The construction industry is growing rapidly, as due to the changing economic scenario and increasing disposable income of people, majorly in developing countries, people are becoming more inclined towards renovation activities and buying houses.
Other than this, the number of construction activities in both residential and commercial sector is growing rapidly, owing to increasing migration of people from rural to urban areas. The construction industry itself is witnessing technological innovations and therefore has started focusing on more efficient materials.
The two types of metal replacement materials are composites and engineering plastics, between which, the demand for engineering plastics has been significantly high in the past. This is due to the fact that these materials have good mechanical characteristics, chemical resistance, and high dimensional stability. They can be utilized permanently at temperatures ranging from 100–150 degree C.
Engineering plastics, also known as technical thermoplastics are further divided into thermoplastic polyesters, polycarbonates, fluoropolymers, acrylonitrile butadiene styrene (ABS), polyacetals, and polyamides. Among these, the demand for ABS is expected to rise considerably in the years to come, since they are cost-effective and thermal and corrosion resistant.
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The major industries which make use of metal replacement materials are healthcare, automotive, construction, and aerospace & defense. The automotive industry among these is projected to create the largest demand for metal replacing materials in the years to come, as such products are extensively being utilized for manufacturing vehicle body parts.
Moreover, the rising repair and maintenance activities and increasing automobile production are also expected to result in the rising need for metal replacing materials.
Geographically, Asia-Pacific is predicted to emerge as a major metal replacement market in the years to come on account of the rapid expansion of automotive and construction industries.
Hence, the rapid growth of the construction industry and technological advancements are leading to the growth of the market.
