Global cast polymers market projected to reach US$8987.1 mln by 2020

28-Oct-15

The cast polymers market was valued at US$6349.7 mln in 2014, which is projected to reach US$8987.1 mln by 2020, at a CAGR of 7.2% during the forecast period from 2015 to 2020, as per Micro Market Monitor. The demand for cast polymer is expected to increase owing to the high demand from the building, construction & remodeling industry, continuous improvement in the quality of products, and rise in the demand for technically-advanced materials. Cast polymers is a group term used for different product types that are used in residential as well as non-residential areas. It consists of solid surfaces, cultured marble and, engineered stone. These products are man-made, chemically-composed, and use naturally available components. Cast polymers have a wide range of variety, which includes bath tubs, kitchen slabs, kitchen & bathroom sinks, bathroom counter tops, and firewall surrounds, among others. These products are used in houses, schools, laboratories, and offices, among other places. Global cast polymer market has witnessed a significant growth in past few years. Cast polymers are mostly preferable because of their high mechanical properties. Nowadays, the cast polymer resins are also widely used in residential as well as non-residential segments. The growing demand for technically-advanced products and superior quality products is also driving the market. Chemicals that are used in the making of cast polymers are alumina trihydrate, calcium carbonate, silica, resins, natural quartz/stones, and other components. The solid surface segment has the largest share of 46.1% in the cast polymers market. However, the engineered stone segment is the fastest-growing product at a CAGR of 7.7% during the forecast period from 2015 to 2020. This is due to the fact that an engineered stoned is a look-alike of the naturally-available products, and it is available in many colors, in a wide variety, and in various shapes compared to natural stones, marble, and granite. The global cast polymers market, by type, was valued at US$6349.7 mln in 2014, which is projected to reach US$8987.1 mln by 2020, at a CAGR of 7.2% during the forecast period from 2015 to 2020. In this report, the global cast polymers market has been segmented by type, material, and region. Asia Pacific holds the largest share in this market due to the larger number of constructions and remolding in this region as compared to others.