The global building & construction plastics market size is projected to expand at a notable pace owing to the astronomical rise in construction activities worldwide, observes Fortune Business Insights™ in its report, titled “Building & Construction Plastics Market, 2022-2029”. Rapidly expanding urban agglomerates and escalating demand for housing, especially in developing economies such as India and China, have necessitated a heightened intensification of building and construction projects worldwide. Recent estimates released by Oxford Economics and Global Construction Perspectives show predict that over the next decade the volume of construction output will increase by 85% annually, reaching USD 15.5 trillion by 2030. The main driving countries of the global construction industry will be China, India, and the US, which will account for nearly 57% of the expected rise. As a result, the adoption of building & construction plastics is likely to get boosted in the process as these materials play a critical role in flooring, roofing, insulation, and piping.

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Market Segments:

Based on material type, the market has been categorized into polyethylene, polyvinyl chloride, polycarbonate, polypropylene, expanded polystyrene, and others. By application, the market segments include pipes & ducts, roofing, insulation, door & windows, wall covering, and others. On the basis of region, the market has been classified into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa.

Highlights of the Report:

The report strives to provide a precise depiction of the industry trends and outlook, along with a detailed assessment of the factors driving and restraining the market. Further, the report contains a comprehensive study of all the individual market segments and encompasses primary, secondary, and tertiary research to explain the key aspects of the market. Lastly, the report offers actionable insights into the regional dynamics and developments in the competitive landscape of the market.

Restraining Factor

Rising Plastic Pollution Worldwide May Inhibit Market Growth

One of the primary restraints for the building & construction plastics market growth is the unhindered and rampant plastic pollution taking around the globe. A study conducted by the University of Leeds, UK, which also involved the University of Oxford, found that unless effective measures are adopted by countries, over 1.3 billion tons of plastics is will be let loose into oceans and lands between 2016 and 2040. Every year, as per the findings of the study, roughly 30 million tons of plastic waste is dumped on land, while 50 million is burned in the open, and nearly 11 million tons flows into the seas. Furthermore, according to Greenpeace, only 9% of plastic waste generated worldwide gets recycled. Growing awareness about the harmful effects of polymers on the environment and human health is highly likely to impact the employment of building & construction plastics, as builders shift to more sustainable materials.

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Regional Insights

Exponential Growth in Construction to Propel the Asia Pacific Market

As mentioned in the preceding section, India and China are expected to register spectacular growth in their respective construction sectors in the approaching decade. The growth trajectory in these two countries will be driven by rapid urbanization, steady economic development, huge demand for housing, and massive government spending on infrastructure. Thus, India and China will aid Asia Pacific to dominate the building & construction plastics market share in the forthcoming years.

The market in North America is also expected to exhibit promising growth due to the increasing utilization of plastics in the region and technological advancements in the construction industry. In Latin America, speedy growth in urban populations will stoke the adoption of building & construction plastics in the foreseeable future.

Competitive Landscape

Key Players to Focus on Circular Plastic Economy, says Fortune Business Insights

Leading companies are ushering in a new era for the building & construction plastics space by developing technologies and solutions to advance plastic recycling. These innovations are likely to garner wider acceptance for the key market players’ offerings among not just builders, but also consumers.

Industry Development:

  • October 2020: Chevron Phillips Chemical announced the successful completion of the first commercial-scale production of polyethylene through next-generation recycling technology in the US. This chemical recycling technique converts plastic waste into usable liquids that can be transformed into petrochemicals.

List of Key Players Covered in the Building & Construction Plastics Market Report:

  • Reliance Industries
  • Wanhua Chemical Group Co., Ltd
  • PetroChina Company Limited
  • Borealis AG
  • Chevron Phillips Chemical
  • LyondellBasell Industries Holdings B.V.
  • SIBUR Tobolsk
  • Formosa Plastics Corporation
  • Total S.A.
  • Solvay S.A.
  • INEOS Group Holdings
  • LG Chem Ltd.

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