Microcellular Plastics Market Size to Surpass USD 24,680Million by 2030 Due to Increased Preference for High-Performance Materials
Acumen Research and Consulting recently published report titled “Microcellular Plastics Market Size, Share, Analysis Report and Region Forecast, 2022 – 2030”
BEIJING, Aug. 10, 2022 (GLOBE NEWSWIRE) — The Global Microcellular Plastics Market Size accounted for USD 12,554 Million in 2021 and is projected to reach USD 24,687 Million by 2030.
The global microcellular plastics market trends fueling the market growth include rapid urbanization, increasing automotive and aerospace industry, and a rise in construction activities all across the globe. According to our recent microcellular plastics industry analysis, increasing concerns over carbon emission would open new potential growth prospects for the market in the coming years. For instance, according to the latest research study, the worldwide carbon footprint of plastic material has grown over twofold since 1995; achieving 2 billion GtCO2 tons of carbon-dioxide equivalent (CO2e) in 2015 and contributing to 4.5% of global greenhouse gas emissions. China, Indonesia, and South Africa were leading contributors to the growing carbon footprint of plastics. Developed regions such as the EU and the United States contributed significantly to the increasing worldwide carbon footprint of plastics by increasing demand for plastics generated in emerging countries, notably in coal-based economies like China.
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|Market||Microcellular Plastics Market|
|Microcellular Plastics Market Size 2021||USD 12,554 Million|
|Microcellular Plastics Market Forecast 2030||USD 24,687 Million|
|Microcellular Plastics Market CAGR||8.1% During 2022 – 2030|
|Analysis Period||2018 – 2030|
|Forecast Data||2022 – 2030|
|Segments Covered||By Type, By Application, By End-User, And By Region|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Armacell Canada Inc., BASF SE, Canadian General Towers,
General Plastics Manufacturing Company, Inenia Polymers Corp.,
INOAC Corporation, Lavergne Performance Compounds, Mearthane Products,
Rogers Corporation, Saint-Gobain, and Trexel, Inc.
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
COVID-19 Impact on Global Microcellular Plastics Market Share
COVID-19 has had a significant impact on the global microcellular plastic industry due to the significant disruptions in their production and supply-chain activities caused by mandated lockdowns and halts in production imposed by regulatory bodies across the world. Consumer demand has decreased as individuals are now more committed to reducing non-essential expenditures from their personal budgets as the total economic status of the majority of people has been impacted by this pandemic. These factors are likely to have an impact on the revenue progression of the global microcellular plastics market over the forecast period. However, as governments around the world lift the restrictions imposed as a result of the pandemic, the industry is likely to return to its earlier path.
Global Microcellular Plastics Market Growth Aspects
The increased preference for high-performance materials is the prominent factor boosting the global microcellular plastic market revenue. Microcellular plastics are popular across industries on account of their benefits such as durability, insulation strength, superior impact strength, thermal stability, fatigue life, heat and sound insulation performance, and optical properties. The cell phone industry and sports manufacturing are major factors driving the microcellular plastics market, in addition to increasing urbanization and regular use of micro-plastics in the construction industry. However, the high production cost of these materials would negatively impact the microcellular plastics market value.
Microcellular plastics market is heavily reliant on the research and development of advanced microcellular plastics that can be manufactured to commercial market standards. Furthermore, microcellular plastics are recyclable compared to standard plastics and have a wider adoption in various end-use industries, which is expected to fuel market growth. Then again, rising demand for lightweight automotive vehicles, as well as increased use of microcellular plastics in the manufacture of vehicle parts are expected to drive demand over the forecast period.
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Microcellular Plastics Market Segmentation
The global market has been divided into four sections: type, application, end-user, and region. The market is divided into four types: polystyrene (PS), polyvinyl chloride (PVC), polycarbonate (PC), and polyethylene terephthalate (PET). Because of the numerous advantages offered by this material, polyvinyl chloride (PVC) would account for a sizable market share in 2021.
The market is divided into applications such as home décor, toys, aircraft, and others. According to our microcellular plastics market forecast, the home decorative market will expand at a rapid pace between 2022 and 2030. During the same period, however, the aircraft segment accounted for a sizable market share.
Furthermore, the market is divided into end-user segments such as construction, electronics, automobile, food packaging, and others. The food packaging industry contributed a higher share in 2021, owing to the rising population, expanding e-commerce sector, and consumer interest in eco-friendly products. The automotive segment, on the other hand, is expected to grow significantly between 2022 and 2030.
Microcellular Plastics Market Regional Outlook
North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa are the regional classification of the global microcellular plastics market. Among all the regions, Asia-Pacific is expected to attain the fastest growth rate (CAGR) over the predicted years 2022 – 2030. Growth in numerous end-use industries such as electronics, automotive and transportation, and building and construction among others is primarily supporting the Asia-Pacific microcellular plastics market growth. On the other hand, North America accounted for a sizable microcellular plastic market share in 2021 and is likely to continue its trend during the projected timeframe. This could be credited to the increasing restoration and maintenance activities, growing demand for this material in the healthcare and transportation industries, and growing research & development activities linked with the innovative microcellular plastic production by key players.
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Microcellular Plastics Market Players
Some key microcellular plastics companies covered in the industry include Armacell Canada Inc., BASF SE, Canadian General Towers, General Plastics Manufacturing Company, Inenia Polymers Corp., INOAC Corporation, Lavergne Performance Compounds, Mearthane Products, Rogers Corporation, Saint-Gobain, and Trexel, Inc.
Browse More Research Topic on Chemical Industry:
The Global Biodegradable Plastics Market size is anticipated to around USD 7.7 Billion by 2026, this market is anticipated to grow with 13.5% CAGR during the forecast time period.
Global Conductive Plastic Compounds Market is expected to grow at noteworthy CAGR around 10 % throughout the forecast period and reach around USD 12 billion by 2026.
The Global Medical Plastics Market value is expected to reach around USD 15 billion by 2026 and growing at a CAGR of 7 % over the forecast time frame 2019 to 2026.
Acumen Research and Consulting is a global provider of market intelligence and consulting services to information technology, investment, telecommunication, manufacturing, and consumer technology markets. ARC helps investment communities, IT professionals, and business executives to make fact-based decisions on technology purchases and develop firm growth strategies to sustain market competition. With the team size of 100+ Analysts and collective industry experience of more than 200 years, Acumen Research and Consulting assures to deliver a combination of industry knowledge along with global and country level expertise.
Mr. Richard Johnson
Acumen Research and Consulting
E-mail: [email protected]
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