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Construction Composites Market for residential construction applications is expected to grow at a CAGR of 5% by 2025

Author : Rahul Varpe | Published Date : 2019-07-04 

Construction Composites Market in Latin America is expected to expand with a CAGR close to 5% in the forecast timeframe. The region accounts for approximately over 17,000 upcoming constructions projects to be constructed. For example, Enel Green Power Peru has broken ground on its first wind farm in Peru. Enel will spend nearly USD 165 million in the construction of the new wind farm with a capacity close to 132MW i.e. the power generated by the wind farm would be adequate to meet the energy requirements of more than 480,000 homes.

Stringent government regulations restricting the composite applications and high price of the product may prove to be a barrier in the advancement of the reinforced material market. Also, deficit of product knowledge may turn out to be an obstacle for the construction composites market. Nevertheless, growing construction operations and the lightweight and high tensile strength properties would strongly enhance the reinforced material market soon.

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Chile is going to be a home of new 98MW power plant i.e. is expected to generate 70% of the country's electric power from renewable sources. Also, various other ongoing construction activities in South American countries is going to up surge the construction composites market by 2025.

Extensive construction activities due to the increasing per capita income and the improving living standards are boosting the construction expenditure in the developing nations, which has been subsequently driving the construction composites market in the recent years. For instance, in China the expansion project of Beijing airport that is expected to be completed by 2025 will surely surpass Dubai's Al Maktoum Airport in total square miles, cost, and plane & passenger capacity.

Construction composites market share is distributed among few market players. These players include:

  • UPM Biocomposites
  • Bedford Reinforced Plastics
  • Exel Composites
  • Diversified Structural Composites
  • Strongwell Corporation
  • Advanced Environmental Recycling Technologies
  • Fiberon LLC
  • Trex Company
  • Schoeck International
  • Hughes Brothers Inc.
  • Fibrolux GmbH
  • Jamco Corporation

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Reinforced material Market for residential construction applications is expected to rise with a CAGR over 5% in the forecast period. Residential buildings involve houses, apartments, housing societies etc. For example, Gammon Construction, a joint venture between Balfour Beatty and Jardine Matheson, has secured a contract worth around USD 430 million to build a large scale residential development in Hong Kong. Likewise, numerous other residential construction activities are on the play that is driving the construction composites market soon.

Similarly, in India Versova-Bandra sea link project has been approved. The bridge will be located about 900-1,800m from the coast of Mumbai, the stretch is approximately 17.7km, linking Versova and Bandra. Several other ongoing and future construction projects would increase the product demand directly propelling the construction composites market by 2025.

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About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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