Extruded Plastics Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1260
Global Extruded Plastics Market size was valued at USD 182 billion in 2015 and may exceed USD 290 billion in 2024, registering a moderate CAGR of 4.5% in the forecast period. Extruded plastics are basically plastics of different shapes and sizes, taken through the extrusion process, where in they are forcibly pushed through a tool that imparts them a shape and form. All types of plastics are easily malleable and can be manufactured in endless lengths and shapes, hence appropriate to be used for extrusion. Extruded plastics have applications in various industries due to its availability in almost all forms ranging from pipes & tubes to films & sheets.
The prime growth driver for extruded plastics market is the increasing demand from the packaging industry due to the developments in food & beverage and consumer products segment throughout the world. In addition, the rise in infrastructural needs of nations is fueling the product demand in construction and building materials industry. Also, the growth in electrical, electronics & telecommunication industry is likely to have a positive impact on the product market owing to the rising demand in wires & cables, computers and accessories and consumer appliances. The rise in disposable income of modern consumer and high standards of living will positively influence the product market growth. Moreover, the low cost associated with manufacturing & procurement of feedstock, excellent mechanical properties and entry of domestic players for raw materials will boost the extruded plastics market growth in the coming years.
There are various factors which can slow down the advancement in extruded plastics market. Firstly, the production, use and disposal of extruded plastics, particularly PVC, pose substantial challenges to the product market growth due to the aggravated environmental and human health hazards. Increasing government regulations and norms regarding use and disposal of plastics, in interest of protecting environment, will be a bigger challenge for the extruded plastics market growth worldwide. Secondly, the injection moulding method for processing plastic may pose a threat to the product market growth. Last of all, the intense competition amongst manufacturers concerning the supply of raw material and polymers (additives) can cause a major challenge to the extruded plastics market growth.
Research is being conducted on international platforms to explore alternatives for car components and building materials in construction, having low weight and high strength characteristics. The extruded plastics market can witness growth in above industries due to the properties it offers, which are currently better than the available options in market. Furthermore, extruded plastics can be an alternative to aluminum and wood doors & windows, used in building construction, owing to its excellent insulating properties and resistance to degradation upon exposure to sun, wind and water.
The extruded plastics market, based on its types, can be segmented into categories such as Low-Density Polyethylene (LDPE), High-Density Polyethylene (HDPE), Polypropylene, Polystyrene and Polyvinyl Chloride (PVC). LDPE was the dominant segment in the global extruded plastics market in 2015. It has wide usage in particularly film application in both non-packaging (garbage bags, waste bin liners, industrial sheeting and construction & agricultural coating) and packaging (produce bags and bakery films) segments. Other markets of LDPE include sheathings in cable, extrusion coatings and injection moulding applications. This can be attributed to its long and short branching which gives it good process ability along with durability. The polystyrene segment is anticipated to grow in the forecast period, reason being its low-cost availability and increasing use in appliances, toys, consumer durables and many other such applications.
The major and prominent end-users in the product market are food & beverage, protective packaging, building & construction, automotive, power & lighting, electrical & electronics and medical & pharmaceutical industries. Extruded plastics are used in manufacturing of packaging materials such as wraps, containers, bottles, clamshells and food & baked goods bags which are used in food & beverage industry on a large scale. Additionally, the product is also used in providing insulation in cables & wires and used in tube manufacturing in pharmaceutical sector. The extruded plastics market is likely to see exponential rise in demand in the coming years owing to the above large scale usage.
Asia-Pacific region dominated the global extruded plastics market in 2015. The product market is likely to show significant growth in Asia-Pacific, particularly in India, China and Japan, owing to the fast-paced industrialization, elevating infrastructural standards and e-commerce boom in this region. The global demand for packaging from e-commerce segment for goods handling, when in transit, has accelerated the extruded plastics market growth. Moreover, the power & lighting and electronics & telecommunication segment is on rise in developed regions such as Europe and North America, which is also seen to boost the overall product demand.
The key players in the extruded plastics market are Sigma Plastics Group, The Dow Chemical Company, Chevron Philips Chemical Company, ExxonMobil Chemical Company, Berry Plastics Corporation, SABIC, JM Eagle and Saint Gobain S.A. Other predominant companies include E.I Dupont De Nemours and Company, Bemis Company Incorporated and Sealed Air Corporation.
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