According to the latest market research report released by Global Market Insights, the global building composites market size will exceed $ 65 billion by 2025.
The report predicts that emerging countries have invested heavily in improving public infrastructure, which can significantly promote the growth of construction activities and will expand the size of the building composites market. For example, India ’s Numbai International Airport construction project, which started in 2015 and will be completed in 2019, cost $ 2.4 billion and is currently under construction. For another example, the UAE has been investing heavily in building ports, of which the total investment in the Khalifa port project is about $ 24 billion. Similar construction projects in emerging countries are likely to have a subsequent impact on the market for building reinforcement materials. In addition, the high-strength, lightweight and corrosion-resistant product characteristics of composite materials will help promote the continuous development of the building composites market in the near future.
However, high product prices may be an obstacle to the growth of the building composites market. The lack of product awareness will also have a negative impact on industry growth.
According to the report, metal-based composites accounted for 25% of the market size of the building composites market in 2017. Therefore, its excellent tensile strength and corrosion resistance will definitely promote the growth of the building composites market. Metal-based composite materials are an excellent substitute for traditional metal cladding and flooring for construction, and the increasing demand for anticorrosive and durable high-performance metal-based composite materials for building exterior decoration will also complement industrial growth. The report predicts that by 2025, the metal-based composites market will become a powerful thrust to further expand the size of the building composites market.
The report predicts that by 2025, the market size of commercial building composites will continue to grow at an average annual growth rate of more than 4.5%. Commercial buildings include bridges, tunnels, airports, highways, hospitals, etc. The government has been increasing investment in such infrastructure, which has contributed significantly to the growth of the building composites market. For example, the Indian government announced that it will invest $ 59 billion in the modernization of infrastructure in the next few years, which will have a huge impact on the overall size of the building composites market in 2025.
The report predicts that by 2025, the size of the building composites market in the Middle East and Africa will grow at an average annual rate of 6%. Governments in these regions are making comprehensive, large-scale investments in infrastructure. According to statistics, 67% of government investment in these regions is used for large-scale engineering construction, and each project has an investment of more than 1 billion US dollars, which will definitely have a huge impact on the scale of the building composites market in the near future. Middle Eastern countries, including the UAE, Qatar, Oman and Egypt, have contributed significantly to the region's 6% growth rate. At the same time, the emergence of many public-private joint ventures will also have a direct impact on investment growth in the field of building composites.
The report indicates that well-known construction composite materials companies have strong market competitiveness, and they occupy most of the overall market share. These companies have also recently expanded their production to meet the growing demand for products in the global market. These all indicate the prosperity of the global building composites market.