Global Construction Plastic Market is Expected to Reach USD 143.23 Billion by 2025 : Fior Markets
26 August 2019
New Jersey, NJ, Aug. 26, 2019 (GLOBE NEWSWIRE) -- Plastics are preferred over conventional construction materials on account of their property of being cost effective and having high strength to weight ratio. The key contributing factors for the growth of construction plastic market are increase in construction activities in both residential and non-residential sectors. The global construction plastics market is expected to grow from USD 82.56 billion in 2017 to USD 143.23 billion in 2025 at CAGR of 7.13% during the forecast period 2018-2025, according to the new report published by Fior Markets.
Plastics are replacing the conventional construction materials due to their superior cost effectiveness, weight to strength ratio and ease of application. Huge construction activities in residential as well non-residential sectors are proving to be a major driving force for the growth of the market. Increasing urbanization, push for improving and retrofitting the existing housing structures as well as global emphasis on recycling of plastic materials have also provided fillip to research and development of new plastic materials for construction purposes.
Ability of construction plastics being lightweight, cost effective, easy to utilize with equal durability to traditional alternatives is moving the demand for construction plastics forward. Due to rising urbanization coupled with increasing allocation for infrastructure, housing and residential developments in developing economies around the world is expected to drive the demand for construction plastics. Also, worldwide emphasis on energy efficiency and construction of green buildings is also proving to be a huge driving force. Volatility in crude oil prices is expected to be the major challenges for the construction plastics sector.
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Key players operating in the global construction plastic market are BASF AG, Borealis AG, The DowDupont Chemical Company, Solvay SA, Trinseo, LyondellBasell Industries Holdings BV, Saudi Basic Industries Corporation (SABIC), Total S.A., Asahi Kasei Corporation, Berry Plastics Corporation, LG Chemicals, INEOS Group Holdings SA, Lanxess Aktiengesellschaft, Koninklijke DSM N.V, Chevron Phillips Chemical Company, and among others. Key players active in the market are involved in collaborative agreements and expansion to bolster the growth of the market.
- Increasing demand for construction plastics is making all these firms to develop more and more innovative products to remain ahead of the curve. For instance, BASF AG launched a new innovative insulation material Neopor® in 2018. The grey plastic granular material Neopor® is a construction grade, graphite enhanced polystyrene (GPS) insulation. It contains specially embedded graphite particles that reflect heat radiation like a mirror and reduce heat loss in a building.
- Most of the firms have undertaken major expansion projects to better serve the ever rising demand for construction plastics. For instance, Rising demand for DuPont’s Tyvek nonwoven materials has prompted DuPont Safety and Construction, a business unit of DowDuPont Inc., to invest more than $400 million to expand capacity for the materials at its facility in Luxembourg. The breathable material is lightweight and durable and resists water and abrasion. It has found use across diverse industries, including construction, where it is commonly used for building envelope solutions.
Polyvinyl Chloride segment held the largest market share of 43.83% in 2017.
The Plastic type includes Polyurethane, Polystyrene, Polyethylene, Polypropylene and Polyvinyl Chloride and others. The properties such as beinglightweight, easy to mold, assemble, recyclable and lack of cost effective alternatives has propelled the growth of polyvinyl chloride segment and it accounted the largest market share of 43.83% in 2017. PVC is a preferred type of construction plastic for piping and duct for carrying water, sewer, fluids and air. Polystyrene segment held a 17.65% of total demand for construction plastics by volume due to its superior properties for providing insulation and being lightweight. Polyurethane segment is expected grow at the fastest pace among all segments at a CAGR of 10.14% over the forecast period due to unabated demand for lightweight and high performance versatile plastics in construction space.
Piping segment led the market with USD 33.94 Billion in 2017.
Application segment is divided into insulation materials, windows & doors, and pipes. Piping segment led the demand with USD 33.94 billion in revenues during 2017 due to increasing utilization of PVC and other plastics for transportation of water, sewerage, fluid, air and other such materials. Insulation segment was next with 26.34% of total market revenue owing to ever increasing demand for insulating and temperature retaining materials in topical as well as temperate regions of the world. Windows and doors segment is also projected to grow at a higher rate due increasing acceptance plastic alternatives to the traditional ones due to their lightweight, durable, low thermal conduction, sturdy and insulating properties.
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Regional Segment Analysis of the Construction Plastic Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
Asia Pacific region dominated the global construction plastics market with 48.65% of the market share by revenues in 2017. Asia Pacific market is expected to dominate the construction plastics market due to massive spending being undertaken on infrastructure and housing development. Specifically, China and India are driving the growth for construction plastics within this region. Ongoing industrial development is also giving boost to the demand for industrial PVC floorings, roofing sheets, fences and doors. Middle East region is also expected to contribute significantly during forecast period due to huge construction activities being undertaken in UAE, Qatar and Saudi Arabia. South America region is also expected to grow at the fastest CAGR of 8.21% owing to housing development projects that are being undertaken in Brazil and Chile.
About the report:
The global construction plastic market is analysed on the basis of value (USD Billion), volume (Kilotons), consumption (Kilotons), imports (Kilotons) and exports (Kilotons).All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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