Residential buildings involve houses, apartments, housing societies etc. For example, Gammon Construction, a joint venture between Balfour Beatty and Jardine Matheson, has secured a contract worth around USD 430 million to build a large scale residential development in Hong Kong. Likewise, numerous other residential construction activities are on the play that is driving the construction composite market in the near future.
Construction Composites Market in Latin America is expected to expand with a CAGR close to 5% in the forecast timeframe. The region accounts for approximately over 17,000 upcoming constructions projects to be constructed. For example, Enel Green Power Peru has broken ground on its first wind farm in Peru. Enel will spend nearly USD 165 million in the construction of the new wind farm with a capacity close to 132MW i.e. the power generated by the wind farm would be adequate to meet the energy requirements of more than 480,000 homes.
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Construction composites market by application:
Application segmentation: The report claims that the product landscape of the Construction Composites market is subdivided into –
Important pointers encompassed pertaining to the application spectrum:
- The report encompasses major details about the application spectrum.
- The target valuation that each of the sub-segments of the application landscape will procure by the end of the anticipate period are mentioned in the report.
- The market share that these sub-segments held are also entailed in the study.
- The global trends that define the application landscape are discussed in the report.
Construction composites market share is distributed among few market players. These players include:
- UPM Biocomposites
- Bedford Reinforced Plastics
- Exel Composites
- Diversified Structural Composites
- Strongwell Corporation
- Advanced Environmental Recycling Technologies
- Fiberon LLC
- Trex Company
- Schoeck International
- Hughes Brothers Inc.
- Fibrolux GmbH
- Jamco Corporation
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Extensive construction activities due to the increasing per capita income and the improving living standards are boosting the construction expenditure in the developing nations, which has been subsequently driving the construction composites market in the recent years. For instance, in China the expansion project of Beijing airport that is expected to be completed by 2025 will surely surpass Dubai’s Al Maktoum Airport in total square miles, cost, and plane & passenger capacity.
Stringent government regulations restricting the composite applications and high price of the product may prove to be a barrier in the advancement of the reinforced material market. Also, deficit of product knowledge may turn out to be an obstacle for the construction composites market. Nevertheless, growing construction operations and the lightweight and high tensile strength properties would strongly enhance the reinforced material market soon.
Chile is going to be a home of new 98MW power plant i.e. is expected to generate 70% of the country’s electric power from renewable sources. Also, various other ongoing construction activities in South American countries is going to up surge the construction composites market by 2025.
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