The global building and construction plastic market was valued at $57,908.8 million in 2018 and is expected to reach $104,507 million by 2025, growing at a CAGR of 7.6%. Building and construction plastics are polymers that are treated chemically to obtain products for building and construction industry. These products are used for various purposes such as flooring, cladding & roof membranes, cables, flooring & wallcovering, insulation, piping, and window & door panels in the building and construction industry. Different types of plastic composites in flooring includes wood plastic composite (WPC), luxury vinyl tiles (LVT), and stone plastic composite (SPC).
The demand for building and construction plastics is increasing due to rapid rise in investment in the residential and commercial infrastructure. In addition, major players are adopting various strategies such as product launches and acquisitions to stimulate the growth of the market. For instance, in November 2016, INEOS Olefins & Polymers USAacquired 100% shares of the WLP Holding Corp.
Therefore, such developmental strategies are estimated to drive the growth of the global market. However, rise in ecological concerns and stringent laws by regulatory bodies regarding use of plastics are expected to restrain the growth of the global building and construction plastic market. On the contrary, technological improvements to produce eco-friendly and recycled plastics are anticipated to provide lucrative opportunities for the growth of the global market.
The global building and construction plastic market is segmented based on type, application, and region. Based on type, the market is bifurcated into thermoplastic and thermosetting plastic. The thermoplastic segment is further categorized into polyethylene (PE), polyvinyl chloride (PVC), polystyrene (PS), polypropylene, polycarbonate, polymethyl methacrylate, and others. The thermosetting plastic segment is further divided into polyurethane and others, which include polyesters, epoxy resins, and phenolic resins.
The thermoplastic segment is anticipated to dominate the global building and construction plastic market during the forecast period. By application, it is categorized into flooring, window & door panels, siding, piping, roofing, insulation, and others (weather boarding, paint, varnish, adhesives, and thin coverings). The flooring segment is further divided into wood plastic composite (WPC), luxury vinyl tile (LVT), stone plastic composite (SPC), and others.
The others in the flooring segment include fiberglass composite and bamboo composite tiles. The piping segment is projected to grow at a significant CAGR in the near future.
The global building and construction plastic market is analyzed across North America (U.S., Canada, and Mexico), Europe(Germany, France, UK, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa). Asia-Pacific is expected to dominate the market during the forecast period.