The global Construction Repair Composites Market size is projected to grow from USD 331 million in 2021 to USD 533 million by 2026, at a CAGR of 10.0%. The construction repair composites industry is growing due to the rise in demand for construction repair projects from various applications, globally. The demand for construction repair composites showed decline in 2020 due to COVID-19. However, the end of lockdown and recovery in the end-use industries will stimulate the demand during the forecast period.
Browse 175 market data Tables and 53 Figures spread through 222 Pages and in-depth TOC on "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".
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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.
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), Mapei SpA (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 Yapý Kimyasallarý A.Þ. (Turkey), DowAksa (Turkey), Dextra Group (Thailand), Chomarat Group (France), Sireg Geotech S.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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The increasing demand of bridge repair activities and commercial structure repair applications drives the demand for construction repair composites. However, the outbreak of COVID-19 has created ripples across various application industries leading to reduced demand for construction repair composites. Due to the lockdown scenario in Europe and North America, the demand for construction repair composites from bridge, commercial, silo flue pipe, water structure, industrial structure and other industries have declined sharply in the first half of 2020.
The global construction repair composites market is projected to register a significant growth in terms of value, during the forecast period. The high growth of construction repair composites can be attributed to the growing number of construction repair projects globally due to the rising population, rapid urbanization, and high economic growth in some regions. Emerging markets like China, UAE, and India are showing remarkable growth due to the aforementioned factors. Also, construction repair composites are much better alternative when compared to its traditional substitute, i.e., steel and aluminum, which has also been a decisive factor in its growth, especially in regions like North America and Europe, where the usage of construction repair composite products is quite high. The high cost of construction repair composites compared to its traditional substitutes and availability professional experience in this market, are the major restraining factors of this market. However, several opportunities have been identified in the construction repair composites market. These include the growing demand in countries, namely China, the UAE, and Saudi Arabia, and the cost of composites, which can fall as more new technologies for production emerge.
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