#CompositeStrengtheningSystemsMarket

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Composite Strengthening Systems Market: Market Size, Share, and Growth Projections

The global composite strengthening systems market size is expected to reach USD 264.4 million by 2030, and expanding at a CAGR of 7.6% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market growth is attributed to the rising demand for repairs and retrofitting of old buildings worldwide. Moreover, the demand for lightweight and sustainable building materials in the U.S., Canada, South Korea, and Germany is expected to drive the demand for composite strengthening systems over the forecast period.

Composite Strengthening Systems Market Report Highlights

Based on product, the Fiber-Reinforced Polymer (FRP) segment dominated the market and was valued at USD 117.7 million in 2023. The high strength-to-weight ratio, durability, and lightweight properties of FRP composite strengthening systems make them suitable for strengthening concrete structures while adding minimal weight to the overall building.

Fabric-reinforced cementitious matrix (FRCM) products is expected to grow at the fastest CAGR of 7.0% over the forecast period. FRCM systems consist of a cementitious matrix reinforced with high-strength fibers, such as carbon, glass, or aramid. These materials offer high tensile strength, flexural strength, and crack resistance. They also provide excellent durability, fire resistance, and resistance to moisture and chemical exposure, resulting in the substantial growth of the product.

In 2023, Asia Pacific was valued at USD 67.3 million in the global market. In the Asia Pacific market, rising demand for buildings with higher sustainability in countries, such as India, China, and Japan, is expected to impact the dynamics of the composite strengthening systems market.

The composite strengthening systems market in Europe is projected to expand at a CAGR of 7.1% over the forecast period. European countries have a rich culture of ancient and historic places such as castles, palaces, town halls, and churches. This results in continuous renovation activities related to strengthening of structures to preserve them. This is expected to keep the demand for composite strengthening systems market in the region over the coming years.

Central & South America is highly susceptible to natural disasters such as earthquakes or hurricanes. For instance, according to the U.S. National Hurricane Center (NHC), tropical storm Pilar of 2023 hit the Pacific coast areas of Honduras, Guatemala, Costa Rica, Nicaragua, and El Salvador. These natural disasters are projected to increase the demand for strengthening solutions as part of risk mitigation strategies.

The composite strengthening systems market is moderately consolidated owing to the presence of several medium and small players around the world. Players in the market compete on the basis of quality, price, product performance, and technological innovation.

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Composite strengthening systems are used in buildings and infrastructural structures to increase their strength and load-bearing capacity. They are mainly preferred for retrofitting and rehabilitating aging structures as they help improve their service life. The majority of such retrofitting and rehabilitation projects are assigned to contractors who procure the composite strengthening system from the manufacturers and use it.

Some of the major raw materials used to produce composite strengthening systems include carbon fiber and E-glass fabrics. This is due to their high tensile strength, light weightiness, and durability of these materials. These materials improve the load-bearing capacity of the buildings without adding any excessive weight to the structures. Some of the major suppliers of raw materials are JPS Composite Materials, LeapTech, LLC., BGF Industries, Hexcel, Mitsubishi Chemical Corporation, and Solvay.

Raw materials that are required to manufacture composites include E-glass fabrics, carbon fiber, and others. The individual product markets are characterized by the presence of a large number of suppliers operating across the globe and catering to multiple application industries. However, few composite manufacturers are integrated into their operations and manufacture high-cost raw materials such as carbon fibers. These factors lead to medium to high bargaining power of suppliers over the forecast period.

The high cost of raw materials for composites is likely to challenge manufacturer’s procurement operations. Moreover, the growing demand for these raw materials by other manufacturing industries is likely to pose a challenge for composites manufacturers.

List of Major Companies in the Composite Strengthening Systems Market

Master Builders Solutions

Concrete Repairs Ltd.

Shanghai Horse Construction Co., Ltd

Blome International

Bhor Chemicals and Plastics Pvt. Ltd.

Simpson Strong-Tie Company, Inc.

Sika Canada Inc.

Freyssinet

Gateway Composites LLC

Norcon Corporation