Robust growth in the industrial and residential construction industries is dominating the Americas cast polymer market. Polymers have become an important engineering material as they improve the energy efficiency of buildings and are easily reusable and recyclable. Increasing need for a modern lifestyle and modern architectural features in Latin America are driving the growth of the Americas cast polymers market. Cast polymers are widely used in various end-user segments such as for application in water pipes and kitchens, especially after the introduction of solid surface casting products in the region. Solid surface casting products reduces the wastage and the operational costs, which is a trend that is commonly being followed in the marketplace. High-precision, reliable, and cost-effective components are the salient features of the solid-surface casting products. In addition, residents of South America prefer artistically and aesthetically pleasing designs with different colors and shapes at affordable prices which has increased the demand for cast polymers in the region. Moreover, rise in disposable incomes has resulted in demand for more technologically advanced and high-quality construction material .As a result, Americas cast polymers market is growing and creating new opportunities for market players. IndustryARC has evaluated Americas cast polymers market to reach $2.7 billion by 2023, while demand for the same is expected to rise at CAGR of 6.3% during the forecast period 2018-2023.
According to the Association General Contractors of America, the construction industry is creating an annual revenue of $1.3 trillion every year. Owing to the growing population in the U.S., the construction industry is surging and providing opportunities for the cast polymers market to flourish. Furthermore, latest trends in the cast polymers market such as the gel coated cultured stone and resin-matrix have attracted heavy demand owing to their characteristics. They are extensively used in numerous applications such as for molding accents, counter tops, whirlpool baths, and wall panels.
U.S and Canada Dominating the Americas Cast Polymers Market
The Americas cast polymers market dominated with a regional revenue of $1.8 billion in 2017,and demand for cast polymer is set to grow at a CAGR of 6.85% during the forecast period.Major countries contributing to growth of the Americas cast polymers market are the U.S., Canada, Mexico, Brazil, and Argentina. Additionally, the U.S. cast polymer market revenue is expected to reach $756 m by 2021. Overall construction costs are rising in the U.S. owing to an increase in building costs, construction employment, and wages costs. However, Canada’s industrial output is expected to grow at a CAGR of 2.13% through to 2023. Canada’s cast polymers market is expected to reach $321 billion by 2020. The demand for cast polymers in Canada is supported by increasing population and urbanization, and improving economic conditions. According to the World Bank, Canada’s total population in 2017 was 36 million. The government’s efforts to provide affordable housing to lower and middle-class people through the Affordable Housing Initiative(AHI) is also encouraging growth of the cast polymers market. Hence, these scenarios in the U.S. and Canada’s residential construction industry is definitely encouraging growth of cast polymers and leading to increase in demand for products made of cast polymers.
Americas Cast Polymers Market: Growth Drivers
- Demand for Superior Quality Products in Remodeling Industry
Growth of the remodeling industry in America coupled with increased demand for high-quality cast polymers products is expected to lead togrowth of the cast polymers market in coming years.Availability of cast polymers in various colors, shapes, and types are major factors driving growth of the cast polymers market. The robust growth of the construction industry is supposed to lead to increased demand for cast polymers.
- Growing Demand for Gel Coats and Resins
The gel coats used in cast polymers products are made of cultured marble, granite, and onyx. The gel coats are eco-friendly and provide resistance from water, chemicals, and weather. They improve the durability as it provides UV resistant additives. They also help in surviving under severe climatic conditions without losing its color and gloss. Additionally, the gel coats are segmented into pigment and clear gel coats. Pigment coats are utilized in production of cultured marble,where in the gel coats add dimension and depth to the construction. Clear gel coats are used in residential constructions to provide artistic designs and colors along with granite effects.
Moreover, the casting polymer resins are mixed with fillers to make a matrix which provides the cast polymers with structural integrity. Specific polymers are used in end-use application such as for the manufacturing process, and manufacturing plant condition.Hence, these two segments are driving growth of the Americas cast polymers market.
- Increasing Demand for Fillers
The largest part of the cast polymers composition is fillers. The cultured marble, cultured onyx, and cultured granite are the different segmentation's of fillers. The fillers are to be chosen effectively and to be checked properly, in order to receive the best of its benefits. The fillers are also trending as the green fillers in order to make the construction eco-friendly. Therefore, the increasing demand for fillers is driving the growth of the cast polymers market.
Investments by Government in Construction Industry
According to the U.S. Census Bureau report, the total government spending on the construction industry was $1,298 billion till April 2019, which was spent to provide accommodation to people residing in the country. Moreover, the government spent $499 billion until April 2019 on residential construction, and $454 billion on non-residential construction. Owing to these investments from the government, the increasing demand for cast polymers in America along with solid surface and alumina trihydrate materials in the construction industry. Additionally, the Americas cast polymers market is expected to witness growth due to increasing constructions for the lower and middle-class residents of the U.S.
The Major Players in the Market Include:
Major players in the Americas cast polymers market include Ashiland Inc., United States Marble Inc., Formica Corporation, Safas Corporation, Wilsonart International Inc., The Swan Corporation, Caesarstone Ltd., The R.J Marshal Company, Huber Engineered Materials, Eastern Surface Inc., Bradley Corporation, and E.I DU Pont De Nemours and Company. These companies have been continuously focusing on R&D investments, acquisitions, and partnership strategies to strengthen their portfolio of products.For instance, in 2018, Cincinnati-based Formica Group sold all its shares to Broadview Holding BV, for $840 m to expand its business in North America. Broadview Holdings, with an objective to further expand its business in North America, bought the shares of Formica Group.
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