New York , March 25, 2024 (GLOBE NEWSWIRE) -- The global cast polymers market size is expected to expand at 7% CAGR from 2024 to 2036. The market is anticipated to garner a revenue of USD 24 billion by the end of 2036, up from a revenue of USD 12 billion in the year 2022. The major element to dominate the market expansion is growing construction activities. There were expected to be over 794,431 built-up areas (BUAs) in the world in 2016. This number in 2022 was predicted to grow close to 849,406 residents. Additionally, approximately 2 million constructions of buildings are expected by 2050. As a result, the market for cast polymers is estimated to be observing growth.
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This is because, in contrast to natural stone or other traditional materials, the affordability of cast polymers is higher which makes them an attractive option for both construction projects. Furthermore, they are easy to install and have low maintenance requirements and this further contributes to their cost-effectiveness. Additionally, sustainability is a major concern in the construction sector. The construction industry contributes to close to 39% of drinking water pollution, approximately 22% of pollution in the air, and about 49% of landfill waste. Hence, sustainability is achieved with the use of cast polymers in the construction industry. Therefore, the market for cast polymers is predicted to rise.
Cast Polymers Market: Key Takeaways
- Asia Pacific market to generate the largest revenue in the market.
- Residential segment to experience notable growth in the market.
- Market in North America to have a significant rise in the market.
Growing Urban Population to Boost the Growth of Global Cast Polymers Market
The population shifts from rural regions to urban areas on account of the surging opportunities for employment, education, and more as experienced growth. It is projected that in the world approximately 4 billion people are predicted to be occupying urban regions. Hence, the demand for infrastructure is predicted to rise which is why the market demand for cast polymer is also set to grow.
Cast Polymers Industry: Regional Overview
The global cast polymers market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Surging Population to Dominate the Market Expansion in Asia Pacific
The Asia Pacific market for cast polymers is predicted to gather the highest share in the market of over 47% over the coming years. This growth of the market in this region is poised to be encouraged by the rising population. Over 60 percent of the population is residing in Asia Pacific region. This means some 4.3 billion people are residing in this region which also includes the most populous countries in the world, such as China and India.
Rising Disposable Income to Drive the Market Growth in North America
The North American cast polymers market is set to have notable growth over the forecast period. This growth of the market is projected to be dominated by growing disposable income. The Disposable Personal Income of the population in the United States in January rose to USD 20655 Billion from over USD 20588 Billion in December of 2023. This is further estimated to boost the adoption of properties, hence driving the construction industry.
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Cast Polymers Segmentation by End User
- Residential
- Commercial
- Industrial
The residential segment in cast polymers market is predicted to have notable growth in the market over the forecast period. This growth of the segment is predicted to be dominated by the rising number of houses. For instance, as of 2021, there are over 2 billion houses in the world.
Cast Polymers Segmentation by Application
- Countertops
- Vanity Tops
- Sinks & Basins
- Shower Pans & Walls
- Tub Surrounds
The countertops segment is set to gather the highest share of over 32% over the forecast period. This growth of the segment is set to be encouraged by the rising renovation of the kitchen. The renovations of the kitchen were considered to be the most popular upgrade. Homeowners spent close to 24% more significantly in upgrading kitchens in 2021 than in 2020, and investment in kitchens rose from over USD 11,000 to USD 14,000 on average.
Cast Polymers Segmentation by Material
- Alumina Trihydrate
- Calcium Carbonate
- Resins
- Natural Stone
Cast Polymers Segmentation by Type
- Solid Surface
- Engineered Stone
- Cultured Marble
A few of the well-known market leaders in the global cast polymers that are profiled by Research Nester are R.J. Marshall Company, E. I. Du Pont De Nemours and Company, Swan Corporation, Bradley Corporation, Link Composites Pvt. Ltd., Cosentino S.A., Oppein Home Group Inc., Huber Engineered Materials, Breton S.P.A, Danimer Scientific, Inc., Angstrom Engineering Inc., Sto SE & Co. KGaA, LyondellBasell, and others.
Recent Development in the Market
- Chevron Philips Chemical and Danimer Scientific, Inc. together are stated to investigate the creation and marketing of cast extrusion films by using Rinnovo polymers.
- Armco and TotalEnergies teamed up with SABIC to generate circular polymer from plastic pyrolysis oil to guide in the generation of a domestic value chain to enhance the recycling of plastics.
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