The global building and construction plastics market size is expected to reach $230,273.4 million by 2030, growing at a CAGR of 7.4% from 2021 to 2030. One of the primary factors driving the growth of the industry is the expansion of the construction sector.
The market is extremely competitive due to the existence of numerous international companies and local producers. To meet the soaring demand in emerging markets, companies decide to make capacity expansions and also involve in mergers and acquisitions. Additionally, businesses engage in significant research and development efforts.
Polyvinyl chloride (PVC) is the largest category in the market. The demand for PVC is increasing across the world because it possesses qualities such as heat conductivity, scratch resistance, insulation, design freedom, durability, and flexibility, and thus it is widely employed in construction applications. Furthermore, other materials are more expensive than PVC.
Polystyrene is a commonly utilized material in building and construction applications such as insulation and plumbing fixtures. Polystyrene-based materials are becoming more popular in the architecture industry, due to their great strength, durability, ease of production, and lightweight.
The demand for polyurethane is rapidly expanding, as this high-performance material is popular in construction applications, such as doors, roofs, and insulation, due to its features, including lightweight, strong, easy to install, and durable.
Polyethylene is widely employed in pipe and duct applications in the industry. Polyethylene pipes are less expensive than other traditional materials such as cast iron, steel, copper, and concrete. Moreover, its high fusion integrity, flexibility, and moisture barrier qualities are driving the building and construction plastics market sales.
Acrylics are used in a variety of applications, including facades, doors, windows, and roofs, owing to their features, such as high strength, UV stability, chemical resistance, ease of processing, and superior aging resistance.
The demand for polypropylene products is expected to grow significantly during the forecast period, due to their improved properties such as weather, water, and color resistance, UV stability, flexibility, and durability. Moreover, polypropylene is mostly utilized in the building and construction industry for applications like roofing, pipeline, and insulation.
APAC accounted for the largest revenue share, of more than 35%, in 2021, and it is expected to maintain its market dominance throughout the forecast period as well. The growing construction industry is dramatically enhancing the building and construction plastics market demand in the region. Moreover, due to the availability of inexpensive labor and accessibility to raw material sources, the industrial and manufacturing sectors in APAC have attracted considerable investments from large international firms. Thus, these sectors are fueling the growth of the construction industry, which is generating high demand for building and construction plastics.
In the region, the Chinese market is expected to increase significantly throughout the forecast period, due to the rising product demand from the residential, commercial, and industrial sectors. The rapid rate of urbanization and a national goal to reduce greenhouse gas emissions are boosting the country's desire for green buildings. Furthermore, government efforts, such as promoting green building construction, and the growing industrial and manufacturing sectors are significantly driving the demand for these polymers. Moreover, various ongoing construction projects in the country are also likely to generate attractive growth prospects for the market in China.
Some of the key players in the market are BASF SE, The Dow Chemical Company, The Solvay Group, Borealis AG, DuPont de Nemours Inc., Arkema Group, Berry Global Inc., Asahi Kasei Corporation, LyondellBasell Industries Holdings B.V., Saudi Basic Industries Corporation.