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Construction Plastics Market Competitive Dashboard, Segmentation, Key Players And Forecast To 2033
Construction Plastics Market Trends
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According to The Business Research Company's, The construction plastics market size has grown strongly in recent years. It will grow from $101.79 billion in 2023 to $109.84 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to increased need for building renovations and repairs, construction and infrastructure projects, increased need for green building and sustainability, increased regulatory compliance, and urbanization and population growth.
The construction plastics market size is expected to see strong growth in the next few years. It will grow to $153.04 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to increasing digital construction workflows, circular economy practices, construction safety standards, emerging market growth, and growing adaptation to changing climate conditions. Major trends in the forecast period include utilization of lightweight and durable plastic materials, thermoplastic roofing, integration of smart plastic materials with sensors and data connectivity, soundproofing plastics, innovative solutions, and strategic collaborations.
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Market Drivers and Trends:
An increase in the building and construction 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 the 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 their 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 and infrastructural standards is expected to contribute to the construction plastics market growth.
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.
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Major Key Players of the Market:
BASF SE, Asahi Kasei Corporation, Dow Inc., LyondellBasell Industries Holdings B.V., Borealis AG, Solvay SA, Saudi Basic Industries Corporation, Berry Plastics Corporation, TotalEnergies SE, Excelite Alliance Private Ltd., Ach Foam Technologies LLC, AEP Industries Inc., Chevron Phillips Chemical Company LLC, China Petrochemical Corporation, Engineered Profiles LLC, Formosa Plastics Corporation, Saint-gobain SA, Exxon Mobil Corporation, LG Chem Ltd., Braskem SA, Arkema SA, Covestro AG, Mitsubishi Chemical Corporation, Sumitomo Chemical Co Ltd., Eastman Chemical Company, Huntsman Container Corporation, Shin-Etsu Chemical Co Ltd., Geberit AG, Uponor Corporation, Wavin B.V., Pipelife International GmbH, REHAU AG + Co
Construction Plastics Market 2024 Key Insights:
• The construction plastics market size is expected to see strong growth in the next few years. It will grow to $153.04 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%.
• Booming Building And Construction Drives Expansion Of The Construction Plastics Market
• Rising Eco-Consciousness Spurs Demand For Recycled Plastics In The Market
• Asia-Pacific was the largest region in the construction plastics market in 2023
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