Global Construction Plastic Market Size Set to Touch USD 138 Billion by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global construction plastic market size at USD 86.67 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global construction plastic market size to grow at a significant CAGR of 7.08% reaching a value of USD 137.87 billion by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global construction plastic market size at USD 86.67 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global construction plastic market size to grow at a significant CAGR of 7.08% reaching a value of USD 137.87 billion by 2029. Major growth drivers for the global construction plastic market include an increasing construction activity worldwide, particularly in emerging economies, are creating a significant demand for construction materials, including plastics. Rapid urbanization, infrastructure development, and population growth are contributing to the expansion of the construction sector, which in turn boosts the demand for construction plastics. Notably, the market is witnessing a shift towards lightweight and cost-effective solutions. Construction plastics offer advantages such as reduced transportation costs, ease of handling, and improved energy efficiency due to their lightweight nature. Moreover, they can be manufactured at a lower cost compared to traditional construction materials, making them an attractive option for builders and contractors. Also, sustainable construction practices have gained prominence in recent years, driving the demand for environmentally-friendly materials. Construction plastics can be recycled, reused, and have lower carbon footprints compared to some conventional materials. As a result, they align with the increasing focus on sustainable construction, which promotes energy efficiency, waste reduction, and eco-friendly building practices. Hence, such aspects are expected to propel the growth of global construction plastic market forward during the forecast period. However, environmental concerns and regulatory constraints are anticipated to restrain the overall market growth.
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Global Construction Plastic Market – Overview
The global construction plastic market refers to the worldwide industry that deals with the production, distribution, and utilization of plastic materials specifically designed for construction purposes. These plastic materials are used in various construction activities, such as building infrastructure, residential and commercial structures, and industrial projects. They are employed in the form of pipes, fittings, insulation materials, roofing sheets, windows, doors, flooring, and other construction components. The construction plastic market encompasses the entire value chain, including manufacturers, suppliers, distributors, contractors, and end-users involved in the procurement, production, and application of plastic materials in the construction sector. It encompasses a wide range of plastic types, including PVC (polyvinyl chloride), PE (polyethylene), PP (polypropylene), ABS (acrylonitrile butadiene styrene), and others, each with its specific properties and applications. The global construction plastic market is characterized by continuous innovation and research to develop new plastic formulations that offer enhanced performance, durability, sustainability, and cost-effectiveness. The market is driven by the increasing demand for lightweight, versatile, and environmentally-friendly construction materials, as well as the need for efficient and time-saving construction practices.
Impact of COVID-19 on Global Construction Plastic Market
COVID-19 pandemic adversely affected the global construction plastic market. The construction industry faced disruptions due to lockdowns, travel restrictions, and supply chain disruptions, leading to project delays and cancellations. The reduced construction activities and financial uncertainties resulted in a decline in the demand for construction plastics. Additionally, the economic downturn caused by the pandemic affected construction budgets and investments, further impacting the market. However, the construction sector showed resilience, with the industry gradually recovering as restrictions eased. The market adapted to new norms, such as an increased focus on health and safety measures, digitization, and sustainable construction practices, which are expected to shape the future of the construction plastic market.
Global Construction Plastic Market – By Application
Based on application, the global construction plastic market is divided into Pipes & Ducts, Roofing, Insulation, Windows & Doors, and Wall Covering segments. The pipes & ducts segment is expected to hold the highest share in the global construction plastic market by application during the forecast period. The plastic pipes & ducts offer numerous advantages over traditional materials, such as metal or concrete. They are lightweight, which simplifies transportation and installation, reducing labor and overall project costs. Plastic pipes also exhibit excellent corrosion resistance, making them suitable for various applications, including water supply, drainage systems, and HVAC ducting. Also, plastic pipes and ducts are highly durable, with a long lifespan and low maintenance requirements. Their flexibility allows for easy installation and adaptation to complex layouts.
Competitive Landscape
Major players operating in the global construction plastic market include Dow Chemical Company, BASF SE, SABIC, LyondellBasell Industries N.V., Arkema Group, Solvay SA, Covestro AG, Formosa Plastics Corporation, Borealis AG, INEOS Group Holdings S.A., Total Energies SE, Mitsubishi Chemical Corporation, Kaneka Corporation, and Asahi Kasei Corporation. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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