In recent years, the construction industry around the world has come out as the largest end user of polymer composites. The increased use of polymer composite materials, and polymers in the building and construction sector can be attributed to the advantages provided by construction polymers, in terms of design, technical, architectural, and structural over other conventional materials such as concrete, dust, and sand.
During the forecast period of 2019 to 2028, the worldwide construction polymer market is set to rise at a strong CAGR of around 6.5 per cent. The growth of the industry can be widely attributed to the innovations in advanced polymer materials, which aid in the development of civil engineering technologies, and construction methods, for unique architecture and longer life of such buildings.
Demand for PVC to Stay High Through Forecast Period
Construction polymers come in a wide range including epoxy resins, polyvinyl chloride, polycarbonate, polyurethane, ethyl, vinyl acetate, polypropylene, polystyrene, PMMA, and polyethylene among others. Of these polyvinyl chloride or PVC is one of the most commonly used construction polymers, and holds the largest market share, accounting for 60 per cent of the worldwide production of construction polymers.
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PVC is a material in high demand as it provides superior strength and flexibility, while also performing well in terms of friction, waterproofing, safety, fire resistance, and the versatility of design. A large portion of PVC use will go towards renovation projects.
According to statistics, construction firms are increasingly opting to choose material alternatives including construction polymers instead of conventional materials such as steel and aluminum. A key trend in the industry is the rising demand for bio-based construction polymers, which is likely to push the growth of the construction polymers market for the foreseeable future.
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Housing Real Estate Dominates End Use for Construction Polymer
The demand for construction polymers is projected to stay high for residential and commercial projects. Cumulatively, these end use sectors are expected to account for approximately two thirds of the overall revenue.
In addition, most construction polymers are used to build walls. This trend is expected to grow with the rising development of high rise buildings. Approximately USD 30 million worth of construction polymers will go towards the housing real estate sector projects. Sliding and insulation applications of construction polymers are expected to grow at a faster rate than other segments during this period.
Consequently, the largest market for construction polymers is set to be the Asia Pacific excluding Japan region. This market is expected to surpass more than USD 64 million by the end of the forecast period. Countries responsible for most of the demand include South Korea, China, and India.
Some of the major players in the industry include names such as Formosa Plastics, HB Fuller, BASF, Momentive Performance Materials Inc., PolyOne, Huntsman Corporation, 3M Company, Evonik Industries AG, Sika AG, Solvay, Henkel, Arkema, Croda, DuPont, SCG Chemicals, and more.
The demand for raw materials to build green buildings is on the rise, with support from global government initiatives, which will boost the growth of the industry for the foreseeable future.
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