Global Cast Polymer Market to grow at CAGR 5.85% and reach USD 12.55 Bn by 2024
Cast polymers consist of cultured granite, cultured onyx, cultured marble and solid surface products which are variedly used in residential and nonresidential applications. Examples of such applications are bathtubs, window sills, floor tiles, molding accents, countertops, shower receptors, fireplace surrounds, whirlpool baths, vanities, enclosure sets, wall panels, and lavatories. Such a successful acceptance of cast polymers in a wide range of applications is accredited to the “quarried stone” employed in the manufacturing process. The global cast polymer market will reach USD 13.55 Bn by 2024 as estimated by the global cast polymer market research report available at DecisionDatabases.com. The market was valued at USD 9.10 Bn in 2017 and is expected to show a CAGR 5.85%.
On comparison with conventional polymers, cast polymer is found to be stronger and less brittle. These are stain and mildew resistance. It is perfectly manufactured into single piece, yet it is easy to carry and resilient to breakage. Moreover, it is compliant to top quality regulations also.
Great choices (in terms of color, shapes and types) are available for kitchen and bath need products owing to its excellence as a raw material and better construction properties. This led to rise in application of cast polymer in renovation and construction industry which has nurtured the growth of the market. Hence, advances and developments in building and construction industries promoted the market progress of cast polymers remarkably. Besides, customers’ desire for modern superior-quality product has robustly driven the market.
Global cast polymer market has flourished in past years and is prognosticated to prosper significantly in coming years as an outcome of aforementioned traits of cast polymers. The up gradation of residential and commercial construction markets in North America and Europe accompanied by the prompt escalation in consumption in China and India are main contributors of this growth. Asia- Pacific emerged as the whopping market for cast polymers and will follow the same trend in short run. The feat can be attributed to the booming industrialization in dominant countries like China and India, and other manufacturing industries pushing the demand for cast polymers. Non- residential segment is the prime end-user industry relying on the demand of the product from construction domain across the world.
Segmentation of cast polymer market has been carried out on the basis of three categories which are type, material and end-user. By type, cast polymer is branched into Cultured Marble, Engineered Stone, and Solid Surface. Calcium Carbonate, Silica, Alumina Trihydrate, Resins, and others are sub categories of material based segmentation of cast polymers. Likewise, cast polymers are branched into residential and non-residential class in accord with end-user industry type.
Cast polymer and products related to it are scarce, due to presence of very few participants in this market resulted into short supply against large demand. Additionally, costly raw material would probably decline the growth graph of the market. These two are the major restraints of the market. On the other hand, inexpensive labor and low procurement costs in developing economies are turning up great prospects for further expansion of the market.
The outstanding entrepreneurs ruling the global cast polymer market are Caesarstone Sdot-Yam, Kingkonree International Surface Industrial Co., Ltd, United States Marble Inc., Eastern Surfaces Inc., E.I. du Pont de Nemours and Company, Coritech Solid Surfaces Manufacturers, Agco Inc., Owell Stone Group, Cosentino S.A., Blanco, Breton S.P.A., The R. J. Marshall Company, The Swan Corporation, and Bradley Corporation.
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