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Plastics compounds have wide range of applications in various end-use industries. Virtually, they mark their presence in all markets and goods that consumers use. Their adoption in building and construction industry is huge and it just lacks packaging application of plastics. Building and Construction plastics have variety of applications such as piping, roofing, flooring, insulation, etc. in the construction industry.
On the basis of material type, building & construction plastics market is segmented into polyethylene, polyvinyl chloride, expanded polystyrene, polycarbonate, polypropylene and others. On the basis of application, building & construction plastics market is segmented into pipes & ducts, roofing, insulation, door & windows, wall covering and others.
Key Market Driver -
Booming building & construction industry in the Asia-Pacific to propel the market growth.
Key Market Restraint -
Regulatory changes on the use of plastics to restrain the market growth.
From a geographical standpoint, the market is categorised into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Key market Drivers- Building and Construction industry is rapidly growing in the developing regions of Asia-Pacific and Latin America. The rising disposable income and consumer spending has positively contributed for the industry growth. Use of light weight, cheap and durable materials is preferred by the consumers and thus plastics are being widely adopted. Furthermore, with the increasing importance of ‘green building’ the use of recyclable plastics is also expected to increase.
Key market restraints- Increasing awareness about the hazards caused by the plastic waste, consumers are turning to the eco-friendly materials. Though most of the Building & Construction Plastics are made of recyclable plastic materials, most of them end-up being incinerated and disposed in the soil. As per World Economic forum, only 9% of the plastic has been recycled to date of the total plastic generated till date from 1950s.
The global Building & Construction Plastics market is highly fragmented with number of global & regional players operating in the market. Some of the leading manufacturers in the global Building & Construction Plastics Market include- BASF SE, Shin-Etsu, LyondellBasell Industries Holdings B.V., LG Chem Ltd., Chevron Phillips Chemical Company, LLC, INEOS Group Holdings S.A., SABIC, Solvay S.A., Borealis AG, AGC Inc., Total S.A., PetroChina Company Limited, Formosa Plastics Corporation, Wanhua Chemical Group Co., Ltd, SIBUR Tobolsk, Reliance Industries and others.
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On geographical basis, Building & Construction Plastics market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia-Pacific accounts for lion’s share in the global building and construction plastics. The demand in the region is further expected to increase on the back of booming construction industries in the Asia-Pacific. In Vietnam, the government is restructuring its economy and has targeted to increase its building and construction industry by 2020, to account 30-35 % of the total GDP. North America market is expected to grow moderately over the forecast period owing to increased renovation works along with increasing consumption of plastics. Per capita consumption of plastics is highest in North America region. Europe also consumes significant amount of plastics for various applications amongst which building and construction industry holds prominent share. The per capita plastic consumption is relatively high as compared to the Asia-Pacific region. The building and Construction industry in Latin America is witnessing healthy growths and is expected to increase the market for building and construction plastics. Middle East & Africa region is also expected to witness moderate growths in the market with the improving socio-economic conditions in the African region.
By Material Type
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