The building and construction plastics have garnered $120,951.1 million revenue, and it is projected to rise at a rate of 7.4% from 2021 to 2030, to generate $230,273.4 million in 2030. The worldwide expansion of the construction industry is a major driver of the growing demand for plastics.
The worldwide expansion of the construction sector is a major element that fuels the demand for plastics. Countries such as the U.K, the U.S., China, India, Indonesia, the U.A.E., and Saudi Arabia are experiencing significant construction activities.
The rising population, combined with growing industrialization has encouraged the governments in several countries to fuel construction expenditure to advance infrastructure development. Therefore, the worldwide surging construction expenditure is projected to fuel the sales of building and construction polymers in the near future.
The growing popularity of green and energy-efficient buildings is projected to fuel the construction business, including better indoor environmental quality and lower metal structure load compared to conventional settings is projected to boost the construction sector.
Consequently, it is projected to fuel the requirement for building and construction plastics. The industry is fragmented due to the presence of key players, and small-and medium-sized regional firms that perform business worldwide.
The regional players with major distribution networks and in-depth regulatory knowledge fiercely compete with key companies in their respective regions. The industry players compete on a product quality basis, which provides advanced plastic production techniques.
The industry players compete on the basis of product quality along with advanced production techniques. The cost of finished products is highly depend on raw materials used for manufacturing plastics. That is why, it is expected that cost of raw materials, such as vinyl chloride, styrene, and ethylene would have a major impact on the industry for building and construction plastics in the near future.
Most companies are focusing on mergers and acquisitions to remain on the competitive edge and enhance their portfolio.
The expansion of the manufacturing sector in emerging economies fuels industrialization and results in a high number of skilled workers. In addition, the improving economy and corresponding rise in consumer expenditure in these countries fuel the requirement for consumers and building goods.
It thus boosts the requirement for plastics in various applications such as the construction of structures, convenience goods, and housewares.
Polyvinyl chloride is the largest category, which holds over 30% of the industry share. PVC is a major thermoplastic polymer, widely used for construction and building applications worldwide. It is used in the construction industry for applications, such as windows, roofing, ducting, and doors. The properties of PVC such as thermal conductivity, hardness, strength, design flexibility, scratch resistance, durability, insulation, and cost-effectiveness, that is why it is used in fitting and pipes.
The polyethylene category is projected to experience significant growth in the near future. Additionally, roofing is used in the construction sector as window films, vapor retarders, flooring, and countertop protectors.
Polyethylene sheets can be used to cover the construction materials in lead abatement initiatives. The material also helps in conserving energy and water by generating leak-free pipelines, resistant to environmental stress and corrosion. That is why it is considered an important material and has high demand in the construction sector.
Therefore, the surging expansion of the construction sector is projected to fuel the demand for building and construction plastics in the near future.
Source: P&S Intelligence
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