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Construction Plastics Market Witnesses Strong Growth, Projected to Reach $153.04 Billion by 2028 - Driven by Booming Construction Sector and Rising Infrastructural Standards
Construction Plastics Market Report
Key Growth Drivers:
The expansion of the construction plastics market is primarily propelled by the booming building and construction sector. Increased construction and infrastructural standards, especially in emerging markets like China, Brazil, India, Saudi Arabia, and Indonesia, contribute significantly to market growth. The global construction market is anticipated to grow from $12.52 trillion in 2021 to $17.60 trillion in 2026, fostering the adoption of construction plastics due to their lightweight, ease of handling, and low maintenance properties. Despite concerns about plastic usage, its indispensability in the construction industry, coupled with the lack of viable substitutes, sustains the market's upward trajectory.
The market is further stimulated by robust economic growth, creating a conducive environment for construction activity, infrastructure development, innovation, and investment in construction projects. For instance, in the second quarter of 2023, the United States experienced a 2.4% increase in real GDP, fueling optimism for continued growth in the construction plastics market.
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Innovations and Sustainability:
Major players in the construction plastics market, including BASF SE, Dow Inc., and LyondellBasell Industries Holdings B.V., are at the forefront of innovation. The rising trend of eco-consciousness has spurred the demand for recycled plastics. Companies are responding by introducing recycled eco-friendly plastics, including bioplastics derived from plant-based resins and plastics that can be decomposed with the help of bacteria. BASF's IrgaCycle range is a notable example, addressing the growing need for plastics recycling in end-use industries such as building and construction, automotive, and packaging.
The market is witnessing innovations with the launch of eco-friendly alternatives like GreenVin Polyvinyl Chloride (PVC). This environmentally conscious alternative is gaining traction in construction, automotive, and medical industries, aiming to replace traditional PVC. Westlake Chemical Corporation's launch of GreenVin PVC exemplifies the industry's commitment to meeting consumer needs while addressing environmental concerns.
Regional Dynamics and Market Segmentation:
In 2023, Asia-Pacific dominated the construction plastics market, and the regions covered in the market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The construction plastics market covered in this report is segmented -
1) By Type: Polyethylene, Polypropylene, Polyvinyl Chloride
2) By Application: Insulation Materials, Pipes, Windows & Doors
3) By End-User: Non-Residential, Residential
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Construction Plastics Global Market Report 2024 from TBRC covers the following information:
•Market size date for the forecast period: Historical and Future
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Construction Plastics Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on construction plastics market size, construction plastics market drivers and trends, construction plastics market major players, competitors' revenues, construction plastics market positioning, and construction plastics market growth across geographies. The construction plastics market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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