Building and Construction Plastics Market

Building and Construction Plastics Market-Size-(2023-2028)

The Building and Construction Plastics Market was valued at USD 155.45 billion in 2022. It is expected to reach USD 202.12 billion by 2028, growing at a CAGR of 10% during the forecast period (2023-2028).

Building and Construction Plastics Market Overview:

Building and construction plastics refer to a wide range of plastic materials used in the construction industry, including pipes, fittings, insulation, roofing, windows, and more. These plastics offer several advantages over traditional building materials, such as lightweight, durability, low maintenance, and ease of installation. They also provide excellent thermal and acoustic insulation properties and can help reduce a building's carbon footprint. The use of plastics in construction is becoming increasingly popular due to the need for more sustainable and energy-efficient building solutions. As a result, the building and construction plastics market is expected to grow in the coming years.

Building and Construction Plastics Market Drivers:

The global building and construction plastics market is fuelled by multiple factors, such as rising urbanization, increasing demand for eco-friendly and sustainable materials, and the growth of the construction industry. The use of plastics in construction offers advantages like durability, energy efficiency, cost-effectiveness, and reduced carbon footprint, leading to a greater demand for plastic materials. Additionally, smart and energy-efficient buildings have created a growing trend that requires advanced materials capable of withstanding harsh weather and providing superior insulation. The versatility of plastic materials also makes them an ideal option for different architectural designs and requirements. Thus, the building and construction plastics market is expected to experience significant growth in the future, with increasing investments in infrastructure development, government initiatives promoting sustainable construction, and the popularity of eco-friendly and energy-efficient buildings.

Building and Construction Plastics Market Restraints:

The building and construction plastics market faces several restraints that limit its growth and development. One of the main constraints is the increasing environmental concerns associated with plastic waste and its impact on the environment. This has led to the implementation of strict regulations and laws by governments across the globe, limiting the use of plastics in construction. Additionally, the market also faces challenges from alternative building materials such as steel, wood, and composites, which are increasingly being used for their durability, sustainability, and cost-effectiveness. Moreover, the market is also impacted by fluctuating raw material prices, which can lead to a rise in production costs and lower profit margins. The lack of awareness about the benefits of using plastics in construction and the limited availability of skilled labor to work with these materials also pose challenges to the growth of the market.

Building and Construction Plastics Market Opportunities:

Despite the restraints, the building and construction plastics market offers several opportunities for growth and development. One such opportunity is the increasing demand for sustainable building materials, which has led to the development of eco-friendly plastics that are recyclable and have a reduced carbon footprint. Additionally, advancements in technology have led to the development of high-performance plastics that offer superior strength, durability, and resistance to weather and chemical exposure. The growing trend of modular construction and prefabricated building systems also offers significant opportunities for the use of plastics in construction. Finally, the increasing need for energy-efficient buildings has led to the development of plastics that offer excellent insulation properties, further expanding the market's opportunities.

Impact of COVID-19 on the Building and Construction Plastics Market:

The Building & Construction Plastics Market has been significantly affected by the COVID-19 pandemic. The restrictions imposed by governments to curb the spread of the virus have disrupted the supply chains, leading to delayed construction projects and reduced demand for plastics in the industry. Additionally, the economic downturn caused by the pandemic has resulted in reduced investments in construction projects. However, the market has demonstrated resilience in the face of the pandemic, with the increased emphasis on hygiene and sanitation leading to a surge in demand for plastics in applications such as personal protective equipment, face shields, and protective barriers. As vaccination programs continue to be implemented and the global economy gradually recovers, the industry is anticipated to rebound.

BUILDING AND CONSTRUCTION PLASTICS MARKET REPORT COVERAGE:

Market Segmentation

 Building and Construction Plastics Market-By Type of Plastic

• PVC (Polyvinyl Chloride)

• PE (Polyethylene)

• PP (Polypropylene)

• PS (Polystyrene)

• Others (including PET, ABS, PC, and PU)

PVC is estimated to have the highest market growth during the forecast period because it is a widely used plastic in the building and construction industry. It is known for its durability, resistance to weathering, and low cost. PVC is commonly used in the manufacture of pipes, windows, and flooring. It is also used in the construction of roofing membranes, electrical cable insulation, and siding. 

Building and Construction Plastics Market-By Application

• Pipes and Ducts

• Insulation

• Cladding

• Roofing

• Windows and Doors

• Flooring and Wall Coverings

• Others (including adhesives, sealants, and coatings)

The pipes and ducts segment is expected to hold the highest market share in the building & construction plastics market, and it is one of the most significant applications for plastic materials in building and construction due to their durability, flexibility, and resistance to corrosion. The demand for plastic pipes and ducts is driven by their use in various applications, including plumbing, heating and cooling systems, and drainage systems.

Building and Construction Plastics Market-By Functionality

• Structural applications

• Decorative and aesthetic applications

• Functional applications

Functional applications are projected to have the highest market share in the global building & construction plastics market, and the functional applications of plastics such as insulation, fire resistance, and soundproofing are generally in high demand due to their essential role in ensuring safety, comfort, and energy efficiency in buildings. Therefore, the functional applications of plastics in construction are likely to continue to drive demand for the building and construction plastics market.

Building and Construction Plastics Market-By Region

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America

Asia-pacific region is expected to have the highest market growth during the forecast period because of a rising population and increasing urbanization driving demand for new infrastructure and housing; the use of building and construction plastics is increasing in this region due to their cost-effectiveness, versatility, and durability.

North America is also one of the major mature markets, and the demand for plastics used in building and construction may still see growth as these materials gain popularity for their durability, lightweight, and environmental benefits. Plastics are being increasingly used in construction because they can help reduce a building's carbon footprint.

Building and Construction Plastics Market Key Developments:

• In June 2022, BASF recently released Ultramid® A3EM8 OP, a specialized grade of plastic designed for painting applications. This new grade is specifically optimized to provide a class A surface finish and strong bonding capability with paint, eliminating the need for a primer to improve bonding. This means that manufacturers using Ultramid A3EM8 OP can achieve a high-quality paint finish without the extra steps required for traditional painting processes.

• In Oct 2021, Dow made progress in preventing plastic waste, cutting greenhouse gas emissions, and offering recycled plastic products with the same performance as virgin plastics. This demonstrates the company's commitment to sustainability and creating a circular economy while reducing its environmental impact.

Building and Construction Plastics Market-Key Players:

• BASF SE

• DuPont de Nemours, Inc.

• Arkema SA

• Dow Inc.

• Solvay SA

• Evonik Industries AG

• Covestro AG

• SABIC

• LyondellBasell Industries Holdings B.V.

• Mitsubishi Chemical Holdings Corporation