Laminated Plastics Plate Market - Forecast(2024 - 2030)
Laminated Plastics Plate Market Overview
The Laminated Plastics Plate Market size is projected to reach US$466.0 million by 2027, after growing at a CAGR of 3.1% during the
forecast period 2022-2027. The laminated plastics plate is a type of
plastic material composed of stacked layers of synthetic resins such as
polyethylene terephthalate, ethylene-vinyl acetate, polyethylene plastic and
others that have been heated and pressure-bonded together to form a single
piece. Laminated plastics plate have superior impact resistance, rigidity and processability.
These superior properties of laminated plastic plates make them ideal for use
in various end-use industries such as aerospace, furniture and more. The Laminated Plastics Plate Market is primarily driven by the growing building and
construction activities across the globe. For instance, as of March 2022,
certain commercial construction projects such as the Paris Olympics facility construction 2024, CIBC
Square office building in Canada, 2024 and more are under construction.
Moreover, the surging application of laminated plastic plates in automotive is
also expected to fuel the growth of the laminated plastic plate industry.
Laminated Plastics Plate Market COVID-19 Impact
In 2020, the Covid-19 pandemic hampered the growth of the Laminated
Plastics Plate Market.
Since major economies all across the world were under lockdown, owing to this
there was a decline in construction activities, automotive production and more.
For instance, Office of National Statistics UK, in the year 2020, the U.K
residential construction activities were US$5,440.28 Million, a decline of 44.6%. Thus, such a decline in
construction activities negatively impacted the Laminated Plastics Plate Market growth. Nevertheless, in 2021 governments strengthen the measures and promoted
various sectoral developments to reduce the negative impact of Covid-19. This
resulted in an expansion in the growth of the Laminated Plastics Plate Market. Additionally, during the upcoming years, it is projected the Covid -19
pandemic impact will be phased-out, which will further benefit the Laminated Plastics Plate Market size growth.
Report Coverage
The "Laminated
Plastics Plate Market Report – Forecast (2022-2027)” by IndustryARC, covers an
in-depth analysis of the following segments in the Laminated Plastics Plate
Market.
Key Takeaways
- Asia-Pacific region dominated the Laminated Plastics Plate Market, owing to the increasing construction activities in the region. According to International Trade Administration (ITA), in 2019 South Korean construction was at US$142 billion and in 2020 it was US$164 billion, an increase of 15.5%.
- The growing research and development related to thermoplastic resin are resulting in enhancing the properties of Laminated Plastics Plates such as making it lighter and stronger. This is creating an opportunity for market growth.
- Moreover, the surging aerospace industry is expected to enhance the demand for Laminated Plastics Plates because these ensure lighter aircraft body weight, this is further accelerating the growth of the market.
- However, the degrading impact of Laminated Plastics plates on the environment is limiting the growth of the Laminated Plastics Plate industry.
Figure: Asia-Pacific Laminated Plastics Plate Market Revenue, 2021-2027 (US$ Million)
For More Details On this report - Request For Sample
Laminated Plastics Plate Market Segment Analysis
– by Application
The building material segment held
a significant Laminated Plastics Plate Market share in 2021 and is forecasted to grow at a
CAGR of 3.6% during 2022-2027. Laminated plastics plate manufactured from polyethylene
terephthalate, thermoplastic resin, ethylene-vinyl acetate and more has low
wear with different plastics materials, this ensures higher durability, owing
to which it is often utilized in building material to ensure the longest shelf
life of such materials. Moreover, a laminated plastic plate composed of
acrylonitrile butadiene styrene (ABS) is more resistant to high
temperatures, easier to process and less harmful to the
environment. Additionally, laminated plastics plate has excellent water
resistance, this ensures the building materials are not damaged in the longer run. Thus, due to the benefits of laminated plastics plate, their application in
building materials is increasing, which is benefiting the market growth.
Laminated Plastics Plate Market Segment Analysis – by End-use Industry
The building and construction
segment held a significant Laminated Plastics Plate Market share in 2021 and is forecasted to grow
at a CAGR of 4.2% during 2022-2027. Laminated plastic plates are often employed
in commercial and residential buildings to ensure higher strength, which
results in reducing the maintenance cost incurred due to repetitive
maintenance. With rapid economic development across the world, the need for
residential and commercial construction is surging. For instance, in mid-2021,
construction work started for the New Trousseau Hospital – University Hospital
of Tours, France and the construction work for this will be completed by 2024.
Moreover, in March 2022, the construction plans of US$1.4 billion for NFL's
Buffalo Bills, a 60,000-seat stadium is under the planning stage and the project
will be completed by 2027. Hence, the surging building and construction
activities are projected to propel the demand for laminated plastic plates,
which will further benefit the market growth.
