Composites Repair and Rehab Market to Grow with a CAGR of 4.48% Globally through 2029
Surge in research and development activities is expected to drive the Global
Composites Repair and Rehab Market growth in the forecast period.
According to TechSci Research report, “Composites
Repair and Rehab Market - Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2029”, the Global Composites Repair and Rehab
Market stood at USD 1.51 billion in 2023 and is anticipated to grow with a CAGR
of 4.48% in the forecast period, 2025-2029. Initiatives taken by government
based on composites repair and rehab has led to favorable market conditions for
the Global Composites Repair and Rehab Market. Several factors contribute to
the growth of various composites repair and rehab products.
The United States government recently passed the
Bipartisan Infrastructure Investment and Jobs Act. This landmark act aims to
allocate billions of dollars towards the crucial task of repairing and
rebuilding deteriorating roads, bridges, and other essential infrastructures.
With a strong emphasis on addressing climate change and promoting resilience,
equity, and safety, this investment will not only revitalize the nation's
infrastructure but also contribute to a sustainable and inclusive future. As a
result, the market for composite materials used in infrastructure repair and
rehabilitation is expected to experience significant growth, driven by the
increased demand for durable and eco-friendly solutions.
In addition to the Bipartisan Infrastructure
Investment and Jobs Act, another noteworthy initiative is the Infrastructure
for Rebuilding America program led by the U.S. Department of Transportation.
This program focuses on supporting various projects related to the
reconstruction, rehabilitation, and acquisition of properties necessary for
infrastructure development. These projects encompass not only the physical
structures but also the surrounding land and improvements made to enhance their
functionality. Once again, the utilization of composite materials is poised to
play a crucial role in these endeavors, given their exceptional properties and
effectiveness in addressing repair and rehabilitation challenges. With their
strength, durability, and versatility, composite materials offer long-term
solutions that can withstand the demands of modern infrastructure requirements,
ensuring a sustainable and resilient built environment.
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Extensive research and development (R&D) efforts
have spearheaded the development of cutting-edge composite materials that boast
exceptional properties. These materials not only exhibit higher strength but
also showcase improved corrosion resistance, making them an ideal choice for
various applications. In addition to their remarkable characteristics, these
advanced materials also offer superior repair solutions, which in turn, propel
the growth of the market.
The Global Composites Repair and Rehab Market is
segmented into product, application, regional distribution, and company.
Based on its application, the civil infrastructure segment
held the largest market share in the forecast period. This is due to the high
performance of FRP (Fiber Reinforced Polymer) materials compared to
conventional concrete and steel repair materials in bridges, highways, and
tunnels. FRP materials offer several advantages, such as increased service
life, reduced maintenance costs, faster construction, and the ability to
accommodate increased vehicular load on equivalent-sized structures due to
weight reduction. These benefits arise from the unique properties of FRP
materials, including their high strength-to-weight ratio, corrosion resistance,
and durability. Overall, the utilization of FRP materials in infrastructure
projects has revolutionized the construction industry, providing a sustainable
and efficient solution for enhancing the longevity and performance of critical
structures.
Based on region, North America segment is expected to
grow during the forecast period.
This increase can be attributed to the significant
growth in infrastructural repair and rehabilitation efforts, particularly in
the state of California. Given its vulnerability to natural calamities, such as
earthquakes, California has been focusing on addressing the structural
integrity of its infrastructure. According to the Seismic Advisory Board of
California, it has been estimated that around 24,000 bridges in the state are
at risk of potential collapse within the next couple of years. This emphasizes
the urgent need for proactive measures and investments in order to ensure the
safety and resilience of these critical transportation links.
Major companies operating in Global Composites Repair
and Rehab Market are:
·
Air France-KLM
·
Aegion Corp
·
BASF SE
·
Sika AG
·
Simpson Strong-Tie Company, Inc.
·
Mapei Corp
·
Boeing Company
·
Lufthansa Technik AG
·
Hong Kong Aircraft Engineering Company Limited
·
TD Williamson Inc.
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“With the increasing complexity of composite repair
and rehabilitation techniques, there is a growing demand for training and
education programs to equip technicians and engineers with the necessary skills
and knowledge. Manufacturers, industry associations, and educational
institutions offer training courses and certification programs to meet this
demand.,” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Composites Repair and Rehab Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Product (Glass Fiber Composites, Carbon Fiber Composite, Others), By Application (Civil infrastructure, Existing and Historic Building, Parking Structure, Others), By Region and Competition, 2019-2029F”, has evaluated
the future growth potential of Global Composites Repair and Rehab Market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Composites Repair and Rehab Market.
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