Market Research Future (MRFR) foresees a strong growth for the construction plastics market between2021and2027(review period). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
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Key Drivers and Barriers
The expanding population worldwide combined with the rising urbanization rate is providing a strong fillip to the global market. Moreover, with the surge in several government initiatives for the development of building structures, the market for construction plastics is bound to note extensive growth in the following years. Another favorable aspect includes the tremendous advancements, in terms of material and technology, which has brought down the production cost and has improved the overall infrastructure. With the relaxation of regulations and barriers and the consequent increase in foreign investments, the market across emerging countries is expected to grow quite lucrative in the ensuing years.
Given the low maintenance aspect of construction plastics, many builders, designers and architects opt for them for their building and construction projects, over other materials. The product demand in the construction industry is deemed to observe a sharp upswing in the coming years, in light of rising number of vendors starting to offer cost-effective and fire-resistant plastics. The escalating demand for various types of construction plastics like expanded polystyrene (EPS), polyvinyl chloride (PVC) and polyethylene in HVAC, piping and flooring applications will also work in favor of the construction plastics market over the appraisal period.
Solvay SA, Borealis AG, DuPont, The Dow Chemical Company, Trinseo and BASF SE are some of the market leaders that are heavily involved in capacity expansion activities to leverage the significant opportunities worldwide. They also indulge in acquisitions and mergers, in combination with extensive research development, leading to an increasing introduction of enhanced products in the market that helps draw in a higher number of consumers.
For instance, in August 2020, Penn Color developed an UV enhancer in the market, which is an innovative UV stabilizer formulation that helps extend PVC and extruded profiles weathering performance, when added to them.
Over the years, there has been a significant increase in the construction of green buildings, along with a rising consumption of recycled plastic as well as plastic waste in the construction sector to help address the landfill issues. This factor is touted to be an excellent opportunity for the renowned vendors in the construction plastics market over the next several years.
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Construction plastics marketcan be segmented depending on type, application and end-use industry.
The key types of construction plastics are polyethylene, polyvinyl chloride (PVC), polyurethane, polypropylene, polystyrene, polycarbonate, and others.
Application-based market segments are window, walls, ducts, piping, flooring, roofing, insulation, and others.
Some of the prime end-use industries in the global market are commercial construction, renovation and reconstruction as well as residential construction.
The market has been geographically dissected into Europe, South America, North America, MEA/Middle East Africa and Asia Pacific/APAC.
Since 2017, the APAC market has remained unbeaten and is significantly backed by factors like the dramatic increase in infrastructural activities in the past couple of years. Some of the fastest developing countries like India, Thailand, Vietnam, Indonesia and Malaysia are increasingly contributing to the market growth, with maximum construction activities observed in these countries, and the government providing ample support in this regard.
North America stands as one of the leading markets for construction plastics and can expect further growth in the near future as the prevalence of green buildings is increasing at a promising rate. The lucrative construction industry in Canada and the U.S. also add to the market attractiveness, while the surge in renovation and upgradation of the existing buildings are helping in revenue generation. Some of the most reputed market trade groups such as the Plastics Industry Association and National Association of Plastic Industries are known to actively undertake initiatives that boost development of plastics, which strongly favors the regional market.
Some of the most renowned companies active in the construction plastics industry include Trinseo (US), Solvay SA (Belgium), BASF SE (Germany), DowDuPont (US), B F Plastics, Inc. (US), SABIC (Saudi Arabia), PetroChina Ltd (China), Arkema (France), Borealis AG (Austria), Cork Plastics (US), to name a few.
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