The Growing Construction Industry is the Key Determinant Propelling the Cast Polymers Market Growth

The Cast Polymers Market size is estimated to reach US$20.7 billion by 2027, after growing at a CAGR of 5.7% during 2022-2027. The growth of the Cast Polymers Market is primarily dependent on the growth of the construction industry. Cast polymers are formed using natural marble & resins and are available in various types such as solid surface, engineered stone and cultured marble. These are widely used in residential and commercial construction. For instance, as per Statistics Canada, investment in building construction in Canada has been since October 2021, rising 0.8% to US$21.0 billion in July 2022. The surging developments associated with the construction industry across the world have led to considerable growth in the cast polymers market.

Based on the type, the Cast Polymers Market can be segmented into solid surface, engineered stone and cultured marble. The engineered stone holds a significant share in the cast polymers market and is growing with a CAGR of 5.6% during the forecast period. Moreover, based on the end-use industry, the cast polymers market can be segmented into residential, commercial, Industrial and others. The residential segment holds a significant share of 32% in 2021 and is growing significantly during the forecast period owing to the rise in the construction industry globally.

Based on geography, the Cast Polymers Market can be segmented into North America, South America, Europe, APAC and EMEA. According to IndustryARC’s analysis, Asia-Pacific has emerged as the most dominant region in the market. In 2021, the Asia-Pacific region held around 46% share of the total revenue earned by the market globally. Asia-Pacific countries including China, Japan and India are comparatively ahead in terms of the growth of the construction industry. For instance, as per Invest India, the construction sector in India is expected to reach US$1 trillion by 2030 and will contribute 13% to India’s GDP. Also, Vietnam's industry and construction accounted for 37.97% of GDP. Thus, the rise in the construction industry in the region will raise market growth.

Key companies holding major shares in the Cast Polymers Market are R.J. Marshall Company, Swan Corporation, Bradley Corporation, Link Composites Pvt. Ltd, Cosentino S.A., Oppein Home Group Inc., Huber Engineered Materials, Breton S.P.A, Coritec Solid Surface Manufacturers, E. I. Du Pont De Nemours and Company among others. The key strategies adopted by the companies include product launches and expansion among others. In March 2022, Cosmo Films Ltd. launched a white Cast Polypropylene (CPP) Film with a high Coefficient of Friction (COF). Also, helps in achieving a uniform sealing area of the final pouches as it helps to prevent the issue of inter-layer slippage.