The microcellular plastics market was valued at $9,873.8 million in 2021, and it is set to reach $21,233.5 million by 2030, growing at a CAGR of 8.9% between 2021 and 2030. The growth of this industry can be credited to the growing adoption of high-performance materials, and the mounting demand from end-use industries including, healthcare, packaging, transportation, and electronics mainly because of their advanced functionality in comparison to conventional materials.
In 2021, Polyvinyl chloride held the largest revenue share and is projected to continue its dominance in the years to come. This can be due to its major usage in the construction sector, because it is cost-efficient, resistant to corrosion, and improved durability.
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Additionally, because of its cost efficiency and better weather resistance than rubber and leather, Polyvinyl chloride is increasingly demanded for its applications in clothes, sportswear, footwear, and furniture.
Moreover, PET holds a significant revenue share. This can be credited to its wide usage in the packaging sector, mainly because of is lightweight, which is most essential in packaging, the surging demand for recycled PET from several businesses like pharmaceuticals, automotive, and food & beverages, and growing costumer expenditure on packaged food and online shopping.
In 2021, The construction category had the major revenue share and is projected to continue its dominance in the years to come. This can be ascribed to the extensive use of plastics in making several things like plastic screws and hinges, and to larger plastic parts, which are used in decoration, waterproofing, electric wiring, waterproofing, flooring, and more.
Furthermore, its major use is in the fire safety devices, such as smoke detectors and fire-fighting systems in the construction sector is projected to rise at a constant pace and will contribute to the growth of the microcellular plastics market in the coming years.
APAC will grow the fastest in the years to come. This can be credited to the accessibility of raw materials in abundance, rapid industrialization, availability of low-cost labor, population growth, a surge in end-use industries including, healthcare, construction, food packaging, transportation, and several government guidelines to support the use of plastics, in the APAC.