Construction Plastics Global Market Report 2024

Construction plastics, a type of polymer material, play a crucial role in construction activities, offering versatility, an excellent strength-to-weight ratio, cost-effectiveness, low maintenance, and corrosion resistance. Plastics are increasingly replacing traditional construction materials due to their superior cost-effectiveness, weight-to-strength ratio, and ease of application.

The primary types of construction plastics include expanded polystyrene, polyethylene, polypropylene, and polyvinyl chloride (PVC). PVC, a thermoplastic composed of 57% chlorine and 43% carbon derived predominantly from oil or gas via ethylene, is less dependent on crude oil or natural gas compared to other polymers. PVC finds applications in window frames, flooring, and plumbing pipes. Construction plastics are predominantly used in insulation materials, pipes, and windows and doors. Major end-users of construction plastics include both non-residential and residential construction.

The construction plastics market research report is one of a series of new reports that provides construction plastics market statistics, including construction plastics industry global market size, regional shares, competitors with a construction plastics market share, detailed construction plastics market segments, market trends and opportunities, and any further data you may need to thrive in the construction plastics industry. This construction plastics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The construction plastics market size has grown strongly in recent years. It will grow from $101.79 billion in 2023 to $109.84 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth observed in the historical period can be attributed to various factors, including an increased demand for building renovations and repairs, ongoing construction and infrastructure projects, a growing emphasis on green building and sustainability, heightened regulatory compliance requirements, and trends related to urbanization and population growth.

The construction plastics market size is expected to see strong growth in the next few years. It will grow to $153.04 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The anticipated growth in the forecast period can be attributed to various factors, including the increasing adoption of digital construction workflows, the implementation of circular economy practices, adherence to construction safety standards, growth in emerging markets, and a heightened adaptation to changing climate conditions. Major trends expected during this period encompass the utilization of lightweight and durable plastic materials, the use of thermoplastic roofing, the integration of smart plastic materials with sensors and data connectivity, advancements in soundproofing plastics, the development of innovative solutions, and strategic collaborations within the construction plastics industry.

One of the primary drivers fueling the growth of the construction plastics market is the increase in building and construction standards, coupled with infrastructural development. Emerging markets such as China, Brazil, India, Saudi Arabia, and Indonesia have witnessed robust construction activities. According to the Global Market Model (GMM), the global construction market is projected to grow from $12.52 trillion in 2021 to $17.60 trillion in 2026, with a CAGR of 7.0%. The construction plastics industry is gaining popularity as infrastructural standards become more sophisticated. Despite concerns about plastic use, the construction industry continues to rely on plastics due to their lightweight nature, ease of handling, and low maintenance properties. The lack of substitutes for high-quality plastics has contributed to significant profits in the global market. Thus, the rapid growth in building and construction and infrastructural standards is expected to drive the construction plastics market.

Another factor contributing to the growth of the construction plastics market is the increasing economic growth. Economic growth, reflecting an expansion in the capacity to generate goods and services, creates a favorable environment for the construction plastics industry. Increased economic growth leads to heightened construction activity, infrastructure development, innovation, and investment in construction projects. For example, the United States experienced a 2.4% increase in real GDP during the second quarter of 2023, marking an improvement from the 2.0% growth observed in the preceding quarter, according to the Bureau of Economic Analysis. Therefore, the rising economic growth is expected to propel the growth of the construction plastics market.

A noteworthy trend in the market is the increasing preference for recycled plastics, driven by growing environmental awareness. The global population is becoming more conscious of the environmental impact of plastic materials, leading to a surge in demand for recycled and eco-friendly plastics. This includes bioplastics derived from plant-based polymer resins and plastics that can be decomposed with the help of bacteria. In response to this trend, BASF, a Germany-based chemicals company, launched a range of additive solutions called IrgaCycle™ in September 2021. This addresses the growing need for plastics recycling by providing additive solutions to increase the percentage of recycled content in various industries, including building and construction. Additionally, initiatives like 'Project Ghar' by Kimberly-Clark India and Plastics for Change India Foundation aim to use recycled plastic to construct sustainable housing facilities for waste collectors in India. These efforts reflect the industry's commitment to sustainable practices and the use of recycled materials in construction plastics.

Major players in the construction plastics market are introducing innovative products like GreenVin Polyvinyl Chloride (PVC) to meet the rising demand for sustainable construction materials. GreenVin PVC serves as an environmentally friendly alternative to conventional PVC, commonly used in the construction, automotive, and medical sectors. Westlake Chemical Corporation, a US-based manufacturer and supplier of petrochemicals, polymers, and fabricated building products, unveiled GreenVin PVC in November 2021, demonstrating the company's commitment to addressing environmental concerns while meeting consumer needs.

In April 2023, Axpo Holding AG, a Switzerland-based renewable energy producer, entered into a Power Purchase Agreement (PPA) to acquire Borealis AG within the next six months. This strategic arrangement aligns with Borealis' commitment to increasing its use of renewable energy and advancing sustainability objectives. The PPA enables Borealis to procure green energy from Axpo's wind farm in Finland, specifically for powering its Porvoo facility. Borealis AG, headquartered in Austria, operates as a prominent chemicals company in the industry.

Major companies operating in the construction plastics market include BASF SE, Asahi Kasei Corporation, Dow Inc., LyondellBasell Industries Holdings B.V., Borealis AG, Solvay SA, Saudi Basic Industries Corporation, Berry Plastics Corporation, TotalEnergies SE, Excelite Alliance Private Ltd., Ach Foam Technologies LLC, AEP Industries Inc., Chevron Phillips Chemical Company LLC, China Petrochemical Corporation, Engineered Profiles LLC, Formosa Plastics Corporation, Saint-gobain SA, Exxon Mobil Corporation, LG Chem Ltd., Braskem SA, Arkema SA, Covestro AG, Mitsubishi Chemical Corporation, Sumitomo Chemical Co Ltd., Eastman Chemical Company, Huntsman Container Corporation, Shin-Etsu Chemical Co Ltd., Geberit AG, Uponor Corporation, Wavin B.V., Pipelife International GmbH, REHAU AG + Co

Asia-Pacific was the largest region in the construction plastics market in 2023. The regions covered in the construction plastic report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the construction plastics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The construction plastics market consists of sales of expanded polystyrene, polybutylene terephthalate, nylon, teflon, polycarbonate, and insulation materials. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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