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(MoneyNewsWire.Net, November 19, 2021 ) The use of construction composites is becoming crucial in industrial and commercial applications due to the increase in demand for non-corrosive and light weight materials. The construction composites market is projected to reach USD 6.65 billion by 2021, growing at a CAGR of 5.80%, from 2016 to 2021.
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The key companies offering construction composites are mainly involved in new product launches and agreements to strengthen their positions in the construction composites market. The leading companies adopted these strategies to improve their distribution channels and to strengthen their presence in the developed and emerging countries, between 2011 and 2016.
From 2011 to 2016, new product launches and agreements were the key strategies adopted by industry players to maintain growth in the global construction composites market. These strategies accounted for 48% and 45%, respectively, of the strategies adopted between 2011 and 2016. The market players concentrated mainly on consolidation through agreements and new product launches with the intention of increasing their market shares and enhancing their sustainability
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The major manufacturers profiled in this report are Trex Company, Inc. (U.S.), Hughes Brothers, Inc. (U.S.), Advanced Environmental Recycling Technologies, Inc. (U.S.) Strongwell Corporation (U.S.) and others. These companies have adopted various organic and inorganic growth strategies such as new product developments, agreements, and expansions to expand their global presence and increase their penetration into the construction composites market.
Trex Company, Inc. (U.S.), Advanced Environmental Recycling Technologies, Inc. (U.S.), Strongwell Corporation (U.S.) and Bedford Reinforced Plastics (U.S.) are the major companies adopting the maximum number of growth strategies between 2011 and 2016 in the construction composites market. Trex Company, Inc. is the world’s largest manufacturer of composite decking & railing products. It accounted for the largest share of all the development activities undertaken in the global construction composites market between 2011 and 2016. The company follows dynamic growth strategies with agreements, new product launches and expansions, to strengthen its geographical presence and customer base. For instance, Trex Company, Inc. in October 2013, signed an agreement with Babcock Lumber Company (U.S.) for the supply of Trex Company products in Western and Central Pennsylvania, Western New York, and West Virginia. This approach has helped the company to expand its footprint in the commercial and housing application of construction composites in the North American market.
Advanced Environmental Recycling Technologies, Inc. (AERT) is one of the leading providers of composite decking & railing for applications in commercial, industrial and housing applications in North America. The company is focused on new product launches and signing agreements with different companies to expand its distribution network. For instance, in April 2015, AERT entered into an agreement with Cedar Creek, LLC for the distribution of MoistureShield products in Colorado. It helped the company to increase its market share in the North American construction composites market.
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