Construction composites market for residential applications is expected to rise with a CAGR over 5% in the forecast period. Residential buildings involve houses, apartments, housing societies etc.
For example, Gammon Construction, a joint venture between Balfour Beatty and Jardine Matheson, has secured a contract worth around USD 430 million to build a large scale residential development in Hong Kong.
Likewise, numerous other residential construction activities are on the play that is driving the construction composite market in the near future.
Construction composites market is forecast to exceed USD 65 billion by 2025. Extensive construction activities due to the increasing per capita income and the improving living standards are boosting the construction expenditure in the developing nations, which has been subsequently driving the construction composite market in the recent years.
Several other ongoing and future construction projects would increase the product demand directly propelling the construction composite market by 2025.
