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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.

HYDERABAD, TELANGANA, INDIA, November 16, 2022 /EINPresswire.com/ -- 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. Cast polymers are manufactured using natural marble or granite, resins or tints and are available in various types such as solid surface, engineered stone and cultured marble. These are widely used in the residential and commercial sectors. For instance, according to the U.S Department of Commerce, the U.S construction spending was estimated at a seasonally adjusted annual rate of US$1,779.8 billion during May 2022 and is 9.7% above the May 2021 estimate of US$1,621.9 billion. Therefore, the rise in construction spending will increase construction activity and in turn will drive the demand for cast polymers during the forecast period. However, the global economic downturn caused by the COVID-19 pandemic resulted in a huge drop in demand for cast polymers in building construction and maintenance activity all across the world, which had a significant impact on the growth of the cast polymers industry.

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Key takeaways:

This IndustryARC report on the Cast Polymers market highlights the following areas -

1. The Asia-Pacific region dominates the Cast Polymers Market share with a CAGR of 6.9% during the forecast period 2022-2027 owing to the rising growth in the development of high-rise towers and commercial buildings in various countries such as China, India, Japan and South Korea.

2. Increasing need for window shillings, bathtubs, molding accents, showers, whirlpool baths, floor tiles, countertops, vanities, fireplace surrounds and wall panels owing to its efficiency is driving cast polymers market growth.

3. Increasing ownership for constructed residential houses involves repairing and remodeling works on a large scale, consequently boosting the cast polymers market growth and incrementing the revenue output.

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Segmental Analysis:

1. Cast Polymers Market Segment Analysis – by Type : The engineered stone segment held the significant Cast Polymers Market share in 2021 and is expected to grow at a CAGR of 5.6% during 2022-2027. The growing building construction and repair & maintenance activity will drive the engineered stone segment of the cast polymers industry. For instance, construction is one of the largest customers for manufacturing, mining and a variety of services and is a major contributor to the U.S., economy with US$1.4 trillion worth of structures each year as per the U.S. Associated of General Contractors.

2. Cast Polymers Market Segment Analysis – by End-use Industry : The residential sector held a significant share of 32% in the cast polymers market in 2021 and is anticipated to grow at a significant CAGR during the forecast period 2022-2027. The demand for cast polymers is rising due to the increase in residential construction activity globally. For instance, residential construction spending in the U.S is valued at US$938.2 billion in May 2022, with an increase of 0.2% as compared to the April 2022 estimate of US$935.9 billion.

3. Cast Polymers Market Segment Analysis – by Geography : Asia-Pacific region dominated the Cast Polymers Market share by 46% in the year 2021, owing to the rising investment towards construction, bolstering construction activity and repair and maintenance of building in the region. China is estimated to witness growth in the demand for solid surface, quartz and cultured marble of cast polymers due to the rise in construction activity. For instance, in January 2022, the construction industry of China is expected to contribute a 6% share of the country's GDP by 2025 according to the Ministry of Housing and Urban-Rural Development.

Competitive landscape:

The top 5 players in the Cast Polymers industry are:

1. R.J. Marshall Company
2. Swan Corporation
3. Bradley Corporation
4. Link Composites Pvt. Ltd.
5. Cosentino S.A.

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