The Building Plastics in Upswing
According to a new report by Coherent Market Insights, demand for plastic is on the upswing in the construction industry because of its physical characteristics, cost-effective price, and recyclability.
Growth could stagnate due to the fluctuating price of crude oil.
Polyethylene, polystyrene, polypropylene, polyurethane, and polyvinyl chloride are all developed from petroleum products.
In 2019, the global building and construction plastics market crossed the $57.5 billion mark.
Experts made a forecast that it will exceed $99 billion by 2027, with an increase of 7.1% yearly.
Pipes and ducts are 34.9% of the total, with insulation and door fitting segments second.
North America accounted for 37% of revenue in 2019 because of the expanding residential construction industry.
North America surfaced as the preeminent region based on the numbers.
The growing use of expanded polystyrene (EPS) plastics in the construction industry is a trend that is on the upswing.
Expanded Polystyrene (EPS) Plastics is a lightweight insulation material that has many benefits such as:
- Resistance to humidity
- Shock absorption
- Resistance to chemicals
They have multiple uses in the construction of railway lines, roads, public buildings, and bridges.
EPS is ideal as a lightweight filler for facilitating land drainage.
Approximately 33% of the U.S. building materials are imports from China.
The factory shutdowns in China in the first few months of 2020 had a negative effect on construction activity in the U.S. The situation is similar on the demand side.
Privately commissioned works have experienced delays, and future spending decreased.