Microcellular plastic consists of micropores in the polymer matrix where the pore size is less than 100 micrometer in size. This new generation of plastics was invented in Massachusetts Institute of Technology (MIT) in 1980s. Microcellular plastics have unique properties that separate them from conventional plastics. They have low residual stress, shorter cycle times, and less material consumption. In terms of appearance, microcellular plastics are extremely tough to distinguish from conventional plastics as the structure is very closely packed. Microcellular plastics have improved mechanical properties as compared to conventional plastics. These are light in weight and possess several useful properties such as thermal insulation, selective light transmission and diffusion, sound insulation, filtration, cushioning, energy absorption, and tissue engineering scaffolds. Key applications of microcellular plastics include construction, food packaging, healthcare, electronics, transportation, and toys.
Microcellular plastics are biodegradable and have sustainable properties, but their actual commercial utilization is very low due to inferior material properties, higher material cost, and limited number of processing units. Rising demand for high performance materials in various end-user industries is expected to boost the market for microcellular plastics globally during the forecast period. Microcellular plastics are believed to be an ideal replacement for conventional plastics as they are biodegradable, but their production on a large scale has been restrained by extremely high costs. The production process of microcellular plastics is much more compatible with the environment as against conventional plastics as conventional plastics use large number of toxic chemicals during its production.
Increasing demand for plastics in food packaging and healthcare segments is likely to drive demand for microcellular plastics during the forecast period. Plastic consumption in the electronics industry has witnessed substantial growth during the past few years. This is expected to augment the market for microcellular plastics. Microcellular plastics are also used in scaffolding for construction. Scaffolding is the temporary structure created during construction to support the work crew. Hence, the rapidly growing construction market is anticipated to bolster demand for microcellular plastics during the forecast period. Transportation is projected to be another key factor driving the microcellular plastic market due to growth in the automotive industry across the globe.
North America is estimated to be the largest market for microcellular plastics, accounting for substantial share of the global demand. Growing research and development activities related to microcellular plastic production by major market players has primarily driven the market in North America. Additionally, rising demand for high-performance plastics in industries such as healthcare and transportation is anticipated to boost demand for microcellular plastics in the region. In terms of region, Europe is likely to be the second-largest market for microcellular plastics. End-user applications such as food packaging, transportation, and healthcare are expected to drive the microcellular plastic market in the region. Europe boasts of presence of major automotive OEMs. This, in turn, is estimated to drive demand for microcellular plastics in the region. The market in Asia Pacific is anticipated to witness extensive growth during the next few years due to increasing demand for microcellular plastics in applications such as construction and transportation. Furthermore, presence of growing economies such as China and India is anticipated to fuel the market due to growing industrial base in the region. Strongdemand from end-user industries in Latin America is predominantly driven by growing construction industry in the region. Hence, growth in the microcellular plastic market in Latin America is expected to be steady during the forecast period. A similar trend is anticipated in the market in the Middle East and Africa, especially in growing economies such as South Africa and countries in GCC.
Some of the major players operating in the microcellular plastics market include MicroGREEN Polymers, Inc., Horizon Plastics International Inc., Sealed Air, Lavergne Performance Compounds, and Ingenia Polymers Corp. with various medium-scale operatives operating across the market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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