The Microcellular Plastics Market was worth around USD 12,719.5 million in 2021 and is estimated to grow to about USD 20,072.3 million by 2028, with a compound annual growth rate (CAGR) of approximately 7.9 percent over the forecast period.
The Microcellular Plastics Market was worth around USD 12,719.5 million in 2021 and is estimated to grow to about USD 20,072.3 million by 2028, with a compound annual growth rate (CAGR) of approximately 7.9 percent over the forecast period. The report analyzes the Microcellular Plastics Market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the Microcellular Plastics Market.
Microcellular Plastics Market: Overview
Microcellular plastic is made up of micropores in the polymer matrix that are smaller than 100 micrometers in size. Microcellular plastics have distinct features that set them apart from traditional plastics. They have reduced residual stress, shorter cycle durations, and consume less material. Superior impact strength, fatigue life, durability, insulation strength, thermal stability, heat, sound insulation performance, and optical qualities drive the microplastics market. Improving one's standard of living and upgrading is a critical aspect driving the market's growth. In addition to increased urbanization and the widespread use of micro-plastics in the building industry, the cell phone industry and sports manufacturing are important factors driving the microcellular plastics market, among others. Diversification into the end-user industry would open up new chances for the microcellular plastics market during the projected period. Increasing plastics demand in the food packaging and healthcare sectors is expected to fuel demand for microcellular plastics throughout the projected period. Plastic consumption in the electronics industry has increased significantly in recent years. The market for microcellular plastics is projected to benefit from this.
Over the pandemic period, almost every industry in the world has suffered a setback. This is owing to significant interruptions in their respective production and supply-chain activities caused by multiple precautionary lockdowns and other restrictions imposed by governing bodies throughout the world. The same is true for the global market of Microcellular Plastics Market. Furthermore, consumer demand has reduced as individuals are now more focused on reducing non-essential spending from their personal budgets since the overall economic status of most people has been negatively impacted by this epidemic. These factors are likely to weigh on the revenue trajectory of the worldwide Microcellular Plastics Market throughout the forecast period. However, with governments across the globe lifting the restriction imposed due to the pandemic, the market is likely to return to its previous track. The rapid increase in the packed food category after restriction upliftment will drive the market growth in the post-pandemic period.
Microcellular Plastics Market: Driver
The increasing desire for lightweight automobiles
The automotive industry is one of the most important industries for composite materials. The automobile industry is constantly on the lookout for new materials that can help reduce vehicle weight while also meeting fuel economy and carbon emission objectives. The segment's primary growth drivers are predicted to be increased demand for lightweight materials from the automobile industry and a growing emphasis on fuel economy. Consumers demand greater miles per gallon (mpg) as fuel costs and distance traveled rise, and they frequently view gas mileage as a crucial issue when purchasing a vehicle. As a result, automobile manufacturers are changing from steel or aluminium to composite materials such as Microcellular plastic, which are critical to achieving the cost-effectiveness of these highly automated manufacturing cycles, which lower vehicle weight. Over the projected period, demand is expected to be driven by an increase in demand for lightweight automotive vehicles, as well as an increase in the use of microcellular polymers in the manufacturing of car parts.
Microcellular Plastics Market: Restraint
Despite its ecological and biodegradable qualities, it has very little commercial application due to the high material cost. Furthermore, because of its porous structure, Microcellular plastic has a relatively limited range of applicability when compared to standard plastics. Moreover, due to the intricate nature of manufacture, the restricted number of Microcellular plastic processing units accessible has produced a scarcity of the product in the market. As a result, product demand is hampered.
Microcellular Plastics Market: Segmentation
The Microcellular Plastic Market is segregated based on Type, Applications, and End User.
By Type, the market is classified into Polyvinyl Chloride (PVC), Polycarbonate (PC), and Polyethylene Terephthalate (PET). In the forecast period, the PVC category dominated the market, with a market largest share. This expansion can be attributed to PVC (Polyvinyl Chloride), which is a high-strength thermoplastic polymer. It is the world's third-most widely produced synthetic plastic polymer due to its strong demand in the end-use industries of medical devices, pipe production, wires, and cable insulation.
By End User, the market is classified into Construction, Food packaging, Electronics, Automobile, and Others. In the forecast period, the food packaging segment dominated the market, with a market largest share. This expansion might be attributed to their recyclable nature as well as the rapid rate of industrialization. Because of the global growth of the automotive industry, transportation is expected to be another significant element driving the microcellular plastic market.
North America is predicted to show continuous growth in the microcellular plastics market throughout the forecast period owing to the recovery of the industrial sector as well as increased expenditure on building restoration and maintenance. In addition, because of the presence of automobile manufacturers, as well as increased investment in R&D and innovation activities in this industry, will boost the market growth. The United States and Canada are among the top contributors to North American regional market growth, which is expected to be moderate due to increased utilization in food packaging and continued growth in the healthcare sector.
