Construction Plastics Market - Global Forecast to 2023 - New Survey from ASD Reports
The construction plastics market is estimated to be USD 75.6 billion in 2018 and is projected to reach USD 105.7 billion by 2023, at a CAGR of 6.9%. The growth in consumption of lightweight materials, such as plastics is driving the demand for construction plastics. The low cost of plastics compared with other substitute materials is also a driving factor for the growth of construction plastics market. However, volatile prices .....
of crude oil, a major raw material of plastics, is a potential restraint for the growth of the market. China’s slowing economy and the prohibition of the use of PVC products in green buildings are some of the potential restraints of the market.
The polyvinyl chloride plastics market is projected to grow at the highest CAGR during the forecast period. The growing demand for polyvinyl chloride is due to its properties and low cost. PVC is greatly used in the pipes application, which has a major market share in the construction plastics market. This factor is projected to drive the growth of the market for PVC. The growing demand for PVC pipes in the construction application is increasing due to its properties, such as thermal insulation, flexibility, and others. The growth of the PVC segment is also attributed to its multiple uses.
The pipes application is projected to grow at the highest CAGR between 2018 and 2023. This growth is mainly attributed to the properties of plastics, such as thermal conductivity, scratch resistance, durability, design freedom, flexibility, and insulation. Increasing demand for lightweight materials for use in the building & construction industry is driving the growth of the construction plastics market.
The Asia Pacific construction plastics market is projected to grow at the highest CAGR between 2018 and 2023. This growth is mainly attributed to the shift of major industries, such as building & construction from western regions to the Asia Pacific region, especially China and India, due to the availability of cheap labor, supportive government policies, and availability of natural resources. China is projected to be the largest contributor to the Asia Pacific construction plastics market.
This report focuses on various levels of analysis, which include industry analysis (industry trends) and company profiles. These insights together comprise and discuss the basic views on the competitive landscape, emerging and high-growth segments of the construction plastics market, high-growth regions, and drivers, restraints, opportunities, and challenges in the construction plastics market.
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