Newark, NJ, June 24, 2021 (GLOBE NEWSWIRE) – According to report released by Fior Markets Global market for microcellular plastics is projected to increase from $ 12,426 million in 2020 to $ 23,343.66 million by 2028, at a CAGR of 8.2% over the forecast period 2021-2028.
The drivers of the microcellular plastics market include increasing urbanization, increased construction and construction activities, and continued growth in the automotive and transportation sectors. In addition, the increasing number of skilled workers working in emerging markets combined with increased consumption of packaged food has resulted in an increase in plastic consumption in the packaging industry, which is expected to drive market growth over the forecast period. In addition, compared to traditional plastics, microcellular plastics are recyclable and have a high level of acceptance in various end-use industries, which is likely to spur market growth.
Microcellular plastics, also called microcell foams, are produced by gas nucleation. It consists of pores that are graded in a polymer medium with an opening size of not more than 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 area, less material usage properties, better mechanical properties in contrast to other types of plastics. And because of these great properties, enthusiasm for elite materials has escalated in many end-user projects, for example construction, food packaging, electronics, automobiles, etc.
The increasing demand for high-performance materials in various end-user industries is expected to fuel the global microcellular plastics market during the forecast period. Although it has sustainable and biodegradable properties, its commercial use is less due to the high cost of materials, the narrow range of processing units, and the inferior material properties. Given the increasing demand for high performance materials in the end-use industry, it is expected that the market growth will lead to a market improvement in microcellular plastics around the world. However, this market is heavily dependent on the research and development of innovative cellular plastics that can be manufactured according to commercial market standards.
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Major players 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.
- In May 2018, Trexel, based in Boston, Massachusetts, announced the expansion of its microcellular plastic technology MuCell to the injection molded packaging market. It is also finding its way into automobile blow molding.
- In June 2018, US-based Viking Plastics acquired Genesis Plastics and Engineering LLC, a custom thermoformer. Genesis Plastics and Engineering LLC is an injection moulder that makes auto interior parts.
The PVC segment dominated the market and held the largest market share in 2020 with 27.7%
On the basis of the 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 in 2020 with 27.7%. This growth is due to the fact that PVC (polyvinyl chloride) is a high-strength thermoplastic. Its high demand in the medical device, pipe manufacturing, wire and cable insulation end-use industries makes it the third most widely produced synthetic plastic polymer in the world.
The food packaging segment dominated the market, holding the largest market share of 36% in 2020
On the basis of the 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 in 2020 with 36%. This growth is due to recyclability and the high rate of industrialization. With the global growth of the automotive industry, transportation is expected to be another key factor in the microcellular plastics market.
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Regional segment of the market for microcellular plastics
- North America (USA, Canada, Mexico)
- Europe (Germany, France, Great Britain, Italy, Spain, rest of Europe)
- Asia Pacific (China, Japan, India, rest of APAC)
- South America (Brazil and the 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 segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and South America. The North America region had the largest share of sales in 2020 due to an increase in the construction and transportation sectors. 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 like 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 markets in terms of microcellular plastics consumption.
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About the report:
The global microcellular plastics market is analyzed by value (in MILLION USD). All segments were analyzed on a global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report provides an in-depth analysis of the driving factors, opportunities, restraints, and challenges to generate key market insights. The study includes Porter’s Five Forces Model, Attractiveness Analysis, Commodity Analysis, and Competitor Position Grid Analysis.
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Fior Markets is a futuristic market intelligence company that helps clients develop their business strategies and make better decisions with actionable information. With a transparent information pool, we fulfill the goals of the customers, commitments at a high level and target potential interested parties for SWOT analyzes and market research reports. Fior Markets provides a wide range of regional and global market research reports, including industries such as technology, pharmaceutical, consumer products, food and beverage, chemicals, media, materials, and many others. Our Strategic Intelligence capabilities have been purposely designed to help your business grow and to showcase the dynamics of different industries. We hold excellent units of highly qualified analysts and consultants according to their respective domains. The global market research reports we provide include both qualitative and quantitative analysis of the current market scenario according to the separate geographic regions and comprehensive performance in various regions with global approach. In addition, our syndicated research reports provide a compact guide to keep companies up to date on the upcoming big redesign in their areas. Fior Markets supports clients with research analyzes that are precisely tailored to their requirements, specifications and challenges, be it comprehensive desk research, surveys, the compilation of several methods, detailed interviews or competitive intelligence. Our research experts are experienced in tailoring staff and methodology to meet your business needs.
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