The global construction repair composites market size was USD 331 million in 2021 and is expected to reach USD 533 million by 2026, projecting a CAGR of 10.0% between 2021 and 2026. Construction repair composites are increasingly used in the commercial, residential, silo flue pipe, oil & natural gas pipeline, water structure, industrial structure, and other end-use application. 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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Over the past years, construction composites manufacturers have strengthened their position in the global construction repair composites market by adopting expansions, partnerships, agreements, new product/technology launches, joint ventures, contracts, and mergers & acquisitions. However, owing to lockdown announced by several countries in 2020, the demand for construction repair composites from commercial, residential, silo flue pipe, oil & natural gas pipeline, water structure, industrial structure, and other end applications has declined sharply, which resulted in declined demand for construction repair composites.
The major manufacturers profiled in this report include 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), and among others. The construction repair composites business of these companies is severely affected due to the outbreak of COVID – 19 pandemic. Reduced demand for construction repair composites from several applications and disruption in the supply chain have compelled the construction repair composites manufacturing companies to operate at partial capacities. However, several construction repair composites manufacturers have focused their concentration on new product development. These developments, coupled with end-use applications resuming their operations at full capacities, would create demand for construction repair composites during the forecast period.
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Sika, headquartered in Baar, Switzerland, is a global organization manufacturing, processing, and selling specialty chemical products for bonding, sealing, damping, reinforcing, and protecting. The group offers advanced solutions having applications in various sectors but has a huge focus on the building and construction sector. The company makes carbon fiber and glass fiber reinforced polymer products for use in construction. The company manages its operations under these business segments – building finishing, concrete, waterproofing, roofing, flooring, refurbishment, sealing and bonding, industry Mapei SpA is an Italian multinational corporation headquartered in Milan, Italy. The company produces chemicals, sealants, and adhesives predominantly for the construction industry. The company operates its business through different segments of the building sector, namely, industrial, old, new, commercial, infrastructure, marine, sports areas and other buildings. It offers composite products made from carbon fiber and glass fiber, which are predominantly used in construction and other building applications through its structural strengthening product line.