The flourishing of construction plastics in the developing and developed region is likely to support growth of the global building and construction plastics market. The growing disposable income and changing lifestyle of the population in developing regions is expected to fuel demand for the market. The introduction of green building projects as a part of governments integral initiative is also likely to propel demand. In addition, growing urbanization and increase in population is expected to fuel growth of the global building and construction plastics market.
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The green building utilizes resource that helps in reducing pollution and this can be another attribute positively impacting growth of this market in years to come. However, the building and construction plastics market is likely to suffer from growing initiative by government to reduce demand for plastics, due to growing concerns towards environment. This aspect is likely to create new growth opportunities for the building and construction plastics market in form of biodegradable and bio based plastics.
On the flip side, fluctuation in price of raw materials for instance, styrene, ethylene and propylene are majorly depended on the price of crude oil that is volatile in nature. In addition, the plastic producer utilizes large amount of crude oil and the price of crude oil is volatile in nature and this is likely to impact overall growth of this market.
Owing to less maintenance, several designers,architects and builders still prefer to use plastic in building and construction activities. The rapid surge in demand for plastic in building and construction is likely to boost growth of this market in the coming years.
From the geographical point of view, North America is likely to dominate global building and construction plastics and it is likely to hold approximately 30 % of the building and construction plastics market in 2019. The growth in the North America region is majorly attributed to the increasing residential construction activities in Canada and U.S. However, other economies such as Asia Pacific region is expected to witness sudden spur due to growing construction,especially in China and India. This is further likely to fuel growth in this market in the coming years.
Source: digitaljournal.com
