properties. Due to these exceptional characteristics, fiber-reinforced plastics replace metallic materials in several structural applications where load-carrying capability is of great significance.
Driven by their mechanical properties, the use of FRP in engineering applications allows engineers to obtain substantial accomplishments in the economy, safety, and functionality of construction.
The extensive use of these materials in commercial and residential construction projects will escalate the construction composites industry trends in the times to come.
PROLIFERATING COMMERCIAL END-USE
The commercial segment is likely to generate considerable revenues throughout the projection period, owing to the ongoing development of infrastructure in developed as well as developing economies. Recently, under the National Infrastructure Pipeline, the government of India has announced an investment budget of $1.4 trillion, which includes the construction of mega ports, railway lines/stations, industrial corridors, smart cities, and other commercial spaces.
These rising investments can be attributed to the growing urban population, which has escalated the requirement to enhance the quality of life through technology-driven modernized urban planning.
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As per estimates, the urban population in India constitutes about 63% of the country’s GDP. These optimistic scenarios, coupled with the rising living standards, will foster the expansion of the construction composites industry in the future.