Cementitious Composites Market Size (2023 - 2030)

Global Cementitious Composites Market was evaluated to be worth USD 98 Billion in 2022 and is projected to reach a valuation of USD 169.65 Billion by 2030, growing at a compound annual growth rate (CAGR) of 7.1% during the forecast period 2023-2030.

Cementitious composites are a type of construction material made by combining fibers like glass, carbon, and others with cementitious binders like cement, and additional additives. When compared to conventional concrete and other building materials, the cementitious composite material has superior mechanical properties and durability. Due to their low cost, well-developed production methods, and well-suited adaptability to varying environmental conditions, these construction materials are one of the most widely used infrastructure materials worldwide. Cementitious composites can be divided into three types, i.e., concrete, cement mortar, and cement paste. They are susceptible to cracking due to their quasi-brittle nature, which significantly reduces their strength and durability. Under service conditions, reinforcement is typically added to cementitious composites to prevent the development of cracks and their subsequent propagation. Cementitious composite reinforcements generally use nano-, micro-, and millimeter-sized fibers and particles. These sizes range from nanometres to millimetres. These reinforcements provide the nano- and micro-scale mechanisms for crack arrest and prevent the growth of cracks under service loads. However, generally, the synthesis of nano- and microfibers and their subsequent dispersion in cementitious materials are challenging, thus limiting their widespread use in the construction industry. Cementitious composites have been investigated as an encouraging material for a variety of applications, including building facades, cladding, roofing, flooring, bridges, tunnels, and marine structures. They are preferred over conventional construction materials due to their higher compressive strength, durability, resistance to corrosion, improved tensile strain capacity, and ability to defy harsh weather conditions. Additionally, these materials can be sustainable and eco-friendly as they can be made from recycled materials and limit the emission of CO2 to the atmosphere in contrast to other construction materials. As a result of these advantages, the global cementitious composites market is estimated to have a fast CAGR during the forecasted period.

Global Cementitious Composites Market Drivers:

The growing demand for sustainable and eco-friendly construction materials is fueling the growth of the global cementitious composites market.

Demand for cementitious composites has increased globally over the past few years as more people become aware of the significance of using environmentally friendly construction materials. Cementitious composites are high-performance construction materials made with recyclable materials. It has numerous advantages over conventional concrete. The demand for sturdy, eco-friendly materials like cementitious composites is rising as people become more aware of the negative effects construction activities have on the environment as they highly contribute to air, noise, and water pollution. Cementitious composites tend to have a lower carbon footprint in contrast to other conventional construction materials. Therefore, this factor drives the demand for cementitious composites.

The rising capital expenditure for infrastructure development projects is another factor contributing to the growth of the global cementitious composites market.

The global cementitious composites market is anticipated to expand as a result of an increase in capital expenditures for infrastructure development in both developing and developed nations. Cementitious composites are an excellent option for infrastructure development projects as they possess unique and distinctive properties, including low thermal conductivity, self-healing, high compressive strength, high tensile strength, and ductility. Therefore, this factor also drives the demand for cementitious composites.

Global Cementitious Composites Market Challenges:

The global cementitious composites market is encountering challenges, primarily in terms of restricted awareness and limitations of cementitious composites. As cementitious composites are a newly found construction material, individuals are less aware of their properties and advantages and prefer to use other conventional construction materials, such as concrete. Moreover, cementitious composites are not capable of withstanding high temperatures, which can restrict their use in regions with hot climates and industries, such as aerospace and defense. Thus, these challenges inhibit the growth of the global cementitious composites market.

Global Cementitious Composites Market Opportunities:

Market expansion strategies present a lucrative opportunity in the global cementitious composites market. Given the rising demand for cementitious composites due to the growing need for sustainable and eco-friendly materials and the rising capital expenditure for infrastructure development projects, major cementitious composites companies can stand to gain significantly from this opportunity by expanding their product to emerging markets, such as nations of the Middle East and Latin America.

COVID-19 Impact on the Global Cementitious Composites Market:

The outbreak of the COVID-19 pandemic substantially impacted the global cementitious composites market. The implementation of strict lockdowns, traveling restrictions, and social distancing measures across several nations hindered many companies' manufacturing capacities and caused a shortage of skilled workforce. The pandemic caused disruptions in supply chains and distribution of goods and services, which highly affected the production and distribution of cementitious composites. Moreover, numerous construction projects were halted due to the sudden implementation of the lockdowns worldwide. These factors negatively impacted the growth of the global cementitious composites market. Despite these challenges, the global cementitious composites market is projected to recover and grow in the coming years, owing to the rising capital expenditure for infrastructure development projects.

