Extruded plastics are plastic products which taken customized shapes in various sized after being taken through the extrusion process. The use of plastics with a high weight to strength ratio capable of withstanding volatile temperatures and resistance to pressure can lead to the evolution of extruded plastics. The global extruded plastics market report by Market Research Future (MRFR) contains valuable insights due to the application of extruded objects in various end-use industries.
The extruded plastics market size is expected to grow and reach a market value worth USD 291.74 Billion by the end of the period in 2028. The market is expected to attain a global CAGR of 4.7% between the forecast period of 2021 and 2030.The demand for extruded plastics in packaging, consumer goods, food & beverages, and medical products can drive the market growth exponentially. Changing lifestyle of consumers, high disposable income levels, and the large population have created a demand for packaged products which can boost the extruded plastics market.
Manufacture of cladding panels, windows, insulation wires, pipes, and cables due to lightweight and durable nature of plastics can fuel the market. Investments in infrastructural projects due to rapid urbanization and development schemes rolled out by governments for boosting regional tourism is likely to bode well for the extruded plastics market.
But fluctuations in raw material prices can impede the market growth.
The global extruded plastics market is segmented by type, form, and end-use industry.
By type, it is segmented into polycarbonate, polystyrene, polypropylene, low density polyethylene, high density polyethylene, polyvinyl chloride, acrylonitrile butadiene styrene, and others. Low density polyethylene is expected to exhibit a strong growth rate during the forecast period. Its break resistance and demand in plastic containers and associated products can keep the segment buoyant till 2025
By form, it is segmented into wires & cables, sheets, pipes, tubes, films, and others.
By end-use industry, it is segmented into packaging, building & construction, electrical & electronics, automotive, consumer goods, medical, and others. The building & construction sector can be lucrative for the market due to the use of windows, pipes, and other interior components.
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Europe, North America, Asia Pacific (APAC), Latin America, and the Middle East & Africa (MEA) are prime regions encompassed in the global extruded plastics market report.
The APAC region is touted to be the fastest growing for the market due to presence of units of various end-use industries of automotive, consumer goods, packaging, building & construction, and others. Industrialization and rapid pace of urbanization in Thailand, South Korea, Japan, and India can drive the market demand in the coming years. The extended use of plastic in agricultural applications in agrarian economies such as India can bode well for the overall market. This is exemplified by the introduction of micro irrigation systems for the cultivation of 17 million hectares of land.
Europe is predicted to exhibit a stupendous growth rate during the forecast period due to the demand for fuel-efficient automobiles in the U.K., Germany, Russia, and France. The use of plastic products in the medical sector due to large hospital chains can drive the regional extruded plastics market growth.
Latin America and MEA regions can accrue significant revenue due to industrialization in Chile and Brazil and rapid pace of infrastructural activities can expedite the market growth.
Berry Global Inc., Chevron Phillips Chemical Company, Bemis Company Inc., Atlantis Plastics Inc., SABIC, Saint-Gobain Performance Plastics, Formosa Plastics Corporation, Sigma Plastics Group, Exxon Mobil Corporation, JM EAGLE INC., and DuPont de Nemours Inc., are some of the key players in the global extruded plastics market. Expansions, mergers, and acquisitions are major strategies employed by these players to gain leverage over the competition.
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