PUBLISHER: Grand View Research | PRODUCT CODE: 1268853
PUBLISHER: Grand View Research | PRODUCT CODE: 1268853
The global composite concrete deck market size is expected to reach USD 775.6 million by 2030, registering a CAGR of 6.9% from 2023 to 2030, according to a new report by Grand View Research, Inc. The composite concrete deck is a sustainable building material that offers high strength, reinforces structural integrity, and adds durability to the structures. The rising usage of composite concrete decks in multistory residential and commercial construction is expected to fuel the market's demand.
With the growing concerns related to the environment, stringent regulations by the governments have stimulated the use of sustainable building materials. Steel used as a reinforcement material in the composite concrete deck can be recycled repeatedly without affecting its inherent properties, making it a sustainable solution. Moreover, the reinforcement given by steel reduces the consumption of concrete in the construction of decking, thus reducing the overall cost.
The market for composite concrete deck is negatively affected by the presence of decking substitutes such as wooden decking, composite decking, bamboo decking, and concrete decking, which also provide high strength and durability. However, rising concerns about using environment-friendly building products have encouraged the use of various composite materials. In addition, the growing usage of advanced materials in developed economies such as the U.S., Canada, the U.K., and Germany is anticipated to further boost demand for the composite concrete deck during the coming years.
The market is competitive owing to the presence of manufacturers that are consolidated in North America and Europe. The strong presence of major players, along with the existence of opportunities in developing countries with huge investing powers for the continuous development, exhibits high competitive rivalry among the players. Furthermore, market players are engaged in forward integration by providing products directly to end users.