Construction Plastic Market - Forecasts from 2024 to 2029

Construction Plastic Market - Forecasts from 2024 to 2029

The construction plastic market is expected to grow at a CAGR of 3.99% during the forecast period of 2024-2029, reaching US$144.612 billion in 2029 from US$118.905 billion in 2024.

Plastic is a synthetic material based on organic polymers. The construction industry uses plastic for several applications due to its versatility, strength-to-weight ratio, durability, corrosion resistance, ease of installation, energy-saving, and so on. Moreover, the low cost of plastic compared to other substitutes, the adoption of green building practices, and the use of recycled plastic in residential and non-residential buildings are expected to provide lucrative opportunities for global market growth.

However, the price impact of upstream raw materials such as crude oil and feedstock is anticipated to hamper the growth of the building and construction plastics market. Therefore, the key players develop new products, invest in research, make mergers and acquisitions, and form joint ventures to ensure steady growth.

CONSTRUCTION PLASTIC MARKET DRIVERS:

Rise in Construction of Green Buildings

The rising environmental pollution has given rise to the construction of green buildings. Plastics are used in the construction of green buildings because of their features like recyclability, durability, and high strength. Thus, growing popularity and public awareness about green buildings are expected to increase the demand for plastics in construction.

According to the United States Census Bureau, the total construction spending during July 2023 was seasonally adjusted at an annual rate of $2,169.0 billion, which was 0.3% above the revised rate of June 2024 at $2,162.7. This shows that the construction industry has expanded and grown over the years. This leads to the construction plastic market’s growth, as plastics are very useful because of their characteristics – durability, corrosion resistance, easy to install, strength-to-weight ratio, and so on.

Construction Plastic Market Geographical Outlook
The Asia Pacific region will dominate the construction plastic market during the forecast period.

Geographically, the construction plastic market is segmented into North America, South America, Europe, Asia-Pacific, and the Middle East and Africa. Asia-Pacific holds a significant market share and is anticipated to grow rapidly due to the government's growing focus on its emerging economies to support domestic infrastructure.

The major economies are India, China, Japan, Korea, and Australia, which play a vital role in the region's rapid economic growth and industrialization. Furthermore, ASEAN countries like Thailand, Vietnam, Cambodia, Singapore, the Philippines, and Indonesia are experiencing fast economic growth in the region. This is taking increasing infrastructural development. The overall infrastructure and construction development is taking place rapidly owing to projects like China's Belt and Road initiative.

According to the World Bank, China's infrastructure investment was USD 34,285 million in 2022, indicating that rapid industrialization and urbanization in the country in the last few decades have enlarged the infrastructure and development market. Similarly, economic development in India is also leading to the making of more infrastructure projects. As per Infrastructure Outlook, India invested US$168 billion in the development of ports, US$13 billion in the development of the rails, and US$8.9 billion in the development of water-related infrastructure. These efforts would promote investment and stabilize economic growth and employment.

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Report Coverage:

Historical data & forecasts from 2022 to 2029
Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
Competitive Positioning, Strategies, and Market Share Analysis
Revenue Growth and Forecast Assessment of segments and regions including countries
Company Profiling (Strategies, Products, Financial Information, and Key Developments among others)

The construction plastic market is segmented and analyzed as follows:

By Type

Composites
Polyethylene
Polyvinyl Chloride (PVC)

By Application

Windows
Roofing
Sanitary Equipment
Insulation
Pipes & Ducts
Others

By Geography

North America
USA
Canada
Mexico
South America
Brazil
Argentina
Rest of South America
Europe
United Kingdom
Germany
France
Italy
Spain
Rest of Europe
Middle East and Africa
Saudi Arabia
UAE
Rest of the Middle East and Africa
Asia Pacific
China
India
Japan
South Korea
Taiwan
Thailand
Indonesia
Rest of Asia-Pacific