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Building Plastics Market Powers Up

Monday, March 10, 2014

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Global demand for building and construction plastics is poised to grow at a 7 percent annual clip in the coming years, reaching $57.5 billion in 2019, a new market forecast suggests.

The gains will come from general industry growth, increased urbanization, and expanding applications, according to “Global Building & Construction Plastics Market Report,” published by Transparency Market Research.

On the other hand, increasing prices of raw materials and tightening environmental regulations associated with the use of plastic materials are likely to restrain growth in the coming years.

Renovation
M.O. Stevens / Wikimedia Commons

North America dominated the building and construction plastics market in 2012, followed by Europe, the report said. The building renovation market is expected to fuel the growth in those countries in the upcoming years.

However, more applications in the green building market, coupled with growing demand for bio-based plastics, are expected to open new opportunities for plastics growth, the report says.

Growing Segments

In 2012, polyvinyl chloride (PVC) components were the most widely used building and construction plastics, accounting for about 35 percent of global demand. PVC is popular for its durability, abrasion resistance and light weight.

However, acrylics are expected to grow the fastest over the next few years, thanks to the surface coatings, sealants and adhesives market, the report said. (Specific growth percentages were not immediately available.)

Pipes and ducts were the largest segment for plastics in 2012. However, other applications are emerging, including cladding, roofing, waterproofing, reinforcement, flooring and insulation.

Insulation was the second-largest application for building plastics in 2012 and should show similar growth in the coming years, the report said.

Asia to Lead Market

Asia Pacific is expected to witness the highest growth within the forecast period, on account of increasing usage of door fittings and pipes and ducts, the report suggests.

China
chensiyuan / Wikimedia Commons

Increased urbanization in China, India and Brazil should spur market growth in those areas.

The demand for building and construction plastics in the region is expected to grow at a 7.5 percent Compound Annual Growth Rate (CAGR) between 2013 and 2019.

Urbanization and changing lifestyles in India, China and Brazil are anticipated to spur market growth in those areas.

North America dominated the building and construction plastics market in 2012, followed by Europe, the report said. Building renovation is expected to fuel growth in those countries in the coming years.

Key players profiled in the report include BASF SE, Borealis AG, DuPont, The Dow Chemical Company, Solvay SA, Arkema SA and PetroChina Ltd.

   

Tagged categories: Construction; Construction chemicals; Economy; Insulation; Market; Market forecasts

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