The construction plastics market is estimated to be USD 75.6 billion in 2018 and is projected to reach USD 105.7 billion by 2023, at a CAGR of 6.9%
LONDON, Dec. 31, 2018 /PRNewswire/ --
The construction plastics market is projected to grow at a CAGR of 6.9% between 2018 and 2023
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The construction plastics market is estimated to be USD 75.6 billion in 2018 and is projected to reach USD 105.7 billion by 2023, at a CAGR of 6.9%. The growth in consumption of lightweight materials, such as plastics is driving the demand for construction plastics. The low cost of plastics compared with other substitute materials is also a driving factor for the growth of construction plastics market. However, volatile prices of crude oil, a major raw material of plastics, is a potential restraint for the growth of the market. China's slowing economy and the prohibition of the use of PVC products in green buildings are some of the potential restraints of the market.
Polyvinyl Chloride (PVC) is projected to be the fastest-growing plastic in the construction plastics market
The polyvinyl chloride plastics market is projected to grow at the highest CAGR during the forecast period.The growing demand for polyvinyl chloride is due to its properties and low cost.
PVC is majorly used in the pipes application, which has a major market share in the construction plastics market.This factor is projected to drive the growth of the market for PVC.
The growing demand for PVC pipes in the construction application is increasing due to its properties, such as thermal insulation, flexibility, and others. The growth of the PVC segment is also attributed to its multiple uses.
Pipes projected to be the largest application in the construction plastics market
The pipes application is projected to grow at the highest CAGR between 2018 and 2023.This growth is mainly attributed to the properties of plastics, such as thermal conductivity, scratch resistance, durability, design freedom, flexibility, and insulation.
Increasing demand for lightweight materials for use in the building & construction industry is driving the growth of the construction plastics market.
Asia Pacific projected to be the largest construction plastics market
The Asia Pacific construction plastics market is projected to grow at the highest CAGR between 2018 and 2023.This growth is mainly attributed to the shift of major industries, such as building & construction from western regions to the Asia Pacific region, especially China and India, due to the availability of cheap labor, supportive government policies, and availability of natural resources.
China is projected to be the largest contributor to the Asia Pacific construction plastics market.
Breakdown of primary interviews for the report on the construction plastics market
• By Company Type – Tier 1 – 70%, Tier 2 –25%, and Tier 3 – 5%
• By Designation - C-Level Executives– 45%, Directors – 35%, and Others – 20%
• By Region – North America – 17%, Europe- 42%, Asia Pacific– 25%, South America- 8%, and Middle East & Africa – 8%
The leading construction plastics manufacturers, globally, profiled in this report are DowDuPont (US), BASF SE (Germany), Asahi Kasei Corporation (Japan), LyondellBasell Industries Holdings B.V. (Netherlands), Borealis AG (Austria), Solvay S.A. (Belgium), Saudi Basic Industries Corporation (SABIC) (Saudi Arabia), Berry Plastics Corporation (US), and Total S.A. (France).
Research Coverage:
The report covers the construction plastics market on the basis of plastic types, application, and region.This report aims at estimating the size and future growth potential of the construction plastics market across various segmentation types.
The report also includes an in-depth competitive analysis of the key market players along with their profiles and key growth strategies.
Key Benefits of Buying the Report
From an insight perspective, this report has been focusing on various levels of analyses, which include industry analysis (industry trends) and company profiles. These insights together comprise and discuss the basic views on the competitive landscape, emerging and high-growth segments of the construction plastics market, high-growth regions, and drivers, restraints, opportunities, and challenges in the construction plastics market.
The report provides insights on the following pointers:
• Market Penetration: Comprehensive information on various plastic types used in building & construction offered by top players operating in the construction plastics market.
• Product Development/Innovation: A detailed insight into upcoming construction plastics, R&D activities, and new applications in the construction plastics market.
• Market Development: Comprehensive information about lucrative and emerging markets. The report analyzes the markets for construction plastics across different regions.
• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the construction plastics market.
• Competitive Assessment: An in-depth assessment of strategies, products, and manufacturing capabilities of leading players in the construction plastics market.
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