Plastics are suitable for a variety of building and construction products due to their strength, lightweight, corrosion resistance, flexibility, and processability. Most safety products, including automatic firefighting systems, smoke detectors, and alarms, are also plastic. The building and construction industry frequently uses polyvinyl chloride (PVC), which has excellent fire performance characteristics. Plastics are easy to install and use and require little maintenance. Furthermore, because plastics are flexible, the pipes can accommodate soil movements.
Plastics are used in the building and construction industry for roofing, insulation, pipes and ducts, doors, and windows. Due to their moldability, impact resistance, and accessibility in optically transparent grades, these plastics are being used in construction applications more and more frequently. The growth of the global construction industry is the main factor driving the demand for building and construction plastics. The governments of various countries have increased their construction spending to hasten infrastructure development due to rising industrialization and expanding populations. As a result, it is anticipated that over the forecast period, increasing construction spending will fuel a lucrative demand for building and construction plastics.
The increasing use of plastic pipe and tubing systems, primarily used in construction and on the exterior of buildings, is expected to present potential growth opportunities. Plastic pipes are frequently used in geothermal piping systems, hydronic heating and cooling, plumbing, fire protection, snow melting, and water service. It is anticipated that this new application of plastic in the building and construction industry will drive market growth over the forecast period.
Asia-Pacific is the most significant shareholder in the global building and construction plastics market and is expected to grow at a CAGR of 5.1% during the forecast period. China dominates the local market in terms of volume and revenue. The expansion of construction activities in the region is expected to increase the demand for building and construction plastics significantly. Top multinational corporations have been making sizeable investments in the industrial and manufacturing sectors in the Asia-Pacific because of the accessibility of cheap labor and the region's proximity to suppliers of raw materials. As a result of the growing manufacturing and industrial sectors, the construction industry in the region is rising, which is expected to drive market growth over the forecast period.
North America is expected to grow at a CAGR of 3.4%, generating USD 48,684.29 million during the forecast period. North America is one of the world's top consumers of building and construction plastics because of the substantial demand for these materials in the construction industry. Plastics are used in many different applications in the construction industry, including roofing, insulation, pipes and ducts, doors, and windows, due to their adaptability and ease of molding into any desired shape. The PVC, PP, and PE-based plastics market in North America is growing due to the country's and Canada's expanding industrial infrastructure, rising product commercialization, and rising demand for these materials in the construction sector.
Europe is expected to grow significantly over the forecast period. Germany, Italy, Spain, France, and the UK are the region's top building and construction plastics producers. Along with sustainability and environmental awareness, rising greenhouse gas emissions are predicted to raise consumer demand for plastics in the construction industry. Favorable macroeconomic conditions and developing industrial facilities in European countries are expected to fuel the region's construction industry's growth, which is anticipated to boost demand for building and construction plastics over the forecast period. Significant vinyl producers like BASF, Mexichem, Ercros, Inovyn, Shin-Etsu Chemical Co., Ltd., VESTOLIT GmbH, Vinnolit GmbH & Co. KG, and Vynova Group are likely to meet the growing demand for vinyl in the building and construction sector.
The global building and construction plastics market’s major key players are BASF SE, The Dow Chemical Company, PetroChina Company Limited, Solvay S.A, Borealis AG, Arkema S.A., DuPont de Nemours, Inc, B & F Plastics, Inc., Cork Plastics, Trinseo S.A., and Deceuninck NV, and Andersen Corporation.