NEWARK, Del, Oct. 19, 2023 (GLOBE NEWSWIRE) -- The global construction polymer market is expected to value US$ 244.7 billion in 2023 and is anticipated to reach US$ 472.4 billion by 2033 while capturing a CAGR of 6.8% from 2023 to 2033.
The continuous expansion of the construction sector is anticipated to create demand for innovative and eco-friendly construction materials, thereby fueling the growth of the construction polymer market. Modern infrastructure demands superior, durable, and suitable construction materials.
As an engineering material, construction polymers have gained significant importance. They are essential building blocks for constructing engines, vehicles, household articles, and buildings. Additionally, abundant raw material availability, inherent properties, and versatile processing methods positively influence the global demand for construction polymers.
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Construction polymers find extensive applications in various areas, including road construction, roofing, foundations, and paneling. Additionally, they are utilized in glazing sealants, bridge bearings, waterproof membranes, flooring, and more. Also, the remarkable benefits of construction polymers are difficult to overlook, significantly impacting numerous sectors.
Both developed and emerging countries are heavily investing in infrastructure development, city connectivity, and establishing new regulatory frameworks to foster better growth. As a result, these countries are expected to offer numerous opportunities, contributing to the flourishing of the construction polymers market in these regions.
The rising importance of construction polymers as a crucial raw material in constructing green buildings has led governments to take initiatives toward promoting green building projects. This proactive approach is expected to drive significant growth in the construction polymers market worldwide.
In recent years, green structures have gained increasing preference over traditional ones. The building industry utilizes polymers to enhance energy efficiency. Further, the growing demand for green buildings is driven by factors such as:
- Reduced operating costs,
- Improved air quality
- Renewable energy adoption,
- Efficient energy, and water utilization
- Light loads on metal structures compared to conventional buildings
Social factors like fostering a sense of community, promoting occupant health and well-being, and encouraging sustainable business practices further contribute to the growth of green buildings.
Plastics are key in numerous green building applications, such as pipes, windows, floors, roofs, insulation, and fire sprinklers. With the growing demand for green buildings, the market for construction polymers is projected to experience substantial growth in the forecast period.
Plastics possess several qualities that make them highly sought-after for green buildings, including excellent corrosion resistance, easy installation, lightweight durability, ease of transport and handling, and high-temperature resistance.
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Key Takeaways
- The market in North America is expected to account for over 16.1% market share in 2023.
- Based on polymer type, the demand for polyvinyl chloride polymers is expected to rise with a CAGR of 7% during the forecast period.
- By end-use, commercial and housing real estate combined are expected to account for over 65% market share by 2033.
“The continuous expansion of the construction sector and rising initiatives to promote green building projects is expected to bode well for market growth,” says Nikhil Kaitwade, Associate Vice President at Future Market Insights, Inc.
Competitive Landscape
The construction polymer market is highly competitive, with key industry players making substantial investments to enhance their manufacturing capabilities.
Innovations in the Construction Polymer Market
- In May 2021, Arkema finalized a deal to acquire Agiplast, a prominent plastic compounding company.
- In April 2021, Arkema announced its intention to start manufacturing its leading high-performance polymers, Rilsan polyamide 11 and Amino 11, at a new plant on Jurong Island, Singapore, in the first half of the following year.
- H.B. Fuller made an announcement in June 2021 regarding the signing of a distribution agreement with Jubilant Agri and Consumer Products Limited (JACPL), which is a wholly-owned subsidiary of Jubilant Industries Limited.
Key Companies Profiled
- H.B Fuller Company
- Momentive Performance Materials Inc.
- Evonik Industries AG
- Solvay SA
- Arkema S.A.
- E.I Dupont De Nemours and Company
- SCG Chemicals Co., Ltd.
- Croda International Plc
- Henkel AG & Co. KGaA
- Sika AG
- 3M Company
- Polyone Corporation
- BASF SE
- Formosa Plastics Corp
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Valuable Insights Available
Future Market Insights offers an unbiased global construction polymer market analysis, providing historical data from 2018 to 2022 and forecast statistics from 2023 to 2033.
The market is segmented based on polymer type, application, end-user, construction activity, and region to understand opportunities in the construction polymer market.
Key Segments Profiled in the Construction Polymer Market Survey
By Polymer Type:
- Epoxy Resins Construction Polymer
- Polystyrene Construction Polymer
- Polycarbonate Construction Polymer
- Polyethylene Construction Polymer
- Polyisobutylene Construction Polymer
- Polymethylmethacrylate Construction Polymer
- Polypropylene Construction Polymer
- Polyurethane Construction Polymer
- Polyvinylchloride Construction Polymer
- Other Construction Polymers
By Application:
- Walls
- Floorings
- Piping
- Windows
- Roofs
- Insulation and Sliding
- Glazing
- Cladding
- Plastic Wraps
- Other Applications
By End-User:
- Commercial Real Estate Construction
- Housing Real Estate Construction
- Industrial Construction
- Facility Infrastructure
- Transportation Infrastructure
- Utility Infrastructure
- Other Infrastructure
By Construction Activity:
- New Construction
- Renovation
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
About the Chemicals & Materials Division at Future Market Insights
The chemical & materials team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide.
With a repertoire of over 100+ reports and 1 billion+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
Authors by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in the Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
Have a Look at Related Reports in Chemicals & Materials Domain:
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