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Global Cast Polymers Market by Type (Solid Surface, Engineered Stone, Cultured Marble) | Global Players in the Industry - Breton SpA, Cosentino SA, Bradley Corporation, Caesarstone Ltd., Oppein Home Group Inc, The R.J. Marshall Company, BLANCO, DuPont
Newly-released Cast Polymers Market analysis report by Persistence Market Research reveals that global sales of the Cast Polymers Market in 2022 were held at US$ 12 Billion. With a CAGR of 4.8% from 2023 to 2033, the market is expected to reach a valuation of US$ 20.2 Billion by the end of the forecast period. Solid Surface is expected to be the highest revenue-generating type of the Cast Polymers Market, projected to grow at a CAGR of 4.7% from 2023 to 2033.
Global Cast Polymers Market Size (2023)
US$ 12.7 Billion
Global Cast Polymers Market Size (2033)
US$ 20.2 Billion
Global Cast Polymers Market CAGR (2023-2033)
U.S. Cast Polymers Market CAGR (2023- 2033)
Key Companies Covered
As per the Cast Polymers Market research by Persistence Market Research - a market research and competitive intelligence provider, historically, from 2018 to 2022, the market value increased at around 5.7% CAGR. With an absolute dollar opportunity of US$ 7.6 Billion, the market is projected to reach a valuation of US$ 20.2 Billion by 2033.
The large proportion of cast polymer demand will continue to come from the domestic improvement and repair sector, thus an uptick in residential remodeling activity and improved credit availability both will contribute to the growth of the Cast Polymer Market. The main driver of the market's expansion is the expansion of cast polymer use in both residential and non-residential regions. Additionally, the fastest-growing consumption in China and India, as well as the revival of the residential and commercial construction sectors in North America and Europe, are the main factors driving this expansion.
Ample market prospects have developed for industry companies with established global strategies as a result of the development of global supply chains and international competition. Bathroom fixtures and other home utilities are the only extensive uses of cast polymers in the residential sector.
As a result, the market is anticipated to have considerable market traction from the rising utilization of cast polymers items including countertops, bathroom sinks, shower bases, bathtubs, window sills, vanity tops, and others across residential and commercial buildings.
Over the course of the projection period, it is anticipated that government initiatives to promote the construction of affordable homes would boost market growth for cast polymers. With the increasing disposable income of the global population, the construction industry as well as the materials used in it have been witnessing significant growth. Cast polymers are widely used in construction areas all over the world. They find their applications in countertops, sinks, and flooring.
Cast polymers are also used in bathroom appliances, household utilities, construction of hospitals, schools, and transportation terminals. By 2025, bathroom appliance sales are expected to grow by US$ 5.6 Billion. Cast polymers in engineered stone type are used in kitchen and bathroom countertops, flooring, and walls. Global engineered stone sales are set to steadily rise from 2022 to 2028 and with the rising adoption of strategies the cast polymer market is expected to grow over the predicted period.
Over the course of the projection period, it is anticipated that government initiatives to promote the construction of affordable homes would boost market growth for cast polymers. As a result, it introduced a number of social housing initiatives, including the Local Government Low Income Urban Social Housing Program, Low Rent Housing for Industrial Zone Employees, and Housing for Poor Rural Families Program.
Cast polymers are now evolving in terms of eco-friendly options such as Polypropylene (PP) and thus widened the market vision for cast polymers because organic products tend to be safe not only for the environment but also for improving people's lives. In 2021, polypropylene growth was substantial as compared to 2020 which was approximately 2%.
The market in Asia Pacific accounted for a market of US$ 6.1 Billion in 2022 and is estimated to reach a valuation of US$ 6.4 Billion in 2023. The regional market is expected to be worth US$ 10.2 Billion by 2033.
For instance, industries in India including the housing sector and non-residential or commercial sectors use cast polymer products. Due to this expansion of these sectors, the market in India is anticipated to grow significantly. In 2022, Reliance Industry manufactured 3165 kilotons of polypropylene, which is marked 50% of the overall production capacity. This is indirectly imparting a positive impact on the cast polymer market in the country and Asia Pacific region as a whole.
