Building and Construction plastics market to register 7.1% CAGR between 2013 and 2019

07-Aug-15

poor thermal and electric conductivity are some of the factors that make plastics widely useful in the field of construction. The global building and construction plastics market is expected to develop at a 7.1% CAGR between 2013 and 2019, as per Transparency Market Research. The market had an estimated value of US$35.92 bln in 2012 and is projected to rise to US$57.51 bln by 2019 The flourishing construction industry in countries such as Brazil, India, and China is the chief driver of the global building and construction plastics market. Rapid urbanization and changing lifestyles in developing economies are also leading to increased demand from the building and construction plastics market. However, the market is expected to suffer from reduced demand for many traditional plastics owing to growing environmental concerns. This factor, however, is expected to create new growth opportunities for the market in the form of biobased and biodegradable plastics Of the various types of building and construction plastics studied in the report, the segment of PVC plastics observed the highest share of demand, nearly 35%, in the overall market in 2012, followed by the market segment of composite materials. Over the report's forecast period, the market segment of acrylics is expected to grow at the fastest pace in the global building and construction plastic market. Of the key end-use application segments of the market studied in the report, the segment of pipes and ducts dominated the global market for building and construction plastics, with a 30% market share in 2012. Over the forecast period, too, this market segment is expected to remain the leading application segment of the global building and construction plastics market Geography-wise, North America emerged as the leading regional market and acquired nearly 30% of the market in 2012, primarily due to the rising residential construction activities in the U.S. and Canada. In the Asia Pacific regional market, the rapidly evolving construction industry in India and China is expected to bolster growth. However, the market is expected to decline in Europe owing to tightening environmental regulations that are restricting the use of a variety of plastics in the construction sector