Extruded Plastics Market is anticipated to grow from $ 220.51 billion in 2022 to $ 301.21 billion by 2028, at a CAGR of 4.7% during the forecast 2023-2028
Extruded plastics are basically plastics of different shapes and sizes, transported through the extrusion process, where they are forcibly pushed through a tool that gives them shape and shape. All types of plastics are easily malleable and can be manufactured in endless lengths and shapes, making them suitable for use in extrusion. Extruded plastics have applications in a variety of industries due to their availability in almost all shapes, from pipes and tubes to films and sheets. They are among the most widely used plastics in everyday user applications. Extruded plastics are made using an extrusion process, in which the raw plastic is melted to form a continuous profile. The plastic products produced by the extrusion process include pipes/tubes, plastic films, plastic railings, thermoplastic coatings, and window frames, among others. Materials used in plastic extrusion include polyethylene, polypropylene, polystyrene, and polyvinyl chloride, among others. Due to the increasing applications of plastic in industries and applications to the end consumer, the demand for extruded plastics is increasing worldwide.
Global market growth is driven primarily by the high demand for extruded plastic products in the packaging industry. Extruded plastics are widely used in the packaging of food and beverage, consumer goods, and medical products. They are used in packaging such as wrappers, shells, containers, and bottles. Increasing workforce, high disposable incomes, and changing lifestyle trends have led to increased demand for packaged food, driving the demand for extruded plastics around the world. This is attributed to the lightness, strength, and durability of plastic products. Increased investment in infrastructure development in developed and developing regions is expected to increase the number of construction activities globally, which in turn will boost demand for extruded plastics in the coming years.
Electricity and electronics are expected to drive demand in the extruded plastics market during the outlook period. Extruded plastics are widely used in electrical and electronic products in household appliances, electrical components and accessories, and consumer electronics, among others.
The main growth driver of the global extruded plastics market is the increasing demand from the packaging industry due to the evolution of the consumer products and food and beverage segment around the world. In addition, the growing infrastructure needs of countries are driving the demand for products in the construction and building materials industry. In addition, the growth of the electrical, electronic, and telecommunications industries is likely to have a positive impact on the product market due to the increasing demand for wires and cables, computers and accessories, and appliances. The increase in the disposable income of the modern consumer and the high standard of living will have a positive influence on the growth of the product market. Moreover, the low cost associated with manufacturing and sourcing the raw materials, the excellent mechanical properties, and the entry of domestic players for the raw materials will drive the growth of the extruded plastics market in the coming years.
Several factors may slow the advance of the extruded plastics market. Production, use, and disposal of extruded plastics, especially PVC, pose significant challenges to the growth of the product market due to aggravated risks to human health and the environment.
An increase in emerging plastics application areas coupled with the high rate of demand from the agriculture industry for various forms of extruded plastics is expected to boost the growth rate of extruded plastics market during the foreseen period. Various advantages attributed to extruded plastics result in a high consumption rate in various applicable end-use industries.
Increasing government regulations and standards regarding the use and disposal of plastics, in the interest of environmental protection, will be a major challenge for the growth of the extruded plastics market globally. Second, the injection molding method of plastic processing may pose a threat to the growth of the product market. Finally, the intense competition among manufacturers in the supply of raw materials and polymers (additives) can represent a significant challenge for the growth of the extruded plastics business.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2022-2028 |
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Base Year |
2022 |
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Forecast Period |
2023-2028 |
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CAGR |
4.7% |
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Segments Covered |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
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Market Leaders Profiled |
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Extruded Plastics Market Segmentation as per the research report until 2028.
Low thermal conductivity and low resistance to oxygen and moisture make polystyrene a suitable material for food packaging products. Additionally, it is a low-cost thermoplastic resin used in household appliances, toys, and construction applications, among others. Polystyrene finds applications in food and non-food packaging and consumer products such as frames, cable ducts, tubes, displays/sales signs, containers, bottles, trays, tumblers, and disposable cutlery, among others.
Extruded plastics are widely used in electrical and electronics in household appliances, electrical components and accessories, and consumer electronics, among others. The main application of extruded plastics in this industry is the insulation and packaging of products such as wires and cables, switches, enclosures of electrical and electronic products, and product protective packaging, among others.
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
The Asia Pacific has emerged as the quickest-growing region in 2020 amid a strong call for extruded plastics from major end-use industries such as automotive, building and construction, packaging, and consumer goods, among others. Rapid industrialization and urbanization, along with economic growth in this region, have resulted in the growth of these end-use industries, which will likely drive demand for extruded plastics in the years to come. The main contributors to the growth of the regional market are India, Japan, South Korea, and Thailand.
The high production and sales of light and fuel-efficient cars in European countries such as Germany, the UK, France, and Russia is a major driver of the extruded plastics market in this region. In addition, the use of plastic products in the medical industry because they are lightweight, biocompatible, and cost-effective. In addition, the presence of a large medical base in the region is driving the growth of the market.
The market in Latin America is supposed to experience significant growth due to industrialization in developing countries like Brazil and Chile. This has resulted in an increase in the number of construction activities, which is expected to drive demand for products in Latin America during the forecast period.
The infrastructure hub in GCC, UAE, and Saudi Arabia is estimated to drive demand for extruded plastics in the Middle East and Africa markets.
Recent Developments
In May 2020, “#PimpYourLine”, the new line upgrade program has been jointly launched in the market by the auxiliary giants Summit Systems, Maguire, and Syncro. The program revitalizes existing extrusion lines and updates them with 2020 technology. This allows customers to avoid the high cost of purchasing a new line, as Summit's line upgrade program costs only 46% of the price of a new European line.
The worldwide impacts of the coronavirus disease are already beginning to be experienced and will remarkably influence the extruded plastics market in 2020. The COVID-19 outburst has had influences in multiple aspects, affecting the global economy by directly restricting production and demand, creating supply chain disruptions, and financial impact on businesses and financial markets.
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