Acumen Research and Consulting recently published a report titled “Microcellular Plastics Market Size, Share, Analysis Report and Regional Forecast, 2022-2030”
BEIJING, Aug. 10, 2022 (GLOBE NEWSWIRE) — The Global Microcellular Plastics Market The size accounted for USD 12,554 million in 2021 and is expected to reach USD 24,687 million by 2030.
The global microcellular plastics market trends that are fueling the growth of the market include rapid urbanization, rise in automotive and aerospace industry, and an increase in construction activities across the globe. According to our recent analysis of the microcellular plastics industry, growing concerns over carbon emissions would open new potential growth avenues for the market in the coming years. For example, according to the latest research study, the global carbon footprint of plastics has more than doubled since 1995; reaching 2 billion tonnes of GtCO2 equivalent carbon dioxide (CO2e) in 2015 and contributing 4.5% of global greenhouse gas emissions. China, Indonesia and South Africa have been the main contributors to the growing carbon footprint of plastics. Developed regions such as the EU and the United States have contributed significantly to the increase in the global carbon footprint of plastics by increasing the demand for plastics generated in emerging countries, especially in coal-based economies. like China.
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|Market||Microcellular Plastics Market|
|Microcellular Plastics Market Size 2021||$12,554 million|
|Microcellular Plastics Market Forecast 2030||$24,687 million|
|Microcellular Plastics Market CAGR||8.1% from 2022 to 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, Middle East and Africa|
|Profiled key companies||Armacell Canada Inc., BASF SE, Canadian General Towers,
General Plastics Manufacturing Company, Inenia Polymers Corp.,
INOAC Corporation, Lavergne Performance Compounds, Hearthane Products,
Rogers Corporation, Saint-Gobain and Trexel, Inc.
|Report cover||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulatory Analysis|
Impact of COVID-19 on the Global Microcellular Plastics Market Share
COVID-19 has had a significant impact on the global Microcellular Plastic industry due to severe disruptions to their production and supply chain operations caused by mandatory lockdowns and production stoppages imposed by regulatory bodies in the whole world. Consumer demand has diminished as individuals are now more determined to reduce non-essential expenses from their personal budget as the total economic situation of the majority of people has been affected by this pandemic. These factors are likely to impact the progress of the global microcellular plastics market revenue during the forecast period. However, as governments around the world lift restrictions imposed in the wake of the pandemic, the industry is likely to return to its former path.
Growth aspects of the global microcellular plastics market
Increased preference for high performance materials is the major factor driving the global microcellular plastic market revenue. Microcellular plastics are popular in all industries due to their advantages such as durability, insulation strength, superior impact resistance, thermal stability, fatigue resistance, thermal and sound insulation performance and optical properties. The mobile phone industry and the manufacturing of sports equipment are major drivers of the microcellular plastics market, in addition to the increasing urbanization and regular use of microplastics in the construction industry. However, the high production cost of these materials would negatively impact the market value of microcellular plastics.
The microcellular plastics market is highly dependent on the research and development of advanced microcellular plastics that can be manufactured to commercial market standards. Additionally, microcellular plastics are recyclable compared to standard plastics and are more widely adopted in various end-use industries, which is expected to fuel the growth of the market. Again, growing demand for light-duty automotive vehicles, along with increased use of microcellular plastics in the manufacturing of vehicle parts is expected to drive the demand over the forecast period.
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Segmentation of the microcellular plastics market
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). Due to the numerous advantages offered by this material, polyvinyl chloride (PVC) would represent a significant market share in 2021.
The market is divided into applications such as home decor, toys, aircraft, and others. According to our microcellular plastics market forecast, the interior decoration market will grow at a rapid rate between 2022 and 2030. During the same period, however, the aircraft segment accounted for a significant market share.
Further, the market is bifurcated into end-user segments such as construction, electronics, automotive, food packaging, etc. The food packaging industry contributed to a higher share in 2021, owing to the increase in population, the expansion of the e-commerce sector and the interest of consumers in environmentally friendly products. ‘environment. The automotive segment, on the other hand, is expected to experience significant growth between 2022 and 2030.
Regional Outlook of the Microcellular Plastics Market
North America, Asia-Pacific, Europe, Latin America, Middle East and Africa constitute the regional classification of the global microcellular plastics market. Among all the regions, Asia-Pacific is expected to achieve the fastest growth rate (CAGR) over the projected years 2022 – 2030. Growth in many end-use industries such as electronics, automotive and transportation, and building and construction, among others, is mainly supporting the growth of the microcellular plastics market in Asia-Pacific. On the other hand, North America accounted for a major microcellular plastic market share in 2021 and is expected to continue its trend during the projected period. This could be attributed to the increase in restoration and maintenance activities, the growing demand for this material in the healthcare and transport industries, and the growth of research and development activities related to the innovative production of microcellular plastic 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.
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Mr. Richard Johnson
Acumen Research and Consulting