Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Building & construction plastics is a polymer that is specially designed for the construction industry. They are used in a wide range of construction application such as cladding & roof membranes, flooring, flooring & wall covering, cables, insulation, piping, and door & window panels.
The global building and construction plastics market is estimated to account for US$ 57,516.4 Mn in terms of value and 53,117.2 Kilo Tons in terms of volume by the end of 2019.
Growth in the building &construction industry is one the prime factor driving the market growth of the building and construction plastic. Increasing urban population coupled with the changing lifestyle of the consumer especially across developing region such as China and India is augmenting demand for infrastructure which is again fueling the market growth of building &construction plastic over the forecast period.
High consumption and production of plastic due to rising demand from various end-user industries is expected to drive the market growth. Advancement in the technology for production of polymer is also expected to augment the market growth of the building &construction plastic. Moreover, growing awareness regarding the advantage of the polymers such as durability, corrosion resistance, and high strength is further propelling its demand.
Figure 1. Global Building and Construction Plastics Market Share (%) in terms of Value, By Region, in 2019
North America region dominated the global building and construction plastics Market in 2019, accounting for 36.7% share in terms of value, followed by Europe and Asia Pacific, respectively.
Strict environmental rules and regulation associated with the plastic as they possess a various threat to both aquatic and terrestrial environment is hindering the market growth. Accumulation of plastic has resulted in various environmental problems such as water pollution and land erosion.
Availability of the substitute such as metal, fiberglass, and wood is acting as a threat to the market growth of the construction plastic. This factor is expected to hinder the market growth of building &construction plastic.
Building and Construction Plastics Market Report Coverage
||Market Size in 2019:
||US$ 57,516.4 Mn
|Historical Data for:
||2017 to 2019
||2020 to 2027
|Forecast Period 2020 to 2027 CAGR:
||2027 Value Projection:
||US$ 99,436.5 Mn
- North America: U.S., Canada
- Latin America: Brazil, Argentina, Mexico, Rest of Latin America
- Europe: Germany, U.K., Spain, France, Italy, Russia, Rest of Europe
- Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
- Middle East: GCC, Israel, and Rest of Middle East
- Africa: South Africa, North Africa, and Africa
- By Product Type: Polyvinyl Chloride (PVC), Polystyrene (PS), Polyurethane (PU), Thermoplastic Elastomer (TPE), Acrylics, Composite Materials, and Others
- By Application: Pipe & Ducts, Door Fittings, Insulation, and Others
Arkema SA, Asahi Kasei Corporation, BASF SE, Borelis AG, The Dow Chemical Company, E.I. Du Pont De Nemours and Company, Formosa Plastic Group, PetroChina Co. Ltd., Reliance Co. Ltd., and Solvay SA
- Growth in the building & construction industry is one the prime factor driving the market growth of the market
- High consumption and production of plastic due to rising demand from various end-user industries
|Restraints & Challenges:
- Strict environmental rules and regulation associated with the plastic restricts the market growth
Increasing development of bioplastic for building and construction applications is expected to provide lucrative market opportunities. For instance, in May 2017, Eastman Chemical Company, the producer of cellulosic materials, introduced Eastman TR?VA™, a engineering bioplastics that help global brands concurrently meet their sustainability and performance needs in today’s rapidly evolving marketplace.
The growing popularity of plastic pipes and tubing systems that are basically used in building and on the outer premises of building is projected to offer potential growth opportunities. Plastic pipes are widely used in snow melting, water service, plumbing, fire protection, hydronic heating & cooling, and geothermal piping systems. Emerging such application of plastic in the building and construction industry is projected to propel the market growth over the forecast period.
Figure 2. Global Building and Construction Plastics Market– Opportunity Analysis
Market Trends/Key Takeaways
Increasing production capacity of the engineering plastic by the manufacturer is a major trend in the market. For instance, in May 2019, BASF announced the expansion of the compounding plant in Altamira, Mexico. This expansion addresses the increasing global demand for engineering plastics such as Ultradur (PBT: polybutylene terephthalate) and Ultramid (PA: polyamide) and also supports the growing market in Mexico.
Partnership and agreement among key manufacturer is a growing trend in the market. This is expected to augment the market growth of the building and construction of plastic over the forecast period. For instance, in April 2020, BioLogiQ has signed an agreement with Nexeo Plastics, a global thermoplastic resins distributor, to support the proliferation of their specialty biopolymers in North America.
Figure 3. Global Building and Construction Plastics Market Share (%) in terms of Value, By Application, in 2019
On the basis of application in 2019, the pipes & ducts segment has accounted the largest market share of 34.9% in terms of value, followed by insulation and door fitting segment respectively.
Global Building and Construction Plastics Market- Impact of Coronavirus (Covid-19) Pandemic
COVID-19 pandemic has highly impacted the construction engineering industry, resulting in a 9% decline in the revenues, estimated for year 2020, according to Coherent Market Insights (CMI). The construction engineering industry is expected to be valued around US$ 12,380.0 billion in 2020 from 13,600.0 billion in 2019. Countries such as the U.S., China, India, and UK which are major markets for construction industry, were locked down as a measure to combat the pandemic which halted all the ongoing construction projects. Amidst challenging environment in the construction industry owing to regulatory restraints under the Environment Laws and Real Estate Act, 2016, COVID-19 has added fuel, further hampering the market growth.
- Arkema SA
- Asahi Kasei Corporation
- BASF SE
- Borealis AG
- The Dow Chemical Company
- E. I. du Pont de Nemours and Company
- Formosa Plastic Group
- PetroChina Co. Ltd.
- Reliance Industries Limited
- Solvay SA
Few Recent Developments
In May 2019, BASF has announced its plans to build engineering plastics compounding plant and thermoplastic polyurethane (TPU) plant at its proposed $10bn integrated chemical production (Verbund) site in Zhanjiang, China.