Ocean View, DE -- (SBWire) -- 06/15/2020 --Global construction composites market share is poised to witness significant growth over the estimated timeline, owing to extensive construction & building activities worldwide. Escalating spending on construction in developing nations, bolstered by rising disposable incomes and enhanced living standards, will further drive industry expansion.
A notable example of this is the Beijing airport expansion project being carried out in China. The project is anticipated to be completed by 2025. It is poised to outperform the Al Maktoum Airport in Dubai, in various parameters, including cost, plane and passenger capacity, as well as total square miles.
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According to a Global Market Insights, Inc. report, construction composites market size is projected to cross $65 billion by 2025.
How will fiberglass segment perform through 2025?
In terms of product spectrum, the fiberglass segment is expected to amass significant proceeds over the estimated timeline. This is ascribed largely to the extensive use of the product in modern and technologically advanced high-rise constructions and infrastructures. Fiberglass construction composites demonstrate robust applicability across key infrastructural operations, owing to their light weight and high durability.
These composites enhance the reliability of the structures, which is why the product is gaining prominence in the restoration of several historic constructions and infrastructures to increase the longevity of the building's life.
Which application segment will emerge profitable for construction composites market?
Construction composites industry share from residential applications is estimated to depict growth at a CAGR of more than 5% through 2025. Residential constructions include apartments, houses, societies, etc. Rapid proliferation of residential housing projects on a global scale is set to contribute heavily to market development in the forthcoming years. For instance, the Balfour Beatty and Jardine Matheson joint venture, Gammon Construction has received a $430 million contract for the construction of a largescale residential project in Hong Kong.
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Why will LATAM crop up as a pivotal avenue for industry growth?
Latin America construction composites industry is set to exhibit growth at nearly 5% CAGR through 2025. Over 17,000 upcoming construction projected are expected to be constructed in the region. An example of this would be the ENEL Green Power project in Peru, which has developed the first wind farm in the region.
Enel is undertaking expenses of nearly $165 million for the construction of the 132MW windfarm. This and myriad other planned construction developments in the South America region are projected to augment construction composites market outlook over the forecast period.
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