The global microcellular plastics market is projected to generate $21,233.5 million revenue by 2030, advancing at a CAGR of 8.9% during 2021–2030. This can be ascribed to their increasing usage in several industries, such as packaging, food and beverages, healthcare, automobile, transportation, construction, and electronics, as these products reduce material consumption and cost of raw materials as compared to conventional plastics, and cause less hazardous emissions.
Based on application, the market for microcellular plastics is categorized into healthcare, construction, food packaging, transportation, electronics, and others. Among these, the healthcare category accounted for a significant revenue share in 2021. This is due to the increasing demand for plastic packaging in the healthcare industry and the surging governmental initiatives. In addition, such plastics are widely used in the manufacturing of several healthcare products such as disposable syringes, intravenous blood bags, and heart valves.
Moreover, the food packaging category is expected to witness a substantial growth rate during the forecast period. This can be attributed to the rising standard of living associated with increasing disposable income; the surging demand for packaged food coupled with the rising sedentary lifestyle; and the increasing need for food packaging due to the growing consciousness regarding hygiene and prolonging the shelf-life of products.
Based on type, the market is categorized into polyvinyl chloride (PVC), polystyrene (PS), polyethylene terephthalate (PET), polycarbonate (PC), and others. Of these, the PVC category accounted for the largest revenue share in 2021 and is further projected to dominate the market during the forecast period. This is ascribed to the rapid urbanization and the rise in construction activities majorly in developing nations. Also, it is widely used in the development of residential and commercial buildings because of its extreme versatility, affordability, recyclability, and unique technical properties. Moreover, the high sales of building and construction materials, such as pipes, cables, window profiles, and flooring and roofing membranes, are driving the market growth in this category.
Geographically, North America accounted for the largest revenue share in 2021 and is further expected to lead the market during the forecast period. This is due to the well-developed infrastructure, the presence of a large number of industry giants, and increased expenditure on renovation and maintenance in the construction sector. In addition, the rising demand for healthcare and medical packaging and the growing automotive sector due to the high demand for EVs, are other factors responsible for the market expansion.
On the other hand, the APAC market will register the fastest growth during the forecast period. This can be attributed to the improving infrastructure in emerging economies such as China and India, the increasing consumer spending coupled with rising disposable income, and the growing electrical & electronics and medical industries in the region. Moreover, easy availability of raw materials and cheap labor cost are some other reasons driving the regional market.
Some of the major players in the microcellular plastics market are BASF SE, Rogers Corporation, INOAC Corporation, General Plastics Manufacturing Company Inc., Huntsman Corporation, ABC Technologies, and Evonik Industries AG.