PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490251
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490251
Extruded Plastics Market size was valued at USD 170,678.32 million in 2023, expanding at a CAGR of 3.8% from 2024 to 2032.
Because they can create plastic materials in a range of sizes and shapes, extruded plastics are also utilized in end-use industries like industrial, automotive, building and construction, and packaging. Growing discretionary income and a contemporary lifestyle have led to a demand for food and other products that may not be available in their nations. Ongoing construction projects, particularly in developing regions, demand extruded plastic products such as pipes, window frames, and insulation materials. Increasing concerns about plastic waste and stringent environmental regulations challenge the industry, requiring investment in recycling and sustainable practices.
Extruded Plastics Market- Market Dynamics
Increasing Demand for Extruded Plastics Owning to the Automotive Industry
Automakers are increasingly focused on reducing vehicle weight to improve fuel efficiency and meet stringent emission regulations. Extruded plastics, being lightweight yet durable, are ideal for replacing heavier metal components. Extruded plastics are widely used in the production of interior components such as dashboards, door panels, and seat bases. According to the European Automobile Manufacturing Association (ACEA), China produces 34% of the 69 million cars that are manufactured worldwide each year, followed by Europe (19%), and North America (15%). This shows the share of each world region in global passenger car production. There is a growing emphasis on sustainability within the automotive industry.
Extruded Plastics Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 3.8% over the forecast period (2024-2032)
Based on product type segmentation, Low Density Polyethylene was predicted to show maximum market share in the year 2023
Based on application segmentation, Films was the leading type in 2023
based on region, Asia Pacific was the leading revenue generator in 2023
The Global Extruded Plastics Market is segmented based on Product Type, Application, End User, and Region.
The market is divided into six categories based on product type: Low-Density Polyethylene, Polypropylene, Polyvinyl Chloride, High-Density Polyethylene, Polystyrene, and Others. It is projected that the Low-Density Polyethylene category will hold the most market share. Furthermore, the need for food-grade packaging materials has been enforced by the food sector due to durability and flexibility propelling the market even further.
The market is divided into five categories based on application: Pipes & Tubing, Wire Insulation, Windows & Door Profiles, Films, and Others. The global extruded plastics market is experiencing growth in the films segment due to the widespread use of extruded plastics-based films for packaging applications in the food and beverage, agricultural, and other end-use sectors. Additionally, the growing consciousness of health and hygiene-related matters has increased demand for packaged consumer goods, where extruded plastic-based films are widely utilized for packaging purposes.
Extruded Plastics Market- Geographical Insights
The primary cause of this is the rising demand for extruded plastics from industrialized and emerging nations alike, including Indonesia, China, Japan, and India. The global manufacturing and construction industries are expanding, and this is accompanied by a rise in economies of scale in the market. China produces all the extruded plastic needed to meet domestic demand, as evidenced by the large number of factories and production capacities the country has. Additionally, China's extensive production base allows it to provide neighboring countries with PE, PVC, and other extruded plastics.
Extruded plastics will continue to gain market share as a result of the key players in the industry spending heavily on R&D to extend their product ranges. Along with major industry developments including new product launches, contracts, mergers and acquisitions, higher investments, and partnerships with other businesses, market players are also engaging in a range of strategic initiatives to broