Global Construction Plastics Market Overview
A rapid acceleration noticed in the technological development to achieve greater economies of scale has led to the invention and adoption of numerous cost-effective materials over conventional construction materials. These materials are much better when it comes to performance, and easier to maneuver and handle. Construction plastics are widely used in the construction industry owing to its advantages over conventional materials. Additionally, they aid in the improvement of overall aesthetics of the structure and are easier to maintain.
The latest analysis by Market Research Future (MRFR) has suggested that the global construction plastics market is anticipated to augment at an accelerated rate through the forecast period. Demand for construction plastics across the globe is expected to skyrocket owing to the increasing infrastructural activities around the world, specifically in developing countries.
Additionally, a mushrooming demand for different types of construction plastics in various applications is likely to propel market growth. A rising population and penetration of urbanization, especially in developing countries, has led to proliferated construction activities. Such expansion of the construction sector has fueled the demand for construction plastics to a great extent. For instance, initiatives undertaken by the Indian government such as Smart Cities Mission as well as Green Corridor have led to a rapid rise in the construction activities, further augmenting the demand for construction plastics during the forecast period.
Increasing prevalence of green buildings and the adoption of recycled plastic and plastic wastes in construction are projected to provide lucrative opportunities for other applications of construction plastics during the review period. Further, increasing the use of EPS in construction has been identified as a significant supply driver for construction plastics.
Market Segmentation
The global construction plastics market analysis presented by Market Research Future (MRFR) has included a study of different types of construction plastics, several end-use industries which use construction plastics, and various applications of construction plastics. The different types of construction plastics studied include polyethylene, polypropylene, polyvinyl chloride (PVC), polyurethane, polycarbonate, and polystyrene. Several applications of construction plastics that have been analyzed in this report include window, piping, ducts, flooring, roofing, walls, and insulation. Residential construction, renovation, commercial construction, and reconstruction are a few end-user industries that are fueling the demand for construction plastics over the forecast period.
Detailed Regional Analysis
The global construction plastics market has been studied explicitly for various regions such as North America, South America, Asia Pacific, Europe, and the Middle East & Africa. Among these regions, the Asia Pacific held the highest percentage of the global construction plastics market at the beginning of the forecast period. This market dominion can be credited to the increasing infrastructural activities in several developing countries such as India, Thailand, Malaysia, Indonesia, and Vietnam.
North America is projected to fetch a substantial share in the global construction plastics market owing to the mushrooming construction industry in the region and increasing prevalence of green buildings. On the other hand, Europe is likely to witness a moderate CAGR due to sluggish growth in the construction industry in the region.
The Middle East & Africa is anticipated to grow at a fast pace, due to proliferated construction activities and a surge noted in the HVAC market in the region. Further, the proposed investment of USD 2700 billion across GCC nations is expected to create new growth opportunities for construction plastics over the review period. Similarly, Latin America is expected to witness significant growth during the forecast period owing to rapid urbanization and fast-paced industrialization in the region.
Key Players
Some of the distinguished players in the global construction plastics application market include BASF SE (Germany), DowDuPont (US), PetroChina Ltd (China), Borealis AG (Austria), Solvay SA (Belgium), Arkema (France), SABIC (Saudi Arabia), B & F Plastics, Inc., (US), Cork Plastics (US), and Trinseo (US).
Industry Update
July 2019: JD Composites recently constructed a house with its exterior walls made from recycled plastic. While the house costs the same as traditional labor and material costs, since it is made from recycled construction plastics, the cost of repairs and maintenance would be lower.
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