PLASTIC RESINS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)
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Rise of Construction Industry in Emerging Markets
In recent years, the construction industry has picked up momentum in developing economies of Asia Pacific, Africa, and Latin America driven by robust economic growth and massive infrastructure development plans. Governments are investing heavily in building roads, bridges, airports, and urban infrastructure to enhance connectivity and accelerate industrialization. Rapid urbanization with expanding cities necessitates new residential and commercial properties. There is a universal shift towards modern construction techniques utilizing steel and concrete structure over traditional materials. Plastic resins like PVC finds multifarious applications in building interiors as well as exteriors. It is used to produce pipes, fittings, window profiles, doors, and roofing sheets that add strength, flexibility and durability to structures. PVC flooring enjoys higher demand than ceramic or wood floors especially in high traffic commercial establishments due to easy maintenance. Fiber reinforced plastics are gaining traction as lightweight substitutes for steel in fabrication of doors, windows and railings. Insulation made from polystyrene and polyethylene resins provide effective thermal and sound insulation in walls and attics. Growth in housing and real estate market drives demand for ancillary plastic products integral to construction. Rising incomes and improving standards of living in developing countries will ensure steady growth prospects for the plastic resins.
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