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Construction Plastics Market Size Forecast to Reach $104.7 Billion by 2027

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Construction Plastics Market Size Forecast to Reach $104.7 Billion by 2027

May 03
19:23 2022
Construction Plastics Market Size Forecast to Reach $104.7 Billion by 2027
Construction Plastics Market | IndustryARC
Rise in Usage of Plastics in the Construction Industry is Expected to Propel Construction Plastics Market

Construction plastics market size is forecast to reach US$104.7 billion by 2027, after growing at a CAGR of 5.3% during 2022-2027. The construction plastics market has been expanding globally owing to the enhancements in infrastructure standards. The unavailability of substitutes for high-quality construction plastics is also driving the market growth. Construction plastics such as high density polyethylene (HDPE), expanded polystyrene (EPS), polyethylene terephthalate (PET), and polyvinyl chloride (PVC) is not only used in pipes and furniture, but also in temporary staircases and dismantlable sections on construction sites. Increase in the trend of making convertible sections in residential buildings, and rise in recognition of recycled plastics is growing the demand for the global construction plastics market. The use of construction plastics in addressing many issues related with thermal conductivity, scratch resistance, insulation, durability, flexibility, and design freedom, is expected to propel the construction plastics market during the forecast period.

COVID-19 Impact

The COVID-19 outbreak widely affected the construction plastics market over the year 2020. The manufacturing process of various products in the end-use industry declined due to the non-functioning of the manufacturing plants, during pandemic lockdown norms. The sales of different raw materials have also witnessed a halt during this period. Economies of each sector got affected and resulted in stagnation of activities across the end use industries that uses construction plastics. For instance, according to the journal by The Electrochemical Society, on “the impact of COVID-19 in the construction sector and its remedial measures”, from the 1st quarter to the 2nd quarter of 2020, gross domestic product (GDP) from construction in Italy declined from 15803.80 EUR million (US$ 17,916.8 Million) to 12168.40 EUR million (US$ 13,796.5 million). Thus, once the building and construction activities get back on track and start functioning with total capacity, the market for construction plastics is estimated to incline in the upcoming years.

Construction Plastics Market Segment Analysis – By Plastics Type

The polyvinyl chloride (PVC) segment held the largest share in the construction plastics market in 2021. Polyvinyl chloride plastic is widely used in the construction applications such as pipes, cables, flooring, window profiles, and roofing. PVC enhances the quality, cost-effectiveness, and safety of the construction materials, and also, have a less environmental effect, as compared to other construction plastics such as acrylic, composites, polypropylene, and other plastics. Polyvinyl chloride exhibits properties, such as thermal conductivity, scratch resistance, durability, insulation, flexibility, and design freedom. Thus, the growing demand for PVC plastic, in construction sector, will drive the demand for construction plastics market over the forecast period.

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Construction Plastics Market Segment Analysis – By Application

The flooring segment held the largest share in the construction plastics market in 2021. Construction plastics are majorly used to provide extreme toughness, and abrasion resistance to the floors. Construction plastics materials such as polyvinyl chloride (PVC), polyethylene terephthalate (PET), and polyethylene (PE) are used to prevent wear and tear of flooring. Construction plastics flooring can also be cleaned easily. In industrial or commercial sectors, for flooring applications, construction plastics can be used in airplane hangars, hospitals, commercial stores, garages, and others. The rising investments in construction projects, will drive the market growth. For instance, according to the Government of Canada, the Government of Ontario, in 2021, announced the investment of up to US$41.8M for the construction of the new Grey Bruce Health Services Markdale Hospital. Thus, such investments will drive the demand for flooring applications and will raise the growth of the market over the forecast period.

Construction Plastics Market Segment Analysis – By End-User

The non – residential construction segment held the largest share in the construction plastics market in 2021 and is estimated to grow at a CAGR of 6.2% during 2022-2027. Construction plastics are majorly used for thermal insulation, carpet, window and door frames, and piping in buildings. Construction plastics can be utilized in showrooms, manufacturing plants, hospitals, retail stores, and others, in non – residential construction sectors. The increasing investments in non – residential construction, will drive the market growth. For instance, in 2019, Larsen & Toubro, won projects for building manufacturing capacity, commercial complexes, and hospitals, costing between US$ 336.6 million to US$ 673.2 million, in India. Thus, such investments will drive the demand for non – residential construction plastics segment and will increase the growth of the construction plastics market over the forecast period.

