According to HTF Market Intelligence, the Global Construction Plastics Market market to witness a CAGR of 6.09% during forecast period of 2023-2028. Global Construction Plastics Market Breakdown by Application (Insulation Materials, Windows & Doors, Pipes, Others) by Type (Polyethylene (Low & High density), Polyvinyl Chloride, Polycarbonate, Polypropylene, Expanded Polystyrene, Others) by End User (Residential, Non-residential) and by Geography (North America, South America, Europe, Asia Pacific, MEA). The Construction Plastics Market market size is estimated to increase by USD 23.69 Billion at a CAGR of 6.09% from 2023 to 2028. The report includes historic market data from 2017 to 2022E. Currently, market value is pegged at USD 64.59 Billion.
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The construction plastics market refers to the industry involved in the production and use of plastic materials in various applications related to construction. These materials include PVC, PE, PP, and other types of thermoplastics. Construction plastics are used in a wide range of applications, including pipes and fittings, roofing, insulation, flooring, windows and doors, and others. They are preferred over traditional materials such as wood, concrete, and metal due to their lightweight, durability, low cost, and ease of installation. The construction plastics market includes manufacturers, distributors, and suppliers of construction plastic products and services. It is driven by factors such as the growth of the construction industry, increasing demand for energy-efficient building materials, and advancements in plastic technology.
Construction Plastics Market market – Key Segment Analysis
The market share growth by the Non-residential segment will be significant during the forecast period. The segment is driven by the The market for construction plastics has shown a boom for being an economically appealing option in the construction industry due to their outstanding strength-to-weight ratio, durability, low maintenance requirements, and corrosion resistance.
The thermoplastic variety is simple to reshape and reuse construction plastics..
Construction Plastics Market market – Competition Analysis
The global Construction Plastics Market market is seeing several joint ventures to intensify the capability of manufacturers and/or companies to establish geographic footprints to new territory. The vendors are accelerating M&A strategies to expand their geographical reach, which is shaping the market toward new growth cycle. The list of players that are profiled in the study are BASF SE (Germany), Asahi Kasei Corporation (Japan), LyondellBasell Industries Holdings B.V. (Netherlands), Borealis AG (Austria), Solvay S.A. (Belgium), Saudi Basic Industries Corporation (Saudi Arabia), Total S.A. (France), Lanxess Aktiengesellschaft (Germany), LG Chem Ltd. (South Korea).
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Construction Plastics Market
Market Drivers
- The market for construction plastics has shown a boom for being an economically appealing option in the construction industry due to their outstanding strength-to-weight ratio, durability, low maintenance requirements, and corrosion resistance.
- The thermoplastic variety is simple to reshape and reuse construction plastics.
Market Trend
- The demand for construction plastics has been rising since as opposed to metals, they can be used and even recycled repeatedly without losing their chemical qualities.
- Construction plastics’ insulating qualities can also lower the levels of background noise.
- Construction plastic materials are lightweight, making them comfortable and convenient to transport or raise to various locations.
Market Opportunities
- Expansion of the construction plastics market into emerging markets
- Development of new products and applications for construction plastics
Market Restraints
- Competition from alternative materials, such as wood, steel, and concrete, which have been traditionally used in construction applications.
- Fluctuations in raw material prices, particularly for petroleum-based plastics, can affect the profitability and pr
Market Challenges
- The major drawback of the construction plastics market is that since many plastics are difficult to recycle, there is concern about how they will degrade because many of them take millions of years.
- Due to their low elastic modulus, plastics are inappropriate for load-bearing applications like beams and columns.
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FIVE FORCES & PESTLE ANALYSIS:
In order to better understand market conditions five forces analysis is conducted that includes the Bargaining power of buyers, Bargaining power of suppliers, Threat of new entrants, Threat of substitutes, and Threat of rivalry.
- Political (Political policy and stability as well as trade, fiscal, and taxation policies)
- Economical (Interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates)
- Social (Changing family demographics, education levels, cultural trends, attitude changes, and changes in lifestyles)
- Technological (Changes in digital or mobile technology, automation, research, and development)
- Legal (Employment legislation, consumer law, health, and safety, international as well as trade regulation and restrictions)
- Environmental (Climate, recycling procedures, carbon footprint, waste disposal, and sustainability)
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