PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1171533
PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1171533
Construction plastic market is projected to grow at a CAGR of 4.56% to reach US$134.329 billion by 2027, from US$98.34 billion in 2020.
'Plastic' is a synthetic material that is based on organic polymers. The construction industry uses plastic for a wide range of applications because of its versatility, strength-to-weight -ratio, durability, corrosion resistance, ease-to-install, energy-saving, and so on. Moreover, the low cost of plastic compared to other substitutes; along with the adoption of green building practices and the use of recycled plastic in residential and non-residential buildings are expected to provide lucrative opportunities in the growth of the global market.
However, the price impact of upstream raw materials such as crude oil and feedstock is anticipated to hamper the growth of the building & construction plastics market. Therefore, new product developments, investment in research, mergers & acquisitions, and joint ventures are done by the key players so that the growth continues to be at a steady pace.
The rise in the Construction of Green buildings is expected to propel the growth of the Construction plastic market
The rising environmental pollution has given rise to the construction of green buildings. Plastics are used in the construction of green buildings because of their features like recyclability, durability, and high strength. Thus, the growing popularity and awareness of people about green buildings are expected to increase the demand for plastics in construction.
According to the United States Census Bureau, the total construction value in the United States was $1,077,350 million in 2008 which grew to $1,293,982 million in 2018. This shows that the construction industry has expanded and grown over the years; which leads to the growth of the construction plastic market, as plastics are very useful because of their characteristics - durability, corrosion resistance, easy to install, strength-to-weight ratio, and so on.
By Type
By type, the construction plastic market is segmented as acrylic, composites, expanded polystyrene, ETFE, polycarbonate, polyethylene, polypropylene, polyvinyl chloride (PVC), and PTFE. Polyvinyl chloride (PVC) holds a significant share of the market because of its lightweight and its ability to be molded and assembled in different shapes.
By End-user
By end-user, the construction plastic industry is segmented as residential and non-residential. The non-residential segment holds a significant share of the market because plastic is cost-effective, recycling capability is energy-saving, easy to install and so on. According to the United States Census Bureau, the non-residential segment accounted for a total construction value of $747,809 million as compared to $546,173 million for the residential segment.
By Application
By application, the construction plastic market is segmented as pipes & ducts, insulation, sanitary equipment, interior covering, windows and door panels, exterior covering, weatherboarding, and roofing. Pipes & ducts hold a significant share in the market because of their application both within and outside the building for water service, plumbing, heating & cooling, fire protection, snow melting, and geothermal piping systems.
By Geography
Geographically, the construction plastic market is segmented into North America, South America, Europe, Asia-Pacific, and Middle East & Africa. The Asia-Pacific holds a significant market share and is anticipated to grow rapidly as a result of the growing focus of the government on the emerging economies of the region to support domestic infrastructure.
Key Developments:
Product Offerings:
Segmentation:
Composites
Polyethylene
Polyvinyl Chloride (PVC)
Windows
Roofing
Sanitary Equipment
Insulation
Pipes & Ducts
Others
North America
South America
Europe
Middle East and Africa
Asia Pacific