Laminated Plastics Plate Market Segment Analysis – by Geography
Asia-Pacific region is the dominating region as it holds a significant Laminated Plastics Plate Market share in 2021 up to 41% and is forecasted to grow at a CAGR of 4.7% during 2022-2027. The economic growth of the Asia-Pacific region is driven by the growth of construction activities. This is due to the surging urbanization in the region, which is resulting in increasing residential and commercial construction in Asia-Pacific countries in China, India and other countries. For instance, in January 2022, the government of China approved the construction projects for 695 building projects with a total investment of 3trillion yuan (US$ 471 billion). Moreover, according to the official statistics of Invest India, there is a total of 115 future construction projects which are under the planning phase and the value of these projects is about US$11.63 million, these projects include the construction of residential buildings, shopping complexes and more. Also, according to a decision by the Vietnamese government on the master plan for HO Chi Minh City in September 2021, it is expected the city will have 13-14 million residents by 2040 and 16 million by 2060 and it intends to provide 100,000-110,000 hectares of land for urbanization by 2040. Therefore, the growing building and construction industry in the Asia-Pacific region is projected to propel the Laminated Plastics Plate Market size growth during the projected forecast period.
Laminated Plastics Plate Market Drivers
Surging Automotive Production
In the automotive sector, Laminated Plastics plates are employed in the interiors and exteriors of the automotive to make the automotive lighter and compact. The disposable income of people as well as rapid industrial development is increasing at the global level, which is resulting in the growing demand for new passenger cars and heavy trucks. This is resulting in a surge in the production of passenger cars and heavy trucks. For instance, Organisation Internationale des Constructeurs d'Automobiles (OICA), in 2020 the global automotive production was 55,908,989 units and in 2021 it was 57,054,295, an increase of approximately 2%. Moreover, in the year 2020, the worldwide production of heavy trucks was 4,364,595, an increase of about 4% when compared with 2019. Since laminated plastic plates ensure lighter automotive weight, owing to this it is often used in automotive production. Thus the surging automotive industry growth is expected to propel the demand for laminated plastics plates, which is driving the market growth.
Government Initiatives Related to Residential Developments
Laminated Plastics plates play an important function in providing greater structural strength for a longer period of time by enhancing the strength of the construction material and protecting the structure from weathering. As a result, it is frequently used in residential development projects. The federal government is implementing policies to develop residential projects to make the residential projects more affordable, which is accelerating the construction of residential buildings in various regions. For instance, In 2021, the US government funded around US$20,000 for the construction of a real estate and development project called One Central Project in Chicago. The project is under the schematic design phase and currently undergoing construction in mid-2022. Moreover, in the year 2020 the Chilean government launched a construction plan called Paso a Paso Chile se Recupera (the Employment and Reactivation Plan), under it, US$13 billion was invested in residential construction. Similarly, in other parts of the world, the governments are taking initiatives for residential development, with these developments it is anticipated that the demand for the laminated plastic plate will increase, which is further boosting the market growth.
Laminated Plastics Plate Market Challenge
Degrading Impact of Laminated Plastics Plate on Environment
Laminated Plastics Plate has the critical benefit of high strength, lighter weight and more. Although on the other side, the mass production, as well as the non-recycling of laminated plastic plates, adds an increase in plastic landfills. According to UN Environments, around 9% of plastic is recycled globally, the remaining 91 percent ends up in an open environment. Moreover, there are certain restrictions imposed on the processing of containment plastics. For instance, as per the International Waste Shipment Amendment 2019, only plastics designated for recycling operations, which are made up of only one type of plastic and are practically pollution-free, are allowed to be shipped as 'Green Book' garbage. Thus, all these factors degrade the environment, owing to these factors the laminated plastics plate industry growth is restrictive.
Laminated Plastics Plate Industry Outlook
Technology launches, acquisitions and increased R&D activities are key strategies adopted by players in the Laminated Plastics Plate Market. The top 10 companies in the Laminated Plastics Plate Market are:
- Isola
- Danang Plastic
- Continental Can
- Leathertone
- Innovative Laminations
- Sims Cabinet
- BD; Plastics
- Quad
- 9LIGAO
- QINYANG TIANYI
Recent Developments
- In March 2022, Polyplastics Group launched the Plastron LFT (Long Fibre-Reinforced Thermoplastic Resin). It is constructed from carefully designed regenerated cellulose fibers The environmentally friendly Plastron LFT offers weight reduction as well as mechanical strength, allowing manufacturers to lower their carbon footprint while meeting today's sustainability needs.
- In September 2021, IneosStryolution a global styrenics manufacturer headquartered in Germany launched its first specialty ABS with recycled content. This product can be used in the manufacturing of laminated plastics plate. Such new plastic product launches will enhance the features of laminated plastics plates, which will benefit the market growth.
- In August 2021, SABIC, a global leader in the chemical industry launched its certified circular polycarbonate (PC) resin and blends made from the recycling of post-consumer mixed plastic. Such polycarbonate (PC) made from recycling can be employed for the laminated plastics plates.
Relevant Reports
Report Code: CMR 39077
Report Code: CMR 1053
Report Code: CMR 0030
For more Chemicals and Materials Market reports, please click here