Published Date : 22 Jan 2024
The global building and construction plastic market size surpassed USD 112.4 billion in 2022 and is projected to attain around USD 214 billion by 2032, growing at a CAGR of 7.20% from 2023 to 2032.
Despite being unseen, plastics play a crucial role in buildings for insulation, piping, window frames, and interior design. Building and construction plastics are generally chemically treated plastic polymers. They serve various purposes, such as roofing membranes, cladding, flooring, cables, wall coverings, insulation, piping, and window and door panels. Their popularity is attributed to unique features like cost-efficiency, durability, insulation, sustainability, innovation, easy installation, and fire safety.
The building and construction plastic market is growing because of the demand for plastics is going up because they are affordable. Additionally, the physical properties of plastics, like being strong, easy to transport, and lightweight, are making them more popular. The increasing population and a higher need for buildings contribute to this growth. Also, government initiatives to improve building structures will create more opportunities for the market in the future.
As plastics require minimal maintenance, many architects, builders, and designers prefer using them in construction over other materials. The demand for these plastics in construction and decoration is expected to increase. This is because several companies are now providing cost-effective and fire-resistant plastics. Leading players in the global market include DuPont, The Dow Chemical Company, BASF SE, Borealis AG, Solvay SA, and Trinseo. These companies are crucial in producing plastics for various infrastructure uses. They manage everything from production to sales and distribution across different locations.
The rise in research and development is opening up significant opportunities. Plastic pipes and tubing systems, commonly used in construction and on the outside of buildings, are gaining popularity. These plastic pipes find applications in various areas like Heating and cooling, plumbing, water service, fire protection, snow melting, and geothermal systems. Also, green buildings use materials that reduce environmental pollution. Plastics like LDPE, HDPE, PVC, PET, PP, and PS are not only recyclable but also solid and durable. Because of these qualities, they are becoming more widely used in constructing environmentally friendly buildings.
North America is among the leading global consumers of building and construction plastics. This is because the construction industry has a significant demand for these materials. Plastics are versatile and easily molded into various shapes, making them ideal for construction applications like windows, doors, roofing, insulation, pipes, and ducts. The market for plastics like PVC, PP, and PE is growing in North America, driven by the expanding industrial infrastructure in the United States and Canada, increased commercialization of products, and rising demand for these materials in the construction sector.
The region's growth is fueled by rapid expansion in the construction sector, particularly in countries like Canada and the U.S. The ongoing trend of renovating old buildings is also contributing to market growth. Initiatives by organizations like the Plastics Industry Association and the National Association of Plastic Industries support the development of plastics and their applications. Moreover, the increasing demand for commercial buildings and government investments in public infrastructure is expected to drive the demand for building and construction plastic in the coming years.
|Market Revenue in 2023
|USD 114.87 Billion
|Projected Forecast Revenue by 2032
|USD 214 Billion
|Growth Rate from 2023 to 2032
|CAGR of 7.2%
|2023 to 2032
|North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa
Beneficial commercial properties and growing demands
The increased use of plastics in the construction industry is expected to boost market growth. Plastics, being lightweight, make construction materials easier to transport and handle. They are resistant to rot, corrosion, and weather, and their flexibility allows for easy molding and bending. Construction plastics, including PET, EPS, and PVC, are commonly used in pipes, coverings, cables, panels, sheets, and films. As emerging economies experience growth in building and construction activities, the demand for these plastics will likely rise. According to Invest India, the building and construction industry is estimated to reach US$1.4 trillion by 2025. This growth in the construction sector is anticipated to drive the construction plastics market in the coming years.
Increasing application and technological advancements
The market is also expected to grow because of the increased use and production of plastic driven by rising demand from different industries. Technological advancements in polymer production are contributing to the growth in the building and construction plastic market. Additionally, a growing awareness of the benefits of polymers, such as durability, corrosion resistance, and high strength, is further driving the demand for these materials.
Growing environmental concerns
The environmental impact of construction plastics is expected to hinder market growth. Common plastics used in construction include HDPE, EPS, PET, and PVC in doors, pipes, windows, insulation, and more. The major challenge lies in segregating, reusing, and recycling plastic waste. Construction plastics can degrade for up to 1,000 years, leading to land and water pollution. Exposure to sunlight weakens their strength, and thermoplastics soften at moderate temperatures.
Growth of the construction sector
The growth in residential construction is boosting the market. Increased investments and funding in this sector contribute to the rise. Construction plastics are crucial in residential construction as protective materials and barriers against sound, moisture, and water. Globally, the launch of government-backed housing projects is fueling residential construction growth.
Growing multi-domain uses
The increasing use of plastic pipes and tubing systems in construction, both inside and outside buildings, creates growth opportunities. These plastic pipes find applications in various areas like snow melting, water service, geothermal piping systems, hydronic heating and cooling, plumbing, and fire protection.
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