According to a report,“Building & Construction Plastics Market Size, Share & Trends Analysis Report By Product (PVC, Polyurethane), By Application (Pipes & Ducts, Windows, Insulation, Roofing), And Segment Forecasts, 2018 – 2025”, published by Grand View Research, Inc.,The global building and construction plastics market size is expected to reach USD 179.84 billion by 2025, rising at a CAGR of 7.3% during the forecast period. The demand for the product is anticipated to register healthy growth owing to rapid migration to urban areas.
Plastics utilized in the industry are gaining popularity owing to their numerous advantages including low maintenance, improved material performance, durability, easy handling, lightweight, and availability. Moreover, introduction of green infrastructure projects funded by governments of developing regions such as Asia Pacific is likely to trigger the industry growth.
Asia Pacific was the largest market for the product on a global level in 2017. Increasing number of government projects and infrastructure is expected to drive the building and construction plastic market in APAC. Emerging economies including India and China are poised to exhibit dynamic growth in the near future owing to strong economic growth and removal of barriers pertaining to foreign investments in Asia.
Key Takeaways from the report:
Demand for polyurethane is anticipated to post the fastest CAGR of 7.9%, in terms of revenue, from 2017 to 2025 owing to R&D associated with product resulting in availability of highly efficient products
Polyvinyl chloride is anticipated to register a CAGR of 4.6%, in terms of volume, from 2017 to 2025 owing to its advantageous properties such as recyclability, durability, weather ability, and low maintenance, and its availability in a wide array of colors
Windows application is anticipated to progress at a CAGR of 8.2%, in terms of revenue, over the forecast period due to increasing number of installations of the product in manufacturing facilities as well as private infrastructures.
The pipes & ducts segment is likely to expand at a CAGR of 4.2%, in terms of volume, over the forecast period owing to increasing use of plastics in sewage applications and the air conditioning & ventilation sector
Asia Pacific is estimated to be a highly attractive market on account of increasing government support in form of tax benefits and financial incentives in the Chinese and Indian petrochemicals industries. The region is expected to exhibit a CAGR of 8.7%, in terms of revenue, over the forecast period
Manufacturers are constantly working toward launching new and improved products with reduced quantities of natural resources. For instance, in 2016, DOW announced the production of STYOFOAM brand insulation in Canada.
Browse More Reports in Plastics, Polymers & Resins Industry:
- Thermoplastic Polyurethane (TPU) Films Market – Increasing usage of the product in automotive application is projected to be the key factor driving the market over the forecasting period.
- Automotive Plastics Market – Global recovery in the automotive sector, improved vehicle design capabilities, and increasing focus on vehicle weight reduction and emission control are the key factors boosting growth of the market.
Asia Pacific was the leading revenue contributor in 2017. It is likely to observe increase in infrastructure spending over the coming years on account of rapid urbanization and growing population. The government project and infrastructure market in the region is expected to rise by approximately 7% to 8% every year over the next decade and reach over USD 5,300.0 billion towards the end of the forecast period.
North America is one of the key markets for building and construction plastics. Expanding construction sector in countries such as the U.S. and Canada is estimated to propel the market. Rising demand for renovation of old buildings is anticipated to stimulate the growth of the region during the forecast period. Moreover, industry trade groups from North America such as the Plastics Industry Association and National Association of Plastic Industries (ANIPAC) are undertaking initiatives to support the growth and development of plastics and its end applications.
The U.S. was at the forefront of North America with a revenue share of over 80.0% in 2017. The construction industry in the U.S is poised to witness growth in both commercial and non-commercial sectors due to high urban population.
Central and South America is majorly driven by rising demand from Brazil and Chile. The demand for construction is growing with increasing population in the region. Government investments in public infrastructure and surging demand for commercial building are anticipated to fuel the demand for the product.
Building & Construction Plastics Market Share Insights
The global market is highly competitive in nature with presence of several multinationals and local manufacturers. Companies opt for significant capacity expansions and additions to cater to spiraling demand in emerging economies. They are involved in mergers and acquisitions of leading manufacturers in emerging regions. Moreover, companies are also involved in extensive research & development activities.
Some of the key players in the market are BASF SE, Borealis AG, The Dow Chemical, DuPont, Solvay SA, and Trinseo. These companies have set up their manufacturing facilities globally and have a wide distribution channel in order to increase their global presence.
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