Global Building & Construction Plastics Market: Plastics are used in building & construction because of its characteristics such as durability, scratch resistance, lightweight, high strength, low maintenance, and its design flexibility. From the construction of new homes to the renovation of commercial buildings, architects rely on plastics due to its durability and performance.
Growing building & construction industry is expected to fuel the demand for plastics in building & construction over the forecasted period. High competition in the residential construction sector has forced the market players for cost-effective solutions to reduce the overall cost of the building. Easy handling and low maintenance properties of plastics materials have improved the popularity of these material.
Growing environmental regulations and health hazards related to production and disposal of plastics is expected to restrain the building & construction plastics market in some regions. Stringent regulations regarding plastic production and fluctuating crude oil prices are estimated to affect the market over the forecast period.
The product segment includes Polyvinyl chloride, polyurethane, polystyrene, polyethylene, and others. Polyvinyl chloride is estimated to be the largest product segment in the build & construction plastics market. Polyvinyl chloride is widely used for pipeline system for water, wastewater, and industrial applications. The properties of polyvinyl chloride pipes such as no corrosion or scaling and smooth surface reduce energy requirements for pumping is expected to fuel the demand for polyvinyl chloride over the forecast period.
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The application segment includes pipes & ducts, insulation, windows, roofing, and others. Pipes & ducts segment is expected to be the largest application segment. These days’ pipes & ducts of traditional materials are replaced with plastic materials in building and construction, because of favorable characteristics of plastics, availability and low prices when compared to traditional materials. These factors are expected to boost the demand for building & construction plastics over the forecast period.
The regional segmentation includes North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to be the largest market and the Asia Pacific is estimated to be the fastest growing market because of increase in industrial and residential construction in the region has triggered the demand for plastics. Europe is anticipated to witness low growth rate due to economic downfall in the region.
Key players operating in the global building & construction plastics market include BASF SE, The Dow Chemical Company, PetroChina Ltd., Solvay SA, DuPont, Borealis AG, Arkema SA, Exxon Mobil Corporation, SABIC, Chevron Phillips Chemical.