Plastics around the world play a stimulating and growing role in the construction process, especially given the discovery of an improved environment with smart design and energy efficiency. The construction industry is currently the largest consumer of plastics and will increasingly use plastics and its derivatives due to the broad functionality and clear advantages of other traditional building materials in flexibility, cost savings, energy efficiency, weather resistance and durability. The growth of the building and construction industry is expected to drive the demand for plastics in buildings over the forecast period. Strong competition in the housing sector has forced market participants to seek economic solutions to reduce the overall cost of a building. The easy processing of plastics and the low technical properties increase the popularity of these materials.
In February, 2021, Keller, Inc designed and constructed the 7,800 square foot office building that served N.E.W. plastic facilitiy. N.E.W Plastics has been an innovative leader in plastic recycling technology for four decades, producing plastic lumber and plastic containers. It is the combination of wood, stone, brick and glass creates an attractive office space in the middle of a small town in northeastern Wisconsin.
The global constructions plastics market is broadly segmented based Based on type, application, and region. Based on the type the global construction plastics market is classified into polyvinyl chloride, polypropylene, polyethylene, expanded polystyrene, and others. Further, by application, the global construction plastics market are categorized into insulation materials, windows, pipes, flooring, and doors, and others.
North America is expected to be the largest market and Asia Pacific is estimated to be the fastest growing construction plastics market owing to increase in industrial and residential construction in the region has triggered the demand for plastics. Europe is anticipated to witness low growth rate due to economic downfall in the region. An increased government and private spending on the construction sector is helping the industry to stride into the peak position in the world.
The global construction plastics market is functioned by various leading players through their diversified product-based innovation and development. These key players include Reliance Industries Limited, SABIC, E. I. du Pont de Nemours and Company, Formosa Plastic Group, Borealis AG, Solvay SA, Arkema SA, The Dow Chemical Company, Lanxess, BASF SE, Chevron Phillips Chemical Company, Asahi Kasei Corporation, PetroChina Co. Ltd. and others. Key players are majorly focusing on investments to build smart building and constructions materials.