The cast polymers market is projected to reach USD 11.97 billion by 2022, at a CAGR of 5.7% between 2017 and 2022. Rapid industrialization in the Asia Pacific region, coupled with the increased demand for cast polymers from non-residential construction units, such as corporate offices, public toilets, malls and shopping complexes, hospitals, and schools, among others is expected to drive the growth of the cast polymers market across the globe.
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The key players operational in the cast polymers market include Breton S.p.A. (Italy), Cosentino S.A. (Spain), Bradley Corporation (US), Caesarstone Ltd. (Israel), Oppein Home Group Inc. (China), The R.J. Marshall Company (US), BLANCO (Germany), Huber Engineered Materials (US), AGCO, Inc. (US), DuPont (US), Compac (Spain), and Kingkonree International Surface Industrial Co., Ltd. (China), among others.
Substantial investments have been made towards expansions, agreements, new product launches, and mergers & acquisitions in the past few years by key companies such as Cosentino S.A. (Spain), Bradley Corporation (US), Caesarstone Ltd. (Israel), The R.J. Marshall Company (US), BLANCO (Germany), and others. Cosentino S.A. (Spain) and Bradley Corporation (US) have adopted a majority of the growth strategies to strengthen their positions in the cast polymers market. Both, these companies have been mostly focusing on new product launches to expand their businesses to the untapped markets.
Cosentino S.A. has been focusing on new product launches and expansions to enhance its position in the cast polymers market. In September 2015, Cosentino S.A. added 13 new colors to its Dekton series of ultra-compact surfaces. The launch of these new products in the market has helped the company reinforce its position as the world’s largest home improvement retailer. In May 2014, Cosentino S.A. inaugurated Cosentino City in Kuala Lumpur (Malaysia). Cosentino City is a new showroom concept that has improved the visibility of the products offered by the company among architects, planners, and interior designers. This expansion strategy helped the company provide convenient architectural solutions to its potential customers. In October 2013, Cosentino S.A. launched Dekton, a new ultra-compact surface that is scratch and abrasion resistant. The company invested USD 172.0 million for the development of Dekton.
Founded in 1920 and headquartered in Menomonee Falls, Wisconsin (US), Bradley Corporation is one of the leading companies involved in the manufacturing of washfountains and shower & bath accessories, among others. The company has a diverse customer base ranging from small entities to well-established players, such as Walmart (US) and General Motors (US). The company extensively focuses on organic and inorganic growth strategies to enhance its position in the cast polymers market. In August 2013, Bradley Corporation launched HS-Series Terreon Solid Surface Undermount Basins. These basins are ideal for healthcare applications such as examination rooms, patient rooms, and nursing stations. In July 2012, Bradley Corporation established a new manufacturing plant in Germantown Business Park (US) for the development of commercial washroom products. This expansion strategy enabled the company to increase its presence in the cast polymers market.
The cast polymers market is projected to reach USD 11.97 billion by 2022, at a CAGR of 5.7% between 2017 and 2022. Key factors contributing to the rising demand for cast polymers across the globe include increased construction activities in emerging economies worldwide and increase in disposable income of consumers that have resulted in the procurement of high-quality and advanced construction materials.
Based on type, the engineered stone segment of the cast polymers market is projected to grow at the highest CAGR during the forecast period, in terms of value. Engineered stones are gaining popularity across the globe, owing to their increasing demand from shopping malls and departmental stores. These are composite materials made of crushed stones bound together by an adhesive. Marble and quartz are the two main ingredients used to produce engineered stones. These stones are primarily used for indoor flooring and development of kitchen countertops. The increasing demand for engineered stones can be attributed to excellent characteristics offered by them that include ease of cleaning and maintenance, stain resistance, and scratch resistance. Moreover, they are non-porous in nature. Slabs and countertops made of engineered stones are available in a wide range of colors, patterns, and textures.
Based on material, the natural stone/quartz segment is projected to lead the cast polymers market during the forecast period, in terms of value. Natural stone/quartz are the materials that are used for the development of varied kitchen and bathroom accessories such as tub surrounds, decks, walls, shower bases, countertops, bar sinks, lavatory surfaces, vanity tops, fireplace facings, kitchen sinks, tabletops, and desktops, among others. These materials are highly durable and scratch-proof. Natural quartz is mostly found in the US and Brazil. Different varieties of quartz are available in the market that provide different colors and textures to marbles and surfaces, such as onyx, citrine, rose quartz, prasiolite, milky quartz, smoky quartz, amethyst, tiger’s eye, jasper, agate, aventurine, and rock crystal, among others.
Based on end user, the non-residential segment of the cast polymers market is projected to grow at the highest CAGR during the forecast period, in terms of value. The growth of this segment of the market can be attributed to the increased use of cast polymers in non-residential construction. The non-residential segment of the cast polymers market includes offices, commercial buildings, institutions, hospitals, shopping malls, railway stations, airports, bus stands, and government offices.
The Asia Pacific cast polymers market is projected to grow at the highest CAGR during the forecast period, in terms of value. The growth of the Asia Pacific cast polymers market can be attributed to the increasing demand for cast polymers from the construction industry of countries, such as China, India, and South Korea, among others. India is one of the key markets for cast polymers in the Asia Pacific region, owing to the easy availability of labor and raw materials at affordable prices. The growth of the housing and commercial sectors in India is expected to contribute to the growth of the cast polymers market in the country from 2017 to 2022.
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