Seattle, Oct. 21, 2022 (GLOBE NEWSWIRE) -- The global building and construction plastics market is estimated to account for US$ 70,657.80 Mn in terms of value by the end of 2022.
Construction and building plastics is a polymer which is used in variety of constructing materials. Some of the families of plastic and polymer used in construction industry include acrylic, expanded polystyrene, thermoplastic polymer, polyethylene, polypropylene, polyvinyl chloride, polycarbonate.
Key Trends and Analysis of Construction and Building Plastics Market
Rising demand for lightweight, cheap and durable material, plastic are used to a great extent in Building and Construction industry. This industry is growing rapidly throughout the world. Moreover, the motive of ‘green building’ recyclable plastic is also expected to increase in upcoming years. Recycled plastics is been blended with virgin plastic which will help in reducing its cost and also maintaining the same quality and performance. Due to high consumption and production of plastic, there is rising demand from various end-user industries, is expected to drive the market growth. As it has low maintenance, most of the architects and builders prefer plastic over other materials. Properties such as durability, lightweight, resistance to corrosion, flexibility, process ability make plastics suitable for variety of applications in construction like flooring and wall covering, insulation, cables, piping, cladding and roof membranes, and door & window panels.
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Key Market Takeaways:
Construction and building plastics market is expected to exhibit a CAGR of 7.1% over the forecast period (2020-2030). The Asia Pacific construction plastics market is expected to grow at the highest CAGR, in terms of value, during the forecast period. Rapid industrialization and increasing personal disposable incomes in the Asia Pacific region, coupled with the increasing demand for plastics from various end-use industries, such as construction are driving the growth of the Asia Pacific construction plastics market. For instance, Indian brand equity foundation states that, India is expected to become the third-largest construction market globally by 2022. India plans to spend US$ 1.4 trillion on infrastructure projects through the National Infrastructure Pipeline (NIP), from 2019 to 2023, to ensure sustainable development in the country.
Among product type, Polystyrene segment has accounted to lead the revenue share in the year of 2021. Being a low conductor of heat it helps in retaining heat in infrastructure as well as maintains low temperatures of refrigerated spaces. Pipes & ducts were the leading segment in the global building & construction plastics market.
In 2020, BASF announced the technical completion of the newly constructed plant for the plastic additives business at its site located in Pontecchio Marconi, Italy. The state-of-the-art facility will deliver a wider range of solutions to support BASF’s leading position in the strategically important and growing agriculture industry.
Competitive Landscape:
Key companies engaged in construction and building plastic market include Arkema SA, Asahi Kasei Corporation, BASF SE, Borelis AG, The Dow Chemical Company, E.I. Du Pont De Nemours and Company, Formosa Plastic Group, PetroChina Co. Ltd., Reliance Co. Ltd., and Solvay SA.
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Market Segmentation:
- Global Building and Construction Plastics Market, By Product Type:
- Polyvinyl Chloride (PVC)
- Polystyrene (PS)
- Polyurethane (PU)
- Thermoplastic Elastomer (TPE)
- Acrylics
- Composite Martials
- Others
- Global Building and Construction Plastics Market, By Application:
- Pipes & Ducts
- Door Fittings
- Insulation
- Others
- Global Building and Construction Plastics Market, By Region:
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- ASEAN
- Australia
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Middle East
- Africa
- North America
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Thermoplastic Polyurethane (TPU) Films Market, By Chemical Class (Polyester, Polyether, Polycaprolactone), By Application (Footwear and Apparel, Medical Supplies, Sports Equipment, Building and Construction, Others (Electronics, Automotive, and Industrial Applications)), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2022 – 2030
Injection Molded Plastics Market, by Raw Material (Polypropylene, Acrylonitrile butadiene styrene (ABS), High Density Poly Ethylene, Polystyrene, Others) by Application (Packaging, Consumables & Electronics, Automotive & Transportation, Building & Construction, Others) , by Region (North America, Europe, Asia-pacific, Latin America, Middle East & Africa)- Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030
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