Rise in Chinese Domestic Consumption Growing Global Cast Polymer Market, Reports BCC Research
By Marketwired News
By Marketwired News
WELLESLEY, MA–(Marketwired – January 13, 2016) – By the end of 2010, China had become the world’s largest cast polymer consuming and manufacturing region. BCC Research projects in its new report that the country should demonstrate a five-year compound annual growth rate (CAGR) of 13.6% from 2015 to 2020, making it the fastest growing region, as well.
Cast polymers are man-made, chemically-bonded, mineral-filled, polymeric materials which are molded and hardened to a solid material in a variety of shapes that meet diverse design needs. The International Cast Polymer Alliance divides cast polymers into three general categories based on the materials and methods used to manufacture them: solid surface, engineered composites and engineered stone.
The global market for cast polymers is projected to reach 361.5 million square meters in 2020 from 229.2 million square meters; reflecting a five-year CAGR of 9.5%. Solid surface, the product type with the largest market share, is expected to grow from 109.5 million square meters in 2015 to 168.7 million square meters in 2020, demonstrating a five-year CAGR of 9%. Engineered stone, the fastest growing product type, is expected to reach 68.9 million square meters and 121.5 million square meters in 2015 and 2020, respectively, demonstrating a five-year CAGR of 12%.
Global demand for cast polymers has enjoyed strong growth over the past five years. The recovery of the residential and commercial construction markets in North America and Europe, and fast-growing consumption in China and India are the major drivers of this growth. Global supply chains have been formed and international competition has developed, creating ample market opportunities for industry players with established global strategies.
In the wake of the 2007 financial crisis, both China and Europe experienced an economic slowdown. However, China’s market rebounded in 2009 and until 2013, maintained an annual growth rate of over 18%. That rate should fall somewhat due to the country’s diminishing real estate market, but still remain robust.
“Production capacity is growing rapidly in China, primarily targeting the domestic market, but the export market is quickly increasingly as well,” BCC Research analyst Jason Chen explains. “Chinese domestic consumption started to grow in the early 2000s, mostly covering commercial buildings such as shopping malls, chain stores and office buildings at the beginning. But after that, household usage began to grow even faster, and now residential housing applications account for more than half of the market.”
Cast Polymers: Global Markets (PLS082A) examines the history, current status and forecast scenario for these three categories of polymers: solid surface, engineered composites, and engineered stone. Analyses of global market drivers and trends, with data from 2014 and 2015, and projections of CAGRs through 2020 also are provided.
About BCC Research
BCC Research publishes market research reports that make organizations worldwide more profitable with intelligence that drives smart business decisions. These reports cover today’s major industrial and technology sectors, including emerging markets. For more than 40 years we’ve helped customers identify new market opportunities with accurate and reliable data and insight, including market sizing, forecasting, industry overviews, and identification of significant trends and key market participants. We partner with analysts who are experts in specific areas of industry and technology, providing unbiased measurements and assessments of global markets. Recently selected as the world’s greatest market research company, BCC Research is a unit of Eli Global, LLC. Visit our website at www.bccresearch.com. Contact us: (+1) 781-489-7301 (U.S. Eastern Time), or email firstname.lastname@example.org.
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