Building and Construction Plastic Market Trends

Growth Drivers

• Growing demand for bioplastics materials in construction sector: There has been a significant increase in the demand for bioplastics as these have emerged as a promising alternative to conventional plastics, especially in the building and construction sector. Bioplastics are revolutionizing the way houses and buildings were constructed, providing versatility, durability and sustainability. These materials are obtained from renewable resources and are used for insulation, roofing, windows, household objects, and cladding.
  
  Several key players are investing to develop and expand their bioplastics product base. For instance, in June 2021, Green Dot Bioplastics, Inc. announced the launch of new construction project to double its bioplastics production capacity.
• Increasing construction activities in the residential settings: In recent years, rapid urbanization, increasing global population and rising disposable income have resulted in rising demand for modern and luxurious homes. This has encouraged players in the plastics industry to develop high quality, durable plastics solutions that can be used in the construction activities. One such material is Polyrok, developed by an Australian company, Envra which is made from combination of recycled plastics and concrete. This product has been used in many projects, including Melbourne’s new DeerPark station.

Challenges

• Low recycling rates: Though many key players are focusing on recycling plastics, many types of plastics used in the construction activities have low recycling rates due to difficulties in collecting and processing them. Moreover, many construction projects often use a mixture of different plastics which can cause complications in the recycling processes. This can be a major factor that can affect market growth going ahead.
• Robust competition from alternative materials: Materials such as wood, metal, and composites are widely used as eco-friendly substitutes for plastics, lowering its adoption to a certain extent during the forecast period. Moreover, some plastics can degrade faster when exposed more in heat or UV radiation. This is also expected to affect global market growth during the forecast period.