Microcellular Plastics Market is projected to be worth USD 20,072.3 Million by 2030, registering a CAGR of 7.9% during the forecast period (2022 - 2028).
Microcellular Plastics Market Overview Microcellular Plastics Market is projected to be worth USD 20,072.3 Million by 2030, registering a CAGR of 7.9% during the forecast period (2022 - 2028). Microcellular plastics are a type of thermoplastic polymer that has a large number of tiny bubbles per cm3 and is characterized by a great number of cell densities. Instead of chlorofluorocarbons, hydrocarbons, or other harmful chemical blowing agents, their processing approach uses an inert gas such as carbon dioxide and nitrogen to make cells with perfectly dispersed and uniformly sized tiny cells. They have outstanding strength-to-weight ratios, impact resistance, durability, fatigue life, thermal stability, thermal and acoustic insulation performance, dielectric strength, and other optical qualities. Over the projected period, demand is expected to be driven by increased demand for lightweight automotive vehicles and greater use of microcellular plastics in the manufacturing of vehicle parts. The market is likely to be driven by an increase in demand for high-performance materials in various end-user industries. The market is predicted to develop due to the rising demand for microcellular plastic in the packaging segment due to its biodegradability and environmentally favorable qualities. Furthermore, because of their high strength-to-weight ratio and low density, microcellular plastics are projected to see increased demand in the aviation sector. Rising urbanization increased building and construction activities, and continued growth of the automotive and transportation sectors are all factors driving the worldwide microcellular plastics market. Furthermore, the rising number of working professionals in emerging nations, combined with an increase in packaged food consumption, has raised plastic usage in the packaging industry, which is expected to drive market expansion over the assessment period.
Global Microcellular Plastics market share by application (2016), (%)
Source: MRFR Analysis
Some of the prominent players operating in the global microcellular plastics are BASF SE (Germany), Horizon Plastics International Inc. (Canada), Gracious Living Innovations (Canada), Armacell Canada Inc. (Canada), Ingenia Polymers Corp. (U.S.), Total Plastics Solutions (U.S.), Lavergne Group (Canada), Sealed Air (U.S.), Trexel, Inc. (U.S.), and Griswold Corporation (U.S.).
The global microcellular plastics market consists of five regions: Latin America, North America, Asia Pacific, Europe, and the Middle East & Africa. The Asia Pacific region is predicted to grow at the 6.30% CAGR over the assessment period owing to the continuous expansion of numerous end-use industries such as electrical & electronics, building & construction, and automotive & transportation among others. The demand for microcellular plastics is expected to surge in several countries of Asia Pacific such as the Philippines, Australia, Taiwan, South Korea, China, India, Japan, Thailand, Malaysia, Bangladesh, and Vietnam on account of rising production and sales of automotive vehicle coupled with strong manufacturing base for electrical & electronics sector. Furthermore, inexpensive labor and land cost, growing purchasing power, low production set up cost, and moderately stringent regulatory framework are some of the prominent factors for the regional market growth.
Europe emerged as the largest market for microcellular plastics in 2016 followed by the Asia Pacific and North America. North America is estimated to witness steady growth in microcellular plastics market due to the recovery of industrial sector along with rising expenditure on renovation & maintenance of construction sector over the estimated period. The U.S. and Canada are among the leading contributors in North American regional market growth and is estimated to witness moderate growth due to increasing usage in food packaging and continuous growth of healthcare sector. In Europe, countries such as Germany, UK, Italy, France, and Russia are among the leading contributors in the regional market growth due to the strong presence of automotive manufacturers along with increasing investment in R&D and innovation activities in this field. Latin American countries such as Brazil, Mexico, Argentina, Colombia, and Venezuela is estimated to witness moderate growth owing to strong consumer base for automotive & transportation sector. The Middle East & Africa is estimated to witness lucrative growth on account of rising building & construction activities specifically in Saudi Arabia, the United Arab Emirates, Turkey, Oman, Kuwait, and Iran. Furthermore, expansion of numerous end-use industries is estimated to influence the market growth during the review period positively.
The global microcellular plastics market is categorized on the basis of application and region. On the basis of the application, the market is classified into building & construction, automotive & transportation, healthcare, electrical & electronics, food packaging, and others. On the basis of the regions, microcellular plastics market is segmented into Latin America, North America, Asia Pacific, Europe, and the Middle East & Africa.
|Market Size||2030: Significant value|
|CAGR||(2020-2030): 6.30% CAGR|
|Forecast Period||2020 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Application and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||BASF SE (Germany), Horizon Plastics International Inc. (Canada), Gracious Living Innovations (Canada), Armacell Canada Inc. (Canada), Ingenia Polymers Corp. (U.S.), Total Plastics Solutions (U.S.), Lavergne Group (Canada), Sealed Air (U.S.), Trexel, Inc. (U.S.), and Griswold Corporation (U.S.).|
|Key Market Opportunities||Growing number of working professionals in emerging economies along with increasing consumption of packaged food item|
|Key Market Drivers||Rising urbanization, increasing building & construction activities, and continuous growth of automotive & transportation sector.|
Several players in the global market for microcellular plastics are Horizon Plastics International Inc. (Canada), BASF SE (Germany), Armacell Canada Inc. (Canada), Gracious Living Innovations (Canada), Total Plastics Solutions (U.S.), Trexel, Inc. (U.S.), Ingenia Polymers Corp. (U.S.), Sealed Air (U.S.), Lavergne Group (Canada), and Griswold Corporation (U.S.).
Europe is expected to lead the global microcellular plastics market.
Growing demand for eco-friendly objects are expected to drive the global microcellular plastics market as the product is recyclable.
Factors like the increasing building & construction activities, rising urbanization, and booming automotive & transportation sectors are expected to inspire growth for the microcellular plastics market. Its percolation in food packaging and electronics industries can also inspire growth for the microcellular plastics market.
Players would capitalize on tactical moves like mergers, product launch, better R&D, acquisitions, collaborations, production plans, advertising, and others to ensure that the growth always goes up for the microcellular plastics market.