Global Cementitious Composites Market Recent Developments:

In January 2021, Nuvoco Vistas Corp. Ltd., unveiled the launch of premium composite cement, Duraguard Silver, as their Duraguard range of products in Bihar, India. The new product makes concreting, brickwork, plastering, flooring, and other processes easier to work with, making the building stronger from the foundation to the finish (F2F).

CEMENTITIOUS COMPOSITES MARKET REPORT COVERAGE:

Global Cementitious Composites Market Segmentation: By Fiber

• Glass

• Polymer

• Steel

• Others

Based on fiber, the global cementitious composites market is segmented into glass, polymer, steel, and others. In 2022, the glass fiber segment held the highest market share. The growth can be attributed to the wide availability and easy accessibility of glass fibers for use in cementitious composites. In addition, glass fibers offer a number of advantages, including high resistance to bending, compressive, tensile, resistance to high temperature and humidity, resistance to chemical and biological effects, and relatively low density, which makes them a popular choice for a variety of construction applications. Due to the advantages of impact resistance, lightweight, easy to handle and transport, and inexpensive fiber option, the polymer segment is anticipated to expand at the fastest rate during the outlook period.

Global Cementitious Composites Market Segmentation: By Application

• Commercial

• Industrial

• Residential

• Civil Projects

Based on the application, the global cementitious composites market is segmented into commercial, industrial, residential, and civil projects. In 2022, the commercial segment held the highest market share. The growth can be attributed to the increasing applications of cementitious composites in commercial buildings, including schools, universities, offices, hotels, shopping complexes, etc. Cementitious composites offer a number of advantages over other construction materials for commercial buildings, such as greater strength, high durability, resistance to fire and corrosion, and so on, thereby making them an excellent choice for applications in commercial construction. Due to the rising investments in infrastructure development projects, including highways, bridges, tunnels, etc., the civil projects segment is anticipated to expand at the fastest rate over the forecast period.

Global Cementitious Composites Market Segmentation: By End-Use Industry

• Aerospace & Defense

• Construction & Infrastructure

• Marine

• Transportation

• Others

Based on the end-use industry, the global cementitious composites market is segmented into aerospace and defense, construction and infrastructure, marine, and transportation. In 2022, the construction and infrastructure segment held the highest market share. The growth can be attributed to the increasing adoption of cementitious composites in the applications of commercial, industrial, and residential buildings as well as civil projects, including bridges, roads, dams, railways, highways, etc., owing to their numerous advantages, such as high compressive strength, low manufacturing cost, straightforward production process, ease of use, etc.  Due to the increasing adoption of cementitious composites in the manufacturing of powerful and lightweight aircraft parts and other related components, the aerospace and defense segment is anticipated to expand at the fastest rate over the forecast period.

Global Cementitious Composites Market Segmentation: By Region

• North America

• Europe

• Asia-Pacific

• Rest of the World

In 2022, the region of North America held the largest share of the global cementitious composites market. The growth can be attributed to the presence of a well-established construction industry in developed nations, including the United States and Canada, and the growing demand for durable and sustainable building materials for applications in residential, commercial, and industrial construction as well as civil projects. In addition, the region is home to several significant market players, including RPM International Inc., CEMEX S.A.B. de C.V., USG Corporation, Lehigh Hanson Materials Limited, and Martin Marietta Materials. Due to the rising government investments in infrastructure development projects, including rail and road networks, bridges, housing, and industrial and commercial construction in developing nations, such as China and India, the region of Asia-Pacific is anticipated to expand at the quickest rate over the forecast period.

Global Cementitious Composites Market Key Players:

1. LafargeHolcim (Switzerland)

2. UltraTech Cement Limited (India)

3. Sika AG (Switzerland)

4. Mapei Corporation (Italy)

5. RPM International Inc. (United States)

6. CNBM International Corporation (China)

7. Grasim Industries Limited (India)

8. CEMEX S.A.B. de C.V. (Mexico)

9. USG Corporation (United States)

10. Ability Building Chemicals Co. (Australia)