Construction Plastics Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033

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What Is Driving the Global Construction Plastics Market?

The construction plastics market has seen strong growth in recent years. The market size will escalate from $101.79 billion in 2023 to $109.84 billion in 2024, representing a compound annual growth rate CAGR of 7.9%. The growth in this historic period can be attributed to factors like the increased necessity for building renovations and repairs, construction and infrastructure projects, enhanced demand for green building and sustainability, more stringent regulatory compliance, and population growth coupled with urbanization.

Having a closer look at the sample report for the forecast period:
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What Does the Future Hold for the Construction Plastics Market?

Forecast indicates an even stronger growth for the construction plastics market in the upcoming years. The market size is expected to reach a whopping $153.04 billion by 2028, growing at a CAGR of 8.6%. The growth in the forecast period can be credited to trends such as the increase in digital construction workflows, circular economy practices, construction safety standards, growth in emerging markets, and adaptation to changing climate conditions. The forecast period also brings with it 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.

Full details about the market drivers can be checked in the complete report:
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What Factors Drive the Construction Plastics Market?

An increase in the building and construction and infrastructural standards is one of the major factors propelling the construction plastic market. Emerging markets exhibiting robust construction activity include nations like China, Brazil, India, Saudi Arabia, and Indonesia. According to the Global Market Model GMM, the global construction market is set to grow from $12.52 trillion in 2021 to $17.60 trillion in 2026, at a CAGR of 7.0%. The rise in infrastructural standards has contributed to the popularity of the global construction plastics industry. Despite the widespread disapproval of plastic use, the demand for plastics in the construction industry remains due to their lightweight, ease of handling, and low maintenance properties. Moreover, the global market has profited immensely due to the absence of substitutes for high-quality plastics. Consequently, accelerated growth in building and construction and infrastructural standards is expected to bolster the construction plastics market growth.

Which Are The Key Players in the Construction Plastics Market?

Major companies operating in the construction plastics market include 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.

Are There Any Emerging Trends in the Construction Plastics Market?

One of the emerging trends in the market is the increasing preference for recycled plastics. The global population is becoming progressively aware of the harmful impact of plastic materials on the environment. This has triggered rapid growth in demand for recycled eco-friendly plastics. Bioplastics, for example, are derived from polymer resins sourced from plants and plastics that can be decomposed using bacteria. For instance, in September 2021, Germany-based chemicals company BASF, launched a new range of additive solutions called IrgaCycle™, aimed at addressing pressing needs in plastics recycling. This new IrgaCycle range helps increase the percentage of recycled content in end-use industries such as building and construction, automotive and mobility, and packaging.

How Is The Construction Plastics Market Segmented?

The construction plastics market is segmented as follows:

By Type: Polyethylene, Polypropylene, Polyvinyl Chloride
By Application: Insulation Materials, Pipes, Windows & Doors
By End User: Non-Residential, Residential

Where Is the Construction Plastics Market Most Prominent?

In 2023, the Asia-Pacific region held the largest share in the construction plastics market. The report covers additional regions like Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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