Construction Repair Composites Market Size is Projected to Reach USD 750 Million

Time: 2023/06/09 Publisher： oiginal Views：

Introduction

“According to the latest research study, the demand of global Construction Repair Composites Market size & share in terms of revenue was valued at USD 361 million in 2022 and it is expected to surpass around USD 750 million mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 9.51% during the forecast period 2023 to 2030.” Zion Market Research.

What are Construction Repair Composites? How big is the Construction Repair Composites Industry?

Construction repair composites are materials that are used for strengthening or repairing concrete units and structures that have been damaged as a result of difficulties such as ageing, corrosion, or impact. These types of issues can lead to damage in concrete over time. The components are made by combining numerous kinds of resins, fibres, and construction aggregates in a single production step. The completed product is intended to be put directly to the surface of the structure that has been damaged in order to offer additional strength and hence improve the structure's durability.

Cracks, spalls, and other sorts of damage can occur in concrete structures such as bridges, buildings, and roads. The construction repair composites can be used for a range of applications, including mending these types of damage in concrete structures. In addition, they can be utilised in the construction industry as a material capable of enhancing the strength of structures that are subjected to significant loads or stress.

Global Construction Repair Composites Market: Growth Factors & Restraints

Increasing consumer demands for new and improved infrastructure as a driver of market expansion. Because of the rising need for the construction of new infrastructure all over the world, the market for construction repair composites is expected to expand globally in the next years. Because of the ever-increasing population, the nation's infrastructure is prepared to meet the requirements of an exponentially growing population.

Because urbanization is progressing at such a rapid rate, there is a pressing need to ensure that all concrete structures, including roads, bridges, flyovers, highways, buildings, and anything else made of concrete, are strong enough to support the increasing weight of traffic. In rural locations, the older buildings are not equipped to deal with the difficult environmental conditions, such as the persistent flooding and the rising, intense heat. Additionally, renovation and the development of infrastructure are essential factors that have a direct impact on the overall economic growth of the country. It is anticipated that this will work in the favour of the sector given that the number of renovation projects performed on public concrete structures is increasing on an annual basis.

Construction Repair Composites Market: Segmentation Analysis

The market for construction repair composites is divided into distinct submarkets according to the type of resin used, the type of fibre used, the product type, the application, and the area.

Epoxy, vinyl ester, and other types of resin make up the two main sectors of the global market, respectively. Epoxy is currently the resin that is used the most frequently to manufacture construction repair composites. It is common knowledge that epoxy resins have great adhesive qualities. In addition, they have a strong resistance to both chemicals and moisture, which makes them very well-suited for use in applications involving strengthening and repairing. Vinyl esters are yet another substantial contributor to the segmental share, and their uses in building repair composites are expanding. In particular, these esters are finding increasing use in areas of structures that require a high level of resilience to heat and chemicals.

Carbon fibre, glass fibre, and other types of fibre make up the two primary segments of the building repair composites business, respectively.

On the basis of the product type, the global market can be broken down into the following categories: rebar, plates, textiles and fabrics, adhesives, mesh, and others. In 2022, the segment that was responsible for the biggest segmental share was the rebar segment. Reinforcing bars, more commonly known as rebars, have a wide range of applications in the building and construction sector. In particular, rebars are utilised in order to protect structures from failing and breaking. In spite of the fact that reinforcing bar cannot itself be categorised as a composite material, its usage in construction repair composites almost always occurs in conjunction with other types of composites. The majority of composite plates or sheets are constructed out of carbon fibre or fibreglass, and adhesives are used to attach them.

Recent Developments

In May 2022, Arkema, a global chemical manufacturing company, unveiled its new solution for the production of recyclable and more efficient composites. The company envisions a sustainable future and has been working toward developing eco-friendly and recyclable chemicals. The technique used to manufacture advanced versions of structural adhesives and composites has already been patented.

In August 2022, V2 Composites, an Australian provider of carbon fiber-reinforced polymer (CFRP) repair solutions, announced the launch of a new and improved carbon fiber T-Biscuit which is expected to act as a go-to solution for repairing flange-to-flange shear connections witnessed in pre-cast double tee beams in parking units

SOURCE:

Construction Repair Composites Market Size is Projected to Reach USD 750 Million by 2030, Growing at a CAGR of 9.51%: Zion Market Research (investorsobserver.com)