North America Composite Strengthening Systems Market Size & Outlook
Related Markets
North America composite strengthening systems market highlights
- The North America composite strengthening systems market generated a revenue of USD 42.9 million in 2023.
- The market is expected to grow at a CAGR of 7.4% from 2024 to 2030.
- In terms of segment, fiber-reinforced polymer (frp) was the largest revenue generating product in 2023.
- Fiber-Reinforced Polymer (FRP) is the most lucrative product segment registering the fastest growth during the forecast period.
- Country-wise, U.S. is expected to register the highest CAGR from 2024 to 2030.
North America data book summary
| Market revenue in 2023 | USD 42.9 million |
| Market revenue in 2030 | USD 69.9 million |
| Growth rate | 7.4% (CAGR from 2024 to 2030) |
| Largest segment | Fiber-reinforced polymer (frp) |
| Fastest growing segment | Fiber-Reinforced Polymer (FRP) |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Fiber-Reinforced Polymer (FRP), Fabric-Reinforced Cementitious Matrix (FRCM) |
| Key market players worldwide | Simpson Strong-Tie Company |
Other key industry trends
- In terms of revenue, North America region accounted for 26.6% of the global composite strengthening systems market in 2023.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 114.0 million by 2030.
Fiber-reinforced polymer (frp) was the largest segment with a revenue share of 77.39% in 2023. Horizon Databook has segmented the North America composite strengthening systems market based on fiber-reinforced polymer (frp), fabric-reinforced cementitious matrix (frcm) covering the revenue growth of each sub-segment from 2018 to 2030.
North America is one of the prominent regional markets for composite strengthening systems owing to increasing renovation and refurbishment activities to maintain the structural integrity of buildings and ensure the safety of residents in developed economies such as the U.S. and Canada.
According to the U.S. Census Bureau, U.S. construction spending in August 2022 was at a seasonally adjusted annual rate (SAAR) of USD 1,781.3 billion, witnessing an increase of 8.5% compared with SAAR recorded in August 2021.
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Composite Strengthening Systems Market Scope
Composite Strengthening Systems Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| Simpson Strong-Tie Company | View profile | 1001-5000 | Pleasanton, California, United States, North America | https://www.strongtie.com |
North America composite strengthening systems market size, by country, 2018-2030 (US$M)
North America Composite Strengthening Systems Market Outlook Share, 2023 & 2030 (US$M)
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