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The cast polymer market share is expected to increase by USD 2.90 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 5.5%.
This cast polymer market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers cast polymer market segmentation by end-user (residential and non-residential) and geography (APAC, Europe, North America, Middle East and Africa, and South America). The cast polymer market report also offers information on several market vendors, including Advanced Plastics Inc., Brenton Spa, Complete Home Concepts, Construction Resources, CORITEC NET IKE, Cultured Marble Products, DuPont de Nemours Inc., Eastern Surfaces, Goodway Industries, J M Huber Corp., Kingkonree International China Surface Industrial Co. Ltd., Marble Works of San Diego, Multi-Tech Products, Neonnex Products Ltd., POWELL and BONNEL, PRECISION MARBLE, R and D Marble Inc., Stylam, The RJ Marshall Co., and VIRGINIA MARBLE among others.
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The rising population in urban regions is notably driving the cast polymer market growth, although factors such as threats from substitutes such as concrete may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the cast polymer industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Cast Polymer Market Driver
One of the key factors driving growth in the cast polymer market is the rising population in urban regions. By 2045, the urban population will increase by 1.5 times to 6 billion. Governments must act fast to plan for expansion and provide basic services, infrastructure, and affordable housing to the rapidly growing population. With cities accounting for more than 80% of global GDP, urbanization may contribute to long-term growth if it is well-managed, allowing for increased productivity and the emergence of new ideas. However, when cities grow in size and pace, there is an increase in the demand for affordable housing, well-connected transportation systems, and other infrastructure, as well as fundamental services and jobs. For instance, APAC having different countries is the most populated region around the globe. Being home to a significant number of megacities and with an increasing population, the region is expected to have the largest urban population by 2050. Thus, the rising population is expected to increase the demand for residential and non-residential construction, which, in turn, will propel the demand for cast polymers during the forecast period.
Key Cast Polymer Market Trend
The increasing adoption of cast polymer products is a cast polymer market trend that is expected to have a positive impact in the coming years. The demand for technically advanced and superior quality products is increasing the adoption of cast polymer products. Due to their excellent resistance to biological contamination, the demand for cast polymer products is increasing in non-residential projects such as hospitals and schools. The increased use of cast polymer products in remodeling and construction activities, owing to their affordability and availability in various colors, sizes, and types, has driven the growth of the global market. Cast polymer products such as cultured marble and cultured stones are gaining popularity because of their beauty and strength. Such factors are expected to increase the adoption of cast polymer products, which, in turn, will drive the market.
Key Cast Polymer Market Challenge
The threats from substitutes such as concrete will be a major challenge for the cast polymer market during the forecast period. The demand for concrete products is increasing due to increasing infrastructure spending. These products include concrete blocks, roof tiles, flooring products, drainage products, block paving, paving slabs, and structural precast. Cement, water, and aggregates are the main components of concrete. All of these are inexpensively available in local marketplaces. Concrete can be used irrespective of ambient weather conditions and optimized with admixtures if required. Many industrial wastes can be recycled as a substitute for cement or aggregate. This includes fly ash, slag (also known as GGBFS or ground granulated blast-furnaces slag), waste glass, and even ground vehicle tires in concrete. Thus, concrete production can significantly reduce environmental impacts due to industrial waste. This improves the properties of concrete, and the quality of the structure is not compromised. Such factors are expected to hinder the growth of the market as concrete products act as a substitute for cast polymer products.
This cast polymer market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global cast polymer market as a part of the global chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the cast polymer market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the cast polymer market encompasses successful business strategies deployed by the key vendors. The cast polymer market is fragmented and the vendors are deploying growth strategies such as focusing on offering technologically advanced products to compete in the market.
advanced-plastics.com - Under the unified segment, the company is involved in offering a wide range of products such as gelcoats, colorants and pigments, putties and many more.
advanced-plastics.com - The company is involved in offering a wide range of cast polymers accessories such as brushes, buffing pads, wedges, markers among others helps in making customized products for all sizes, shapes, edge profiles and required finishing for bathrooms and kitchen tiles.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The cast polymer market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the cast polymer market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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44% of the market's growth will originate from APAC during the forecast period. China and India are the key markets for cast polymer in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The increasing usage of this material in the residential and non-residential sectors will facilitate the cast polymer market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the outbreak of COVID-19 negatively impacted the regional cast polymer market. The rise in the number of COVID-19 cases and associated deaths in China and other nations compelled governments to impose lockdowns in the region. However, in 2021, the initiation of large-scale vaccination drives led to the lifting of lockdown restrictions in APAC. This has led to the resumption of activities in end-user industries, such as construction. Therefore, such factors are expected to increase the demand for cast polymers, which, in turn, will drive the growth of the market during the forecast period.
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The cast polymer market share growth by the non-residential segment will be significant during the forecast period. As cast polymers are available in various colors, forms, textures, and sorts at low prices, they are increasingly being used in remodeling and construction projects. In addition, the strong growth of the construction industry in the non-residential sector increases the demand for cast polymers. Rapid urbanization is predicted to increase the demand for new infrastructure and the construction of non-residential buildings during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the cast polymer market size and actionable market insights on post COVID-19 impact on each segment.
Cast Polymer Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.5% |
Market growth 2022-2026 |
$ 2.90 billion |
Market structure |
Fragmented |
YoY growth (%) |
4.5 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 44% |
Key consumer countries |
US, China, India, Germany, and UK |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Advanced Plastics Inc., Brenton Spa, Complete Home Concepts, Construction Resources, CORITEC NET IKE, Cultured Marble Products, DuPont de Nemours Inc., Eastern Surfaces, Goodway Industries, J M Huber Corp., Kingkonree International China Surface Industrial Co. Ltd., Marble Works of San Diego, Multi-Tech Products, Neonnex Products Ltd., POWELL and BONNEL, PRECISION MARBLE, R and D Marble Inc., Stylam, The RJ Marshall Co., and VIRGINIA MARBLE |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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