Growing construction and infrastructural spending, mainly in Asia Pacific, is expected to drive the global building and construction plastics market over the forecast period. Increasing plastic demand on account of lesser cost and high durability has fueled market growth.
Plastic materials are being increasingly used in roofing, waterproofing, flooring & insulation, cladding, reinforcement, etc. Technological and architectural advancements in construction have increased plastic usage in industrial and residential buildings. Rapid urbanization and changing lifestyles have increased plastic fittings and accessories usage in residential apartments.
Increasing petroleum-based raw material cost along with stringent regulations regarding plastic production is expected to pose challenge to the market growth. Growing awareness regarding environmental and health hazards related to its production and disposal is also expected to restrain market growth over the forecast period.
Increasing plastic usage in building and construction industry can be attributed to huge energy savings instead of other heavy metals. Cost-effective solutions available with usage of these types of components are also expected to fuel market growth over the forecast period.
Low maintenance and easy handling of plastic components and accessories have improved the popularity of these materials. High competition in the residential construction sector has forced the market players to implement cost-effective solutions so as to reduce overall cost of the apartment and gain a competitive advantage over its competitors. Technological innovations have developed environment-friendly recycling processes, which are expected to drive plastic usage in the industry.
Rising application scope of plastics along with increasing green building practices are expected to provide new opportunities for bio-plastic utilization in building and construction industry. Consumer awareness along with implementation of green practices is expected to augment the market over the forecast period.
The market can be segmented on the basis of product as polyvinyl chloride (PVC), polystyrene (PC), acrylic, polyurethanes (PU), thermoplastic elastomers (TPE), and composite materials along with some other materials such as PET, ABS, PP, PE, etc. PVC components are the most preferred plastic fittings on account of its favorable characteristics such as lightweight, abrasion resistance, and durability.
PVC accounted for over 35% of the total market share; however, the segment is expected to lose some of its market share to other products over the forecast period. Acrylic is projected to be the fastest growing segment over next seven years on account of rising demand from sealants, adhesives, and surface coatings market. Acrylics are expected to grow at an expected CAGR of over 7.5% from 2015 to 2022.
Application segments for the market include pipes & ducts, insulation, door fittings along with few others including cladding, waterproofing, roofing, etc. Pipes & ducts dominate the global market and account for over 30% of the total market. Doors & fittings are expected to be the fastest growing application segment and are expected to grow at an estimated CAGR of around 9% over the forecast period.
North America emerged as the largest market and accounted for over 30% of the global market. Increasing residential constructions in the U.S and Canada have been responsible for augmented demand in the region. North America is expected to lose some of its market share to Asia Pacific over the forecast period.
Asia Pacific is expected to be the fastest growing market over the forecast period. Increasing industrial and residential building construction in China and India has triggered the plastics demand in the region. Europe is expected to witness surge in market growth, mainly due to the economic downfall in the region, which has significantly affected the construction industry.
Key players operating in the global building and construction plastics market include The Dow Chemical Company, PetroChina Ltd., Solvay SA, Borealis AG, DuPont, Arkema SA, and BASF SE.
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