BUILDING AND CONSTRUCTION PLASTICS MARKET ANALYSIS

Building and Construction Plastics MarketSize and Trends

The global building and construction plastics market is estimated to account for US$ 57,516.4 Mn in terms of value and 53,117.2 Kilo Tons in terms of volume by the end of 2019.

Figure 1. Global Building and Construction Plastics Market Share (%) in terms of Value, By Region, in 2019

North America region dominated the global building and construction plastics Market in 2019, accounting for 36.7% share in terms of value, followed by Europe and Asia Pacific, respectively.

Market Trends/Key Takeaways

Increasing production capacity of the engineering plastic by the manufacturer is a major trend in the market. For instance, in May 2019, BASF announced the expansion of the compounding plant in Altamira, Mexico. This expansion addresses the increasing global demand for engineering plastics such as Ultradur (PBT: polybutylene terephthalate) and Ultramid (PA: polyamide) and also supports the growing market in Mexico.

Partnership and agreement among key manufacturer is a growing trend in the market. This is expected to augment the market growth of the building and construction of plastic over the forecast period. For instance, in April 2020, BioLogiQ has signed an agreement with Nexeo Plastics, a global thermoplastic resins distributor, to support the proliferation of their specialty biopolymers in North America.

Figure 3. Global Building and Construction Plastics Market Share (%) in terms of Value, By Application, in 2019

On the basis of application in 2019, the pipes & ducts segment has accounted the largest market share of 34.9% in terms of value, followed by insulation and door fitting segment respectively.

Global Building and Construction Plastics Market- Impact of Coronavirus (Covid-19) Pandemic

COVID-19 pandemic has highly impacted the construction engineering industry, resulting in a 9% decline in the revenues, estimated for year 2020, according to Coherent Market Insights (CMI). The construction engineering industry is expected to be valued around US$ 12,380.0 billion in 2020 from 13,600.0 billion in 2019. Countries such as the U.S., China, India, and UK which are major markets for construction industry, were locked down as a measure to combat the pandemic which halted all the ongoing construction projects. Amidst challenging environment in the construction industry owing to regulatory restraints under the Environment Laws and Real Estate Act, 2016, COVID-19 has added fuel, further hampering the market growth.