Microcellular Plastics Market Size, Share, Growth Report 2028

Industry Prospective:

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.

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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 microplastics 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.

Covid-19 Impact:

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 uplifting 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.

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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: Report Scope

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 the 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.

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.

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 the 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.

Microcellular Plastics Market: Regional Landscape

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.

Microcellular Plastics Market: Competitive Landscape

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

The Microcellular Plastics Market is segmented as follows:

By Type

• Polyvinyl Chloride (PVC)
• Polycarbonate (PC)
• Polyethylene Terephthalate (PET)

By Applications

• Aircraft
• Toys
• Home Decorative
• Others

By End-User

• Construction
• Food packaging
• Electronics
• Automobile
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa