Construction Plastics Market is growing due to Increased Usage of Lightweight Materials and Advancements in Polymer Manufacturing Technologies accelerates the demand for Construction Plastics
PUNE, India , Sept. 21, 2022 /PRNewswire/ -- Construction Plastics Market is expected to surpass the market value of above 153.49 USD billion by 2029 from 86.09 USD billion in 2020, while registering a CAGR of 7% during the forecast period.
The global construction plastics market has been expanding as infrastructure standards have improved. Despite widespread condemnation of plastic use, the demand for plastics in the construction industry remains unabated. Furthermore, the global market is being driven by the lack of substitutes for high-quality plastics. Construction plastics are used for more than just pipes and furniture. On the contrary, these plastics are part of the entire construction cycle at a specific site.
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The construction plastics market is seeing incredible advances in technology and materials to reduce production costs and improve overall infrastructure. The increased consumption of lightweight materials such as plastics is driving demand for the Construction Plastics Market. Plastics' low cost in comparison to other substitute materials is also a driving factor in the global growth of the Construction Plastics Market. Furthermore, green building practices and increased use of recycled plastics in construction are expected to provide lucrative opportunities for global market growth.
The Asia Pacific region is dominating the construction plastics market, due to increasing construction and infrastructure.
Rapid industrialization and rising personal disposable incomes in the Asia Pacific area, together with rising demand for plastics from different end-use sectors such as construction, are propelling the Asia Pacific construction plastics market forward. Furthermore, China's vast manufacturing capacity at low costs makes the region appealing to the building plastics industry. Various key industries, such as building and construction, have shifted from the western regions to Asia Pacific countries, particularly China and India , due to the availability of cheap labour, supportive government policies, and natural resources, which is driving demand for plastics and, as a result, promoting the growth of the construction plastics market in the region. This has resulted in several opportunities in Asia Pacific for the consumption of construction plastics.
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
North America, Europe, Asia-Pacific, and Rest of the World (ROW)
DowDuPont, BASF SE, Asahi Kasei Corporation, LyondellBasell Industries Holdings B.V., Borealis AG, Solvay S.A., Saudi Basic Industries Corporation (SABIC), Berry Plastics Corporation, Total S.A., Formosa Plastic Group and others
Increasing construction activities and HVAC market
Key Players Operating in Global Construction Plastics Market
The global construction plastics market was consolidated in 2022. Major players have prominent presence in developed and developing countries. The Some key players include:
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Key Market Segments: Construction Plastics Market
Construction Plastics Market by Plastic Types, 2020-2029, (USD Million)
Construction Plastics Market by Application, 2022-2029, (USD Million)
Construction Plastics Market by Region, 2022-2029, (USD Million)
Market Driver: Increasing Initiatives to Promote Green Building Construction is a Key Revenue Growth Driving Factor
Growth in the construction industry is one the prime factor driving the Construction Plastics Market growth of the building and construction plastic. Increasing urban population coupled with the changing lifestyle of the consumer especially across developing region such as China and India are augmenting demand for infrastructure which is again fueling the market growth of construction plastic over the forecast period.
High consumption and production of plastic due to rising demand from various end-user industries is expected to drive the market growth. Advancement in the technology for production of polymer is also expected to augment the market growth of the construction plastic. Moreover, growing awareness regarding the advantage of the polymers such as durability, corrosion resistance, and high strength is further propelling its demand.
Market Restraints: Concerns Associated with Use of Plastics is a Key Growth Restraining Factor
Strict environmental rules and regulation associated with the plastic as they possess a various threat to both aquatic and terrestrial environment is hindering the Construction Plastics Market growth. Accumulation of plastic has resulted in various environmental problems such as water pollution and land erosion.
Availability of the substitute such as metal, fiberglass, and wood are acting as a threat to the market growth of the construction plastic. This factor is expected to hinder the market growth of construction plastic.
Market Opportunities: Increasing development of bioplastic for building and construction applications is expected to provide lucrative market opportunities
For instance, in May 2021 , Eastman Chemical Company, the producer of cellulosic materials, introduced Eastman TR? VA™, an engineering bioplastic that help global brands concurrently meet their sustainability and performance needs in today's rapidly evolving marketplace.
The growing popularity of plastic pipes and tubing systems that are basically used in building and on the outer premises of building is projected to offer potential growth opportunities. Plastic pipes are widely used in snow melting, water service, plumbing, fire protection, hydronic heating & cooling, and geothermal piping systems. Emerging such application of plastic in the building and construction industry is projected to propel the Construction Plastics Market growth over the forecast period.
Market Trends/Key Takeaways: Increasing production capacity of the engineering plastic by the manufacturer is a major trend in the market
For instance, in May 2020 , BASF announced the expansion of the compounding plant in Altamira, Mexico . This expansion addresses the increasing global demand for engineering plastics such as Ultradur (PBT: polybutylene terephthalate) and Ultramid (PA: polyamide) and also supports the growing Construction Plastics market in Mexico .
Partnership and agreement among key manufacturer are a growing trend in the market. This is expected to augment the market growth of the construction of plastic over the forecast period. For instance, in April 2020 , BioLogiQ has signed an agreement with Nexeo Plastics, a global thermoplastic resins distributor, to support the proliferation of their specialty biopolymers in North America .
Key Benefits for Construction Plastic Market:
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The global molded plastics market size is USD 395.06 Million in 2021 and is expected to grow till USD 726.22 million by 2029, at a Compounded annual growth rate (CAGR) of 7.20%.
The global Recycled PET Market size is expected to grow from USD 8.42 billion in 2021 to USD 13.87 billion by 2029, at a CAGR of 5.7% during the forecast period.
The global recycled Plastic market size is expected to grow from USD 25.52 billion in 2021 to USD 56.81 billion by 2029, at a CAGR of 9.3% during the forecast period.
Industrial PU Elastomer Market Trends
The global industrial PU elastomer market is expected to grow at 6.3 % CAGR from 2020 to 2029. It is expected to reach above USD 12.55 billion by 2029 from USD 7.24 billion in 2021.
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