Construction Composites Market in Commercial Applications Expected to Grow by 5% by 2025

Housing construction composites market for residential applications is expected to grow at 5% CAGR (Compound Annual Growth Rate) during the forecast period. Residential structures include houses, apartment buildings and housing cooperatives, among others. For example, Gammon Construction, a joint venture between Balfour Beatty and Jardine Matheson, has signed a contract valued at approximately USD 430 million to build a large-scale residential development project in Hong Kong. Similarly, a number of other residential construction activities are underway that will drive the construction composites market in the near future. The construction composites market is expected to exceed USD 65 billion by 2025. Construction expenditures are increasing in developing countries due to rising per capita income and improved living standards, which has driven growth in the construction composites market in recent years. Ongoing and future construction projects will expand product demand and grow the construction composites market through 2025.