Infrastructure projects in developing countries accelerating sales of construction polymers
Globally, after the packaging industry, the construction industry is the largest market where polymers are used. It accounts for almost 20% of the world’s polymer production. In Europe, almost 10 million tonnes of plastics are used every year i.e. 20% of total European polymer consumption.
A report has analyzed the range of products used as construction polymers, out of which, polyvinyl chloride holds the largest share in the market. Moreover, approximately 60% of the global PVC (Polyvinyl Chloride) production is consumed in the construction industry.
Widespread Benefits of Construction Polymers to Spur the Consumption Rate
Construction polymers have become a key material in new and modern building constructions. Due to its significant benefits such as lightweight, strong plasticity, and high cost-performance ratios, there has been tremendous increase in the consumption of polymers in the global construction industry every year.
Key factors that are driving the demand include the durability of such polymers for applications in window frames and pipes, extending their life in underground cables for 50 years. Polymers are good insulators and effective in hot and cold conditions, prevents energy leakage, and allows to save energy of households. Apart from these advantages, several factors such as cost efficiency, sustainability, ease of installation, and low maintenance have further boosted growth.
Green Buildings to Open New Doorways in the Upcoming Decade
Construction materials, chemicals, and energy industries are pushed to transform and upgrade, as governments continue to promote eco-friendly buildings. Recycling of materials, energy consumption, heat loss of buildings, impact on qualities of water and air, etc. are needed to be taken care of while producing bio-based construction polymers. Green buildings not only include the impact caused by construction polymers, but also the method of processing to ensure the stability and strength of materials during production.
It has been observed that construction polymers are moving towards high efficiency and eco-friendliness. But the new range of products still lacks high tech and eco-friendly factors. Players have to pay attention to technological advancements, production efficiency, safety, and eco-friendliness in order to increase their share in the construction polymers market.
Key players in construction polymers market, including BASF and SIBUR, who signed an agreement on May 30th, 2019, announcing their collaboration to develop new polymer advancements at SIBUR’s PolyLab R&D Center located in Moscow. Furthermore, many collaborations have been witnessed between bigger companies for new innovative solutions in the construction polymers market. For instance, on 4th June 2019, an agreement was signed between SIBUR and Norner, to co-operate in innovative developments and polymer recycling at SIBUR’s PolyLab. Similarly, on 30th May 2019, SIBUR and 3M signed an agreement for the development in the untapped areas of the construction polymers market.
Rapid Urbanization to Sustain High Demand in Asian Countries
According to research, the market is likely to witness a CAGR of 6.5% during the forecast period in terms of value. Construction polymers will sustain high demand for range of products such as plastic pipes, doors and windows, insulation materials, polymer waterproof materials and other construction polymer-based products.
Due to rapid urbanization, South Asia is gaining momentum in the construction industry, and is likely to contribute as world’s third largest construction market till 2025. 11.5 million new construction projects are starting every year. This will pave the way for worthwhile opportunities for the construction polymer market in Asian countries.
These insights are based on a report by Fact.MR.