Newark, NJ, June 24, 2021 (GLOBE NEWSWIRE) — As per the report published by Fior Markets, the global Microcellular Plastics market is expected to grow from USD 12,426 million in 2020 to USD 23,343.66 million by 2028, at a CAGR of 8.2% during the forecast period 2021-2028.
Drivers of the microcellular plastics market include increased urbanization, increased building and construction activities, and the continued growth of the automotive and transportation sector. Moreover, the increasing number of professionals working in emerging economies, along with the increased consumption of packaged food, has led to an increase in the consumption of plastics in the packaging industry, which is estimated to drive market growth during the forecast period. Moreover, microcellular plastics are recyclable compared to traditional plastics and have a high adoption rate in various end-use industries, which is likely to boost the market growth.
Microcellular plastics, also called micro-cell foams, are created by gas nucleation. It consists of pores graded in a polymer medium with an aperture size not exceeding 100 μm. Microplastic is another ancient type of plastic invented by the Massachusetts Institute of Technology (MIT). The microcellular plastics have many properties such as lower static pressure, a short conduction range, less material use property, better mechanical properties when contrasting than other types of plastics. And because of such great properties, enthusiasm for elite materials has escalated in many end-customer projects, for example, construction, food packaging, electronic gadgets, automobiles etc.
The increasing demand for high-performance materials in various end-user industries is expected to boost the global microcellular plastics market during the forecast period. Although it has sustainable and biodegradable properties, its commercial use is lower due to the high cost of materials, narrow range of processing units, and inferior material properties. With an increasing demand for high-performance materials in end-use industries, market growth is expected to lead to market improvement of microcellular plastics around the world. But this market relies heavily on the research and development of innovative cellular plastics that can be produced according to commercial market standards.
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Key players operating in the global microcellular plastics market include Microgreen Polymers, ABC Group, Horizon Plastics, Gracious Living Innovations, Industrial Thermo Polymers, Canadian General Towers, Ingenia Polymers, Total Plastics solutions, Lavergne Group, Camoplast Polymer Solutions, Sealed Air and Mastercore.
- For instance, In May 2018, Boston, Massachusetts-based Trexel had announced the expansion of its MuCell microcellular plastic technology into the injection-molded packaging market. It is also moving into the automotive blow molding.
- In June 2018, the U.S. based Viking Plastics acquired Genesis Plastics and Engineering LLC, a custom thermoformer. Genesis Plastics and Engineering LLC is an injection molder that makes interior automotive parts.
PVC segment dominated the market and held the largest market share of 27.7% in the year 2020
On the basis of type, the global microcellular plastics market is segmented into PVC, PS, PC, PET and others. The PVC segment dominated the market and held the largest market share of 27.7% in the year 2020. This growth can be attributed to the fact that PVC (Polyvinyl Chloride) is a high strength thermoplastic material. Its high demand in the end-use industry medical devices, pipe manufacturing, wires, and cable insulation makes it the world’s third-most extensively produced synthetic plastic polymer.
Food Packaging segment dominated the market and held the largest market share of 36% in the year 2020
On the basis of application, the global microcellular plastics market is segmented into healthcare, construction, food packaging, transportation, electronics and others. The food packaging segment dominated the market and held the largest market share of 36% in the year 2020. This growth is attributed to their recyclable property and to the high rate of industrialization. Transportation is projected to be another key factor driving the microcellular plastic market due to growth in the automotive industry across the globe.
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Regional Segment of Microcellular Plastics Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global microcellular plastics market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America region held the largest revenue share in the year 2020, owing to an increase in the construction and transportation sector. Europe is expected to be the second-largest growth region in this market. The Asia Pacific region is expected to be the emerging region due to developing countries such as China and India, which have the most promising markets due to their growing industrial base. Latin America is also expected to be one of the fastest growing market in terms of consumption of microcellular plastics.
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About the report:
The global microcellular plastics market is analysed on the basis of value (USD million). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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