The construction industry is growing rapidly, as due to the changing economic scenario and increasing disposable income of people, majorly in developing countries, people are becoming more inclined towards renovation activities and buying houses. Other than this, the number of construction activities in both residential and commercial sector is growing rapidly, owing to increasing migration of people from rural to urban areas. The construction industry itself is witnessing technological innovations and therefore has started focusing on more efficient materials.
Attributed to these factor, the demand for metal replacing materials has been rising in the industry, which, in turn, is resulting in the growth of the metal replacement market. For example, metal replacing materials are being used in the industry for replacing steel bars that are used for concrete reinforcements and for manufacturing sewage systems. Different kinds of substrates are now being considered in place of metal in several applications in order to reduce weight of end products. Such material need to exhibit strong properties just as metals while providing advantages over metal substrates.
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Other than this, the demand for composites is also predicted to rise considerably in the years to come, since they have unique properties, including thermal resistivity, high strength-to-weight ratio, impact resistivity, and sound corrosion resistivity. Because of such properties, composites are being utilized in a number of industries including construction and aerospace defense. The two major types of composites are glass fiber reinforced plastics and carbon fiber reinforced plastics (CFRP), between which, the adoption of CPRF is expected to rise in the near future.
The major industries which make use of metal replacement materials are healthcare, automotive, construction, and aerospace defense. The automotive industry among these is projected to create the largest demand for metal replacing materials in the years to come, as such products are extensively being utilized for manufacturing vehicle body parts. Moreover, the rising repair and maintenance activities and increasing automobile production are also expected to result in the rising need for metal replacing materials. Geographically, Asia-Pacific is predicted to emerge as a major metal replacement market in the years to come on account of the rapid expansion of automotive and construction industries.
Hence, the rapid growth of the construction industry and technological advancements are leading to the growth of the market.