Global Microcellular Plastic Market Size Set to Cross USD 3 Billion by 2029

Published | 05 July 2023

The global microcellular plastic market is flourishing because of an increasing emphasis on lightweight materials in various industries and high demand from various end-use industries.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global microcellular plastic market size at USD 46.74 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global microcellular plastic market size to grow at a significant CAGR of 7.19% reaching a value of USD 70.88 billion by 2029. Major growth drivers for the global microcellular plastic market include rapid urbanization, growing automotive and aerospace industries, a surge in construction projects worldwide, increasing demand for lightweight and energy-efficient materials, advancements in foam processing technologies, and the growing awareness of environmental issues associated with traditional plastics. The rising concerns about carbon emissions provided promising prospects for future development. Recent research indicated that the carbon footprint attributed to plastic materials had more than doubled since 1995. By 2015, it had reached an astonishing 2 billion GtCO2 tons of carbon-dioxide equivalent (CO2e), making up 4.5% of global greenhouse gas emissions. Notably, countries such as China, Indonesia, and South Africa have played a significant role in driving the increase in the carbon footprint of plastics. Also, developed regions like the EU and the United States have significantly contributed to this trend by amplifying their demand for plastics produced in emerging economies, particularly those reliant on coal, such as China. However, high production costs of microcellular plastics and lack of awareness among end-users are anticipated to restrain the growth of overall market during the period in analysis.

Global Microcellular Plastic Market – Overview

The global microcellular plastic market refers to the industry that encompasses the production, distribution, and consumption of microcellular plastic materials. Microcellular plastics are a type of lightweight plastic material characterized by a cellular structure consisting of small, interconnected voids or cells. These cells are typically created through the introduction of a gas or foaming agent during the manufacturing process. Microcellular plastics offer several advantages, including reduced density, enhanced mechanical properties, improved insulation, and increased energy absorption. These materials find applications in various industries, including automotive, aerospace, electronics, packaging, healthcare, and construction. The global microcellular plastic market involves manufacturers producing microcellular plastic products, suppliers and distributors supplying these materials to end-users, and end-users utilizing microcellular plastics in their manufacturing processes or final products. The market's dynamics are influenced by factors such as technological advancements, consumer demand, environmental regulations, and sustainability initiatives. Market participants monitor trends such as the development of new manufacturing techniques, the introduction of bio-based or recycled microcellular plastics, and the adoption of microcellular plastic materials in emerging economies.

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Impact of COVID-19 on Global Microcellular Plastic Market

COVID-19 pandemic adversely affected global microcellular plastic market due to the disruptions in production and supply chains caused by mandatory lockdowns and production halts imposed by regulatory bodies worldwide. As a result of the pandemic's economic impact, individuals have become more cautious with their spending and are prioritizing essential expenses, leading to a decrease in consumer demand for microcellular plastics. These factors are expected to impact the revenue trajectory of the global microcellular plastics market in the foreseeable future. However, with the gradual lifting of restrictions by governments globally, the industry is anticipated to regain its previous momentum.

Global Microcellular Plastic Market – By Application

Based on application, the global microcellular plastic market is divided into Aircraft, Toys, and Home Decoration segments. The home decoration application segment holds the highest share in the global microcellular plastic market due to its unique combination of versatility, lightweight design, and durability. Microcellular plastics offer a wide range of design possibilities, allowing for the creation of customized and visually appealing home decor items. Additionally, their lightweight nature makes them easier to handle, transport, and install, making them suitable for various furniture, decorative pieces, wall panels, and flooring applications. Furthermore, the impact resistance of microcellular plastics ensures the longevity of these products, providing consumers with durable and long-lasting options for home decoration.

Competitive Landscape

Major players operating in the global microcellular plastic market include BASF SE, Dow Chemical Company, Evonik Industries AG, SABIC (Saudi Basic Industries Corporation), Sekisui Chemical Co. Ltd, Ineos Styrolution Group GmbH, Recticel NV, Gracious Living Innovations Inc., Zotefoams Plc, Polymer Technologies Inc., SynFoam Technologies Inc., ITP Srl (Industrial Thermo Polymers), Sonoco Products Company, Horizon Plastics International Inc., and Solvay SA. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Microcellular Plastic Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Microcellular Plastic Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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