Rise in demand for plastic across the construction industry due to low-cost and excellent physical properties is augmenting market growth of the building &construction plastic. The growing use of recycled plastic across the construction industry due to the increasing practice green building is again anticipated to foster the market growth of the building &construction plastic. All these factors are propelling the market growth of building &construction plastic.
The growing use of plastic in emerging applications such as pipes, tubes & fittings, sewers, door frames & windows, and roofing is projected to bring new market opportunities. Increasing use of polystyrene in construction material as it has a low conductor of heat and helps in retaining heat in infrastructure is again propelling market growth. Moreover, the growing use of polyurethane in furniture & bedding as they are lightweight, easy to install, and durable which makes it ideal for construction materials is further fueling the market growth.
The fluctuating price of crude oil affects the overall price and production of plastic. This factor is expected to hinder the market growth of the building &construction plastic. Polyethylene, polypropylene, polystyrene, polyvinyl chloride, and polyurethane are different types of plastics which are derived from petroleum products.
The global building and construction plastics market was valued at US$ 57,516.4 Mn market in 2019 and is forecast to reach a value of US$ 99,436.5 Mn by 2027 at a CAGR of 7.1% between 2020 and 2027.
Pipes and Ducts segment dominated the global building and construction plastics market in 2019, accounting for 34.9% share in terms of value, followed by insulation and door fitting segments, respectively
Increasing use of expanded polystyrene (EPS) plastics in the construction industry is a growing trend. Expanded Polystyrene (EPS) Plastics is a lightweight insulation material that offers resistance to humidity, shock absorption, and resistance to chemicals. They are widely used across the construction of roads, railway lines, bridges, and public buildings. EPS is an ideal material for use as lightweight filler in the road to facilitate land drainage.
The growing trend of renovation of old buildings around the globe is expected to fuel the market growth of the building &construction plastic. Also, growing government investment in the construction industry due to the increasing population, which is driving demand for construction plastic, is propelling market growth. Moreover, increasing adoption of advanced construction materials for speeding up the construction process is further expected to bolster the market growth.
Building and Construction Plastics Market – Impact of Coronavirus (Covid-19) Pandemic
According to Coherent Market Insight’s analysis, around 33% of the U.S. building materials is imported from China. Factories shutdown in China in the Quarter 1 (2020) has impacted construction activity in the U.S. The scenario is no different on the demand side, as the privately commissioned projects have been delayed, and future spending has been reduced. Construction engineering companies such as Matrix Service., Saipe, WorleyParsons, and TechnipFMC catering to the oil and gas and chemical industry are struggling due to the compounding effect of declining oil prices. These companies are expected to take long tenure to recover, than the rest of the construction engineering companies.
1. Arkema SA
2. Asahi Kasei Corporation
3. BASF SE
4. Borealis AG
5. The Dow Chemical Company
6. E. I. du Pont de Nemours and Company
7. Formosa Plastic Group
8. PetroChina Co. Ltd.
9. Reliance Industries Limited
10. Solvay SA
Few Recent Developments
1. In February 2020, the Arkema group showcased its advanced materials at JEC World 2020. These innovations were developed to meet changing 3D production technologies and keep up with increasing demand for advanced composites in the construction, transportation, wind, and sports sectors.
2. In October 2019, Arkema is teaming up with engineering plastics compounder Agiplast to produce and regenerate engineering plastic compounds from high-performance polyamides and PVDF fluoropolymers