Construction Plastics Market Segment Analysis – By Geography

Asia-Pacific region dominated the construction plastics market with a share of 37% in the year 2021. The Asia Pacific region is predicted to continue its dominance in the market during the forecast period due to the increasing requirement for construction plastics in developing countries such as China, Japan, India, and South Korea. China is estimated to continue its dominance in the construction plastics market, due to the growth of the construction industries, during the forecast period. India is also predicted to increase their construction plastics market during the forecast period, with the rise in investments by the government in construction industry. For instance, in 2021, Union Minister of Road Transport Highways, invested US$ 3.4 billion, to launch 1,080 km road construction projects in Gujarat under the Bharatmala Pariyojana. Construction plastics are used for applications such as insulation materials, flooring, roof coverings, and others. Thus, the rising usage of construction plastics, will drive the market growth in the forecast period.

Construction Plastics Market Drivers

Rise in Usage of Plastics in the Construction Industry is Expected to Propel the Market Growth

Plastics are used in construction industry due to their light weight, due to which it is easier to transport and handle the construction plastics. Construction plastics are resistant to rotting and corrosion, and are also weather resistant. Plastic can be flexible, easily extruded, moulded, and bent. Therefore, construction plastics are usually used in pipes, coverings, cables, panels, sheets, and films. The demand for plastics such as polyethylene terephthalate (PET), expanded polystyrene (EPS), and polyvinyl chloride (PVC), will rise with the growth of building and construction activities in emerging economies. For instance, according to Invest India, by 2025, the building and construction industry is estimated to reach US$ 1.4 Tn. Thus, with the growth of the construction sector, the market for construction plastics is anticipated to propel over the forecast period.

Surge in Demand for Residential Construction is Driving the Market Growth

The residential construction segment is growing by increasing investments and funding in the residential construction. Construction plastics are utilized in residential construction industry as a protective material or as a barrier to sound, moisture, water, and in other applications. Globally, the rise in housing projects launched by the governments, is driving the residential construction segment growth. For instance, according to the Invest India, in 2021, total of 91.5 lakh houses were grounded for construction and 53 lakhs houses were completed, out of 1.14 Cr sanctioned houses. Thus, with the increasing housing projects in residential construction sector, the market for construction plastics is anticipated to propel over the forecast period.

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Construction Plastics Market Challenges

Environmental Effects of Construction Plastics Will Hamper the Market Growth

The most widely used plastics in construction sector are high density polyethylene (HDPE), expanded polystyrene (EPS), polyethylene terephthalate (PET), and polyvinyl chloride (PVC). Construction plastics are utilized for different applications such as seals, doors, pipes, windows, cables, insulation, and floor coverings. The main challenge of construction plastics is segregation, reuse, and recycle of plastic waste. Construction plastics materials takes up to 1,000 years to degrade in landfill, creating land and water pollution. Additionally, plastics are degraded under direct sunlight which decreases their mechanical strength, also, thermoplastics creeps and softens at moderate temperatures. Thus, the environmental effects of construction plastics will hamper the market growth.

Construction Plastics Industry Outlook

Technology launches, acquisitions, and R&D activities are key strategies players adopt in this market. Construction Plastics top 10 companies include:

DowDuPont

BASF SE

Asahi Kasei Corporation

LyondellBasell Industries Holdings B.V.

Borealis AG

Solvay S.A.

Saudi Basic Industries Corporation (SABIC)

Berry Plastics Corporation

Total S.A.

Security Matters, Ltd

Recent Developments

In April 2020, BASF and Security Matters, Ltd collaborated to accelerate progress towards a circular economy for plastics, to improve the traceability and sorting of plastics in the value chain.

Key Takeaways

The Asia Pacific dominates the construction plastics market owing to the rising growth and increasing investments in the construction industry. For instance, the building and construction industry with an increase of about 4.2% reached about US$ 11.9 trillion in 2020 from 2019, according to the World Bank.

The rising demand for construction plastics in residential sector, due to its usage as a protective material or as a barrier to sound, moisture, water, and in other applications, has been a critical factor driving the growth of the construction plastics market in the upcoming years.

However, the environmental effects of construction plastics can hinder the growth of the construction plastics market over the forecast period.

Relevant Report

Plastics Market 

https://www.industryarc.com/Research/Plastics-Market-Research-503136

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