The Asia Pacific area is predicted to grow rapidly over the assessment period, owing to the continued growth of many end-use industries, including electrical & electronics, building & construction, and automotive & transportation. Demand for microcellular plastics is expected to rise in several Asia Pacific countries, including the Philippines, Australia, Taiwan, South Korea, China, India, Japan, Thailand, Malaysia, Bangladesh, and Vietnam, due to rising automotive vehicle production and sales, as well as a strong manufacturing base in the electrical and electronics sector. Furthermore, cheap labor and land costs, rising buying power, low production set-up costs, and a fairly severe regulatory environment are some of the key drivers driving regional market expansion.
|Historic Years||2016 - 2020|
|Forecast Years||2021 - 2028|
|Segments Covered||By Product Type, By Application, and By End Use|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Quantitative Units||Revenue in USD million/billion and CAGR from 2021 to 2028|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World|
|Countries Covered||U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others|
|Number of Companies Covered||10 companies with scope for including additional 15 companies upon request|
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.|
|Customization Scope||Avail customized purchase options to meet your exact research needs.|
Some of the main competitors dominating the Microcellular Plastics Market include - Inenia Polymers Corp., Saint-Gobain, BASF SE, Lavergne Performance Compounds, General Plastics Manufacturing Company, Rogers Corporation, INOAC Corporation, Mearthane Products and others.
Microcellular Plastics Market is segmented as follows:
This report is based on in-depth qualitative and quantitative analyses of the global Microcellular Plastics market. Zion Market Research has collected and analyzed key data belong to the global Microcellular Plastics market using a variety of methods. Quantitative analysis has been done following various projection and sampling techniques.
The qualitative analysis involved primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes were validated through experts' opinions. The market dynamics have been determined after conducting a detailed study of the micro and macroeconomic indicators of the market.
Various parameters have been taken into account while estimating market size. The revenue generated by the leading industry participants in from the sales of Microcellular Plastics across the world has been calculated through primary and secondary research.
Zion Market Research employs the combination of secondary research followed by extensive primary research. Under secondary research, we refer to prominent paid as well as open access data sources including product literature, company annual reports, government publications, press releases, industry association’s magazines and other relevant sources for data collection. Other prominent secondary sources include STATISTA, trade journals, trade associations, statistical data from government websites, etc.
For this study, Zion Market Research has conducted all-encompassing primary research with key industry participants to collect first had data. Moreover, in-depth interviews with key opinion leaders also assisted in the validation of findings from secondary research and to understand key trends in the Microcellular Plastics industry. Primary research makes up the major source of data collection and validation.
We conduct primary interviews with industry participants and commentators on an ongoing basis to validate data and analysis. A typical research interview fulfills the following functions:
Participants who typically participate in such a process include, but are not limited to:
Key opinion leaders specializing in different areas corresponding to different industry verticals
Secondary research sources that are typically referred to include, but are not limited to:
News articles, press releases, and webcasts specific to companies operating in the market
Following a comprehensive secondary and primary research and insights thus gathered, analysts at Zion Research have provided an in-depth analysis of various aspects of the Microcellular Plastics market.
Where no hard data is available, we use models and estimates to produce comprehensive data sets. A rigorous methodology is adopted, wherein the available hard data is cross-referenced with the following data types to produce estimates:
Microcellular plastics are thermoplastic polymers which contain large number of tiny bubbles. These bubbles are approximately less than 50µm in diameter. Based on a number of bubbles, microcellular plastics densities can vary from 3% to 95%. Microcellular plastic was innovated in the early 1980s by Massachusetts Institute of Technology (MIT). MIT innovated microcellular plastics in response to a challenge by food and film packaging companies to reduce the amount of polymer used in their industries. Microcellular plastics exhibit superior impact strength, toughness, fatigue life, thermal stability, dielectric strength, thermal and acoustical insulation performance, and optical properties, which makes it different from normal plastics. Another advantage of microcellular plastic is higher productivity due to its faster processing time. The cost for production of microcellular plastics is low as compared to that required for the production of conventional plastics. This is the reason why the microcellular plastic is preferred over the conventional plastics.
The growing demand of plastic in the field of healthcare and food packaging, acts as driver for increase in demand of microcellular plastics. Some of the other prominent factors that positively influence the growth of microcellular plastics market are improved standard of living and rising urbanization. Use of microcellular plastics in mobile industry, construction industry and in production of sports and other equipments has also lead to the increase in this market. As the potential of microcellular plastic is not yet properly known it can affect the growth of the market. The industries producing microcellular plastics are facing problems to scale up the production, hence the production of microcellular plastic is limited. This affects the market of microcellular plastic as it can’t be used in large scale industry.
Based on applications the market is segmented into construction, healthcare, food packaging, transportation, electronics and others. Healthcare and food packaging segments are expected to grow at a higher rate as compared to other segments.
North America is expected to lead the market of microcellular plastic in the forecast period. Growing research and development in microcellular plastics has lead to the increase in its market strength in North America. Europe is expected to be the second largest market, after North America. Applications of microcellular plastics in food packaging, construction and automotive industry are expected to drive the growth of market in Europe. Asia Pacific is expected to show a significant growth in demand for microcellular plastics. Latin America as well as Middle East and Africa are expected to show growth in microcellular market in the forecast period.
Some of the key players in the microcellular plastics market are MicroGREEN Polymers, Inc., Horizon Plastics International Inc., Sealed Air, Lavergne Performance Compounds, Ingenia Polymers Corp., BASF SE, Mearthane Products Corporation, and Inoac Corporation. There are many other regional players involved in the production of microcellular plastics.