Construction Repair Composites Market worth $533 million by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, July 9, 2021 /PRNewswire/ -- According to the new market research report "Construction Repair Composites Market by Fiber Type (Glass, Carbon), Resin Type, Product type (Fabric, Plate, Rebar, Mesh, Adhesive), Application (Bridge, Water Structure, Industrial Structure, Commercial), and Region - Global Forecast to 2026", published by MarketsandMarkets™, the global Construction Repair Composites Market size is expected to grow from USD 331 million in 2021 to USD 533 million by 2026, at a CAGR of 10.0% during the forecast period.
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Construction repair composites is extensively being used in the residential, commercial, silo flue pipe, bridge, oil & natural gas pipeline, water structure, industrial structure and other end-use applications. The increasing bridge, and commercial repair projects support the demand for construction repair composites in the bridge and commercial end-use application.
Glass Fiber composites comprises a major share of the construction repair composites market in terms of value.
The glass fiber compositess find wide uses in various end-use applications. Some of the major applications includes the residential, commercial, silo flue pipe, bridge, oil & natural gas pipeline, water structure, industrial structure, and others. The increasing demand from these applications is expected to drive the glass fiber construction repair composites market during the forecasted period.
The COVID-19 pandemic resulted in a decline in industrial activities in the first half of 2020 across the globe. It resulted in reduced demand for construction repair composites from various end-use applications.
The Vinyl Ester resin type accounts for the largest market share in the global construction repair composites market during the forecasted period in terms of value and volume
Vinyl ester resin type is the largest type of resin in construction repair composites used for variety of applications. Vinyl ester resins have high strength, mechanical toughness, high resistance to corrosion, and resistance to fuels, chemicals, or vapors. They have great durability, heat resistance, and high tensile elongation strength. This resin can be impregnated with short glass fiber or carbon fiber to produce construction composites. They are more cheaper and cost effective compared to epoxies. The wide applications and acceptance of vinyl ester composites is expected to drive the demand during the forecasted period.
The COVID-19 pandemic has resulted in reduced demand for construction repair composites from major applications such as residential, commercial, silo flue pipe, bridge, oil & natural gas pipeline, water structure, and others. These factors are have reduced the demand for vinyl ester composites composites in 2020. The construction repair composites consumption is expected to recover post the pandemic.
The rebar product type accounted for the largest market share in the global construction repair composites market during the forecast period in terms of value and volume.
The rebar accounted for the largest market share by product type in construction repair composites market. Rebar is light fiber reinforced polymer, which possesses extensively high strength. The rebars are transparent to magnetic field as well as to radio frequencies, thermally, and electrically non-conductive, and impervious to chemical attack, and hence are used as an alternative to the steel reinforcements in the construction industry. Rebars are typically used in the repairing of bridges, highways, commercials, industrial structures and other application.
The demand for construction repair compositess from various applications is have declined in 2020 due to halts in the first half of 2020. Also, major manufacturers temporarily closed their plants during the lockdown. The demand is expected to recover after the COVID-19 pandemic is under control.
The bridge application accounted for the largest market share in the global construction repair composites market during the forecast period in terms of value and volume.
The bridge application holds the dominant market share in the global construction repair composites market, both in terms of value and volume. Composite rebars, mesh, carbon fabric, and other products are widely used to increase the strength of bridges across the world. There are multiple advantages of composite material that include faster, easier, and more economical installations and repair of structures as smaller cranes are required while working. They provide the ability to ring large sections to the construction sites, which helps to reduce the repair & assembly time and cost as well. The demand for construction repair compositess from bridge end-use application declined in 2020 due to halts in the first half of 2020. Also, major manufacturers temporarily closed their plants during the lockdown. The demand is expected to recover after the COVID-19 pandemic is under control.
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Europe is expected to account for the largest market share in the construction repair composites market during the forecast period.
Europe accounts for the biggest share of the global construction repair composites market. The commercial, bridge, and water structure are the major consumers of construction repair composites in the region. North America is the second major consumer of construction repair composites bridge, water structure, industrial structural, and commercial are the major industries fueling the growth of the construction repair composites market in this region.
However, the COVID-19 outbreak has affected the demand for construction repair composites in the region. On the positive side, support packages offered by governments of various countries will help to maintain the liquidity in construction repair composites market. Such initiatives coupled with recovery in the application areas will increase the demand for construction repair composites in North America and European region.
The key players in the Construction Repair Composites Market Sika (Switzerland), MapeiSpA (Italy), Fosroc (UAE), Master Builders Solutions (Germany), Simpson Strong-Tie Company Inc. (US), are some of the key players in the construction repair composites market. Fyfe (US), AB-SCHOMBURG YapýKimyasallarý A.Þ. (Turkey), DowAksa (Turkey), Dextra Group (Thailand), Chomarat Group (France), SiregGeotechS.r.l. (Italy), Owens Corning (US) are among others.These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the construction repair composites market. These players have taken different organic and inorganic developmental strategies over the past five years.
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