Construction Plastics Global Market Report 2022

Construction Plastics Global Market Report 2022

  • June 2022 •
  • 175 pages •
  • Report ID: 6285579 •
  • Format: PDF
Major players in the construction plastics market are BASF SE, Asahi Kasei Corporation, DowDuPont, LyondellBasell Industries Holdings B.V., Borealis AG, Solvay S.A, Saudi Basic Industries Corporation, Berry Plastics Corporation, Total S.A., Excelite, Ach Foam Technologies, Aep Industries Inc, Chevron Phillips Chemical Company Llc, China Petrochemical Corporation, Engineered Profiles Llc, Formosa Plastics Corporation, and Saint-gobain S.A.

The global construction plastics market is expected to grow from $88.72 billion in 2021 to $94.42 billion in 2022 at a compound annual growth rate (CAGR) of 6.43%. The market is expected to grow to $124.38 billion in 2026 at a CAGR of 7.13%.

The construction plastics market consists of sales of construction plastics and related products by entities (organizations, sole proprietors, partnerships) that are used in pipes and fittings, flooring, window, door profiles, and roof membranes.Construction plastics are described as plastic polymer that has been chemically processed to produce desired construction goods.

Due to their greater cost-effectiveness, weight-to-strength ratio, and ease of application, plastics are progressively displacing traditional construction materials.

The main types of construction plastics are expanded polystyrene, polyethylene, polypropylene, and polyvinyl chloride.Polyvinyl chloride (PVC) is a thermoplastic made of 57% chlorine and 43% carbon derived predominantly from oil or gas via ethylene.

It is less dependent than other polymers on crude oil or natural gas.PVC is used in window frames, flooring, and plumbing pipes.

Construction plastics are mainly used in insulation materials, pipes, and windows and doors. Major end-users of construction plastics are non-residential and residential construction.

Asia Pacific was the largest region in the construction plastics market in 2021. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

An increase in the building and construction industry and infrastructural standards is one of the major factors driving the growth of the construction plastic market.Emerging markets that registered robust construction activity included China, Brazil, India, Saudi Arabia, and Indonesia.

According to Global Market Model (GMM), the global construction market will grow from $12.52 trillion in 2021 to $17.60 trillion in 2026, at a CAGR of 7.0%. The global construction plastics industry is growing in popularity as infrastructural standards become more sophisticated. Despite widespread disapproval of plastic use, the construction industry’s need for plastics remains uninterrupted due to its lightweight, ease of handling, and low maintenance properties. Furthermore, the worldwide market has reaped enormous profits due to the lack of substitutes for high-quality plastics. Thus, rapid growth in the building and construction industry and infrastructural standards is expected to contribute to the growth of the construction plastics market.

The increasing preference for recycled plastics is a growing trend in the market.The world population is increasingly becoming aware of the adverse impact of plastic materials on the environment.

This has led to a rapid increase in demand for use of recycled eco-friendly plastics: bioplastics that are manufactured from polymer resins derived from plants and plastics that can be decomposed with the help of bacteria.For instance, in September 2021, BASF, a Germany-based chemicals company engaged in offering construction plastics, launched a new range of additive solutions called IrgaCycle™ to address the imminent needs in plastics recycling.

This new IrgaCycle range helps in providing additive solutions to help increase the percentage of recycled content in end-use industries such as building and construction, automotive and mobility, and packaging.In addition, in June 2021, Kimberly-Clark India in collaboration with Plastics for Change India Foundation launched ‘Project Ghar’, an initiative to deliver sustainable housing facilities to on-ground waste collectors in India.

It aims to use around 30 tons of single-use and multi-layered plastic that will be recycled to construct 15 houses in the Hubli-Dharwad region in Karnataka.

In January 2020, BASF, a Germany-based chemicals company engaged in offering construction plastic products, completed the acquisition of Solvay’s polyamide business for €1.3 billion ($1.4 billion). This deal will help BASF to broaden its polyamide capabilities with innovative and well-known products such as Technyl®. The polyamide business will be combined with BSFA’s Performance Materials and Monomers divisions. Solvay is a Belgium-based chemical company offering construction plastic products.

The countries covered in the Construction Plastics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.