NEW YORK, July 6, 2016 /PRNewswire/ --
According to market research "Global Microcellular Plastics Market Size, Share, Development, Growth and Demand Forecast to 2022 - Industry Insights by Application(Construction, Food Packaging, Healthcare, Electronics, Transportation, Toys)" by P&S Market Research, the global microcellular plastics market is expected to grow at a CAGR of 8.0% during 2016 - 2022.
The major factors driving the growth of the market globally include growing demand for plastics in the food packaging and healthcare segments. The transportation, electronic and toy making industry is also fuelling the demand for these plastics, owing to their increasing application in various end user industries. Microcellular plastics offer enhanced properties, in comparison to conventional plastics. These properties include low residual stress, shorter cycle times, and less material consumption. Microcellular plastics are also used in scaffolding for construction.
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Scaffolding is the temporary structure created during construction to support the work crew. Hence, the rapidly growing construction market is anticipated to fuel the demand for microcellular plastics during the forecast period. The growing construction of residential and non-residential buildings is driving the demand for microcellular plastics. For infrastructure development, the U.K. government's public sector investment is estimated to increase by USD 4.9 billion to about USD 77.7 billion in 2013 - 2014, over that in 2012 - 2013. It was expected to further increase to about USD 93.0 billion in 2015 - 2016. With the increase in infrastructure investment, the demand for microcellular plastic is expected to increase.
Based on application, the global microcellular plastic market has been segmented into construction, food packaging, healthcare, electronics, transportation and toys.
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Geographically, North America was the largest market for microcellular plastics in 2015 and held significant share in the global market. The factors driving the growth of the microcellular plastic market in North America are the developing research and activities linked to the microcellular plastic production by key market players and increasing demand of high-performance plastics in industries, such as food packaging, healthcare and transportation. Europe was the second largest market for microcellular plastics in 2015. The existence of various major automotive original equipment manufacturers (OEMs) in Europe is expected to drive the demand for microcellular plastics in the region during the forecast period.
Some of the major competitors in the global microcellular plastics market include Horizon Plastics International Inc., Sealed Air, Lavergne Performance Compounds, Ingenia Polymers Corp., ABC Group, Gracious Living Innovations, Armacell Canada Inc., Canadian General Towers and Total Plastics Solutions.
Global Microcellular Plastic Market Segmentation
- Food Packaging
- North America
- Rest of the World
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SOURCE P&S Market Research