United States Cast Polymers Market Analysis:
The market in the United States is expected to grow to be worth US$ 3.4 Billion by 2033 with an absolute dollar growth of US$ 1.2 Billion. The market in the United States has grown at a CAGR of 2.6% from 2018 to 2022 and is expected to grow at a CAGR of 4.5% from 2023 to 2033.
In 2021, 123.9 billion pounds of resin were produced in the United States. The plastic and resin-manufacturing sector had a market value of US$ 97.5 Billion as of January 2022, a rise of 2% from 2021. Therefore, enhanced manufacturing is expected to fulfill the growing demand for cast polymers in the country.
United Kingdom Cast Polymers Market Analysis:
The market in the U.K. is expected to grow to be worth US$ 516 Million with an absolute dollar growth of US$ 141.1 Million. The market in the country has grown at a CAGR of 1.3% from 2018 to 2022 and is expected to grow at a CAGR of 3.2% from 2023 to 2033.
In 2021, the export value of polypropylene in primary forms in the U.K. reached a value of US$ 272.5 Million, as European Union was the prominent trade partner for the United Kingdom. In 2021, the sales value of polypropylene in the United Kingdom reached around US$ 355.5 Million. This also led to the growth in demand for cast polymers in the country.
China Cast Polymers Market Analysis:
The market in China is expected to grow to be worth US$ 5.3 Billion with an absolute dollar growth of US$ 2.4 Billion. The market in the country has grown at a CAGR of 7.7% from 2018 to 2022 and is expected to grow at a CAGR of 6.2% from 2023 to 2033.
Kingkonree International Surface Indus Co. Ltd. based in China produces solid surfaces with significant dimensional stability having numerous applications. China is not only a leading producer of countertops globally but also relies more heavily on solid surface materials for their construction. In 2021, with a 29% global volume share, China was one of the largest producers of polymer composite on solid surface materials.
Japan Cast Polymers Market Analysis:
The market in Japan is expected to grow to be worth US$ 3.3 Billion with an absolute dollar growth of US$ 1.3 Billion. The market in the country has grown at a CAGR of 5.9% from 2018 to 2022 and is expected to grow at a CAGR of 5% from 2023 to 2033. Every year 50 million tons of sales of polypropylene are manufactured in Japan. In 2021, the country generated over US$ 2.98 Billion from polypropylene sales.
In August 2022, Kaneka Corporation, a Japan-based Company, increases its cast polymer production capacity in Europe. Production capacity will be increased by 10000 tons, which will bring the annual production capacity to 430000 tons. The cast polymer for which the production is increased is Kaneka MS Polymer which is used in high-quality sealants and coatings.
Why Cast Polymers Market is projected to Witness Significant Opportunity through Non-residential end use?
The market through Non-residential end-use witnessed a CAGR of 5.3% from 2018 to 2022 and is expected to grow at a CAGR of 4.6% from 2023 to 2033.
The bathware industry is expected to receive an uplift in terms of demand in sales for bathroom appliances in the non-residential sector. In 2020, bathroom appliances sales accounted for US$ 17.05 Billion which positively impacted cast polymers sales.
Key players in the market are Breton SpA, Cosentino SA, Bradley Corporation, Caesarstone Ltd., Oppein Home Group Inc, The R.J. Marshall Company, BLANCO, DuPont, Huber Engineered Materials, and AGCO.
A few of the recent developments in the Cast Polymers Market are:
By End User:
The global market is worth US$ 12.7 Billion in 2023.
The global market is projected to witness a market size of US$ 20.2 Billion in 2033.
The market grew at a CAGR of 5.7% from 2018 to 2022.
The market is expected to grow at a CAGR of 4.8% from 2023 to 2033.
Solid Surface Cast Polymers such as Engineered Stone and Cultured Marble are projected to witness significant demand till 2033 and they are expected to grow at a CAGR of 4.7% by 2033.
The market is expected to witness significant opportunity through the non-residential sector, which is projected to have a significant demand and is expected to grow at a CAGR of 4.6%.
The market in the United States is projected to account for US$ 3.4 Billion by 2033.
The key companies in the market include Breton SpA, LX Housys, Bradley Corporation, LOTTE Chemical, Formica, DuPont, Huber Engineered Materials, Kionkongree International Surface Indus Co.Ltd., Gruber System.