The Asia-Pacific construction composites market is anticipated to showcase a considerable growth rate of 6.0% during the forecast period. The growing demand for construction composites from China, India, Japan, and South Korea for various construction applications is a key factor driving the regional market growth. China is one of the key contributors to the growth of the construction composites market in Asia-Pacific. China has a well-established construction industry, with developments in the residential and infrastructural verticals supporting the growth of the construction industry a large scale. In 2019, the government planned to increase infrastructural investment to ensure the stability of its sagging economy. According to the report presented in the annual session of the National People’s Congress, in March 2019, CNY 1.8 trillion ($261 billion) of investment was planned for road construction and waterway projects.
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Considerable investment in the construction sector is expected to augment the demand for construction composites in the region which will drive the regional market growth. The presence of key market players in the region is again contributing to the growth of the construction composites market in Asia-Pacific. The major players contributing to the Asia-Pacific construction composites market include Arkema Group, Mitsubishi Chemical Corp., BASF SE, Reichhold LLC, Koninklijke DSM N.V., and others. The key players in the market focus more on new product development and launches, partnerships and collaborations, geographical expansions, and innovative technological upgradations.
The construction composites market is segmented based on fiber type, resin type, and end-user. Based on fiber type, the market is segmented into carbon fiber, glass fiber, and other types. Carbon fiber is expected to hold considerable market share based on fiber type owing to high strength and low weight. However, the adoption of carbon-free composites in the countries of North America may restrain the growth of this market segment. Based on the resin type, the construction composites market is segmented into thermoplastic resin and thermosetting resin. Based on end-user, the market is segmented into residential, commercial & industrial.
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Asia-Pacific Construction Composites Market Segmentation
By Fiber Type
· Carbon Fiber
· Glass Fiber
· Other Fiber
By Resin Type
· Thermoplastic Resin
· Thermosetting Resin
By End-User
· Residential
· Commercial
· Industrial
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