Construction Plastics Market to Accelerate at a CAGR of 10.5%, Reaching US$ 254.5 Billion by 2033 | Fact.MR
Extensive Use of Construction Plastics in Building and Construction Industry Driving Market Growth
Rockville, Sept. 21, 2023 (GLOBE NEWSWIRE) — The global Construction Plastics Market stands at US$ 93.61 billion in 2023, according to a report published by Fact.MR, a market research and competitive intelligence provider. Sales of construction plastics are projected to advance at a CAGR of 10.5% from 2023 to 2033.
Plastic compounds come with a wide application range in multiple end-use industries. In addition, their presence can also be marked virtually in different markets and goods that are used by consumers, such as toys, outdoor furniture, trash cans, food containers, tumblers, etc. Construction plastics are used at a significant rate in the building & construction industry for multiple purposes, including roofing, piping, construction plastics insulation, and flooring.
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Key Segments of Construction Plastics Industry Research Report
| By Plastic Type | By Application | By Region |
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Key Takeaways from Market Study
- The global construction plastics market was valued at US$ 84.71 billion in 2022.
- The United States market reached US$ 23.11 billion in 2022.
- Worldwide demand for construction plastics is estimated at a market value of US$ 93.61 billion in 2023.
- The global market is set to reach US$ 254.5 billion by 2033-end.
- Sales of construction plastics are predicted to rise at a 10.5% CAGR through 2033.
- Demand for construction plastics for pipes is forecasted to accelerate at a CAGR of 11.8% and reach a valuation of US$ 72.71 billion by the end of 2033.
- The construction plastics industry in China is projected to expand at 15.5% CAGR and reach US$ 44.81 billion by 2033.
- The Japanese market is predicted to advance at a CAGR of 6.1% through 2033.
- Sales of construction plastics in Germany are forecasted to rise at 7% CAGR from 2023 to 2033.
“Cost-effectiveness and multi-purpose availability of construction plastics creating lucrative opportunities for manufacturers around the world,” says a Fact.MR analyst.
Growing Use of Polyvinyl Chloride in Pipe Construction
Based on plastic type, sales of polyvinyl chloride (PVC) are anticipated to increase at a significant rate owing to its extensive use in pipe construction. PVC is in high demand due to its durability, improved thermal conductivity, scratch resistance, flexibility, and design flexibility. In addition, PVC is economical compared to other similar materials.
| Report Attributes | Details |
| Forecast Period | 2023 – 2033 |
| Value Projection (2033) | US$ 254.5 Billion |
| Growth Rate (2023-2033) | 10.5% CAGR |
| No. of Pages | 170 pages |
| No. of Tables | 25 Tables |
| No. of Figures | 132 Figures |
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Key Market Players
ACH Foam Technologies, Asahi Kasei Corporation, AEP Industries, BASF SE, Berry Plastics Corporation, Chevron Philips Chemical Company LLC, Borealis AG, China Petrochemical Corporation, DuPont de Nemours, Inc., Dow, Inc., and Engineered Profiles LLC are some prominent manufacturers of construction plastics.
Competitive Analysis
Industry participants are strategically focusing on ensuring top-notch product quality, driving innovation, and optimizing supply chain management to secure a competitive advantage in the market. Collaborations, partnerships, and impactful product launches are among the investments being made by market players to enhance their profitability.
For instance:
- In October 2022, BASF SE and Hannong Chemicals revealed plans to establish a joint venture named BASF Hannong Chemicals Solutions Ltd., pending regulatory approvals. The venture will see BASF SE owning a majority stake of 51%, with Hannong Chemicals holding the remaining 49%.
- Another notable move was made by Westlake Chemical Corporation in November 2021, when its Germany-based subsidiary, Vinnolit, introduced GreenVin Polyvinyl Chloride (PVC). This innovative product offers a low-carbon footprint alternative for PVC and finds extensive applications across various industries such as construction, automotive, and medical. The product aligns with sustainability goals and provides performance efficiency akin to traditional PVC.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the construction plastics market, presenting historical demand data for 2018 to 2022 and forecast statistics for 2023 to 2033.
The study divulges essential insights into the market based on plastic type (polystyrene, polyethylene, polypropylene, polyvinyl chloride) and application (pipes, windows & doors, insulation materials), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the MEA).
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