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Construction Repair Composites Market Size was valued at USD 0.32 Billion in 2022. The Construction Repair Composites industry is projected to grow from USD 0.35 Billion in 2023 to USD 0.75 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 10.10% during the forecast period (2023 – 2032)
Even under extreme conditions, construction composites can maintain the structural integrity of the structure they are utilized in. Two of the most common types of composites used in construction are fiber composites and resin composites. Composites are utilized in construction in a variety of ways. Housing, civil, commercial, and industrial construction structures make up the market for composite materials used in construction. Additionally, due to composites’ expanding application in the construction sector as well as its low maintenance requirements and extended lifespan, the market for construction composites is anticipated to expand throughout the forecast period.
Drivers
Growing Urbanization to Boost Market Growth
High-end buildings & innovative constructions using new technologies are becoming more common in these developing nations due to growing urbanization & rising per capita income. These buildings require a variety of composite materials to be durable and resistant. Thus the growing urbanization will boost market growth over the forecast period.
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Opportunities
Increasing Demand for Fiberglass Composite Materials to offer Robust Opportunities
Fiberglass is quickly evolving into the composite with fastest growth & the greatest popularity due to its excellent tensile strength, amazing durability, and very low weight. The rising need for effective and efficient fiberglass composite materials to generate the building components for the commercial & residential structures is predicted to boost the overall construction composites market expansion.
Restraints and Challenges
High Production Cost to act as Market Restraint
The high production cost, availability of cost-effective substitutes, and inadequacy of skilled labor may act as market restraints over the forecast period.
Segment Analysis
The global construction repair composites market has been segmented based fiber type, resin type, product type, and application.
On the basis of fiber type, the market is segmented into glass fiber, carbon fiber, and others. The glass fiber was attributed to holding the largest market share in 2022, because of its exceptional tensile strength, outstanding tensile durability, and extreme lightness.
Based on resin type, the global construction repair composites market has been segmented into vinyl easter, epoxy, and others. The epoxy segment was expected to hold the largest market share in 2022, Due to their lower shrinkage and superior strength.
On the basis of product type, the market is segmented into textile / fabric, plate, rebar, mesh, and adhesive. The rebar was attributed to holding the largest market share in 2022, because Rebar is a lightweight, fiber-reinforced polymer with exceptionally high strength.
Based on application, the global construction repair composites market has been segmented into residential, commercial, bridge, silo flue pipe, oil & natural gas pipe line, water structure, industrial structure, and others. The industrial structure segment was expected to hold the largest market share in 2022, Due to growing industrialization on a global scale and increased industrial activity.
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Regional Analysis
The global construction repair composites market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe construction repair composites market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The construction repair composites market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World construction repair composites market comprises of Middle East, Africa, and Latin America.
Key Players
MRFR recognizes the following companies as the key players in the global construction repair composites market—Sika AG, BASF SE, Arkema SA, Owens Corning, Saint-Gobain S.A., S&P Global Inc., DuPont de Nemours, Inc., Ashland Global Holdings Inc., Henkel AG & Co. KGaA, W.R. Grace & Co., PPG Industries, Inc., Mapei S.p.A., 3M Company, Fosroc International Limited, Dow Inc., RPM International Inc., GCP Applied Technologies Inc., Simpson Strong-Tie Company Inc., Chomarat Group, Fiber-Tech Industries Inc., ENECON Corporation, Structural Group Inc., Canam Group Inc., Normet Group Oy, GFRP Composites Inc.
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Related Blog
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https://social.acadri.org/read-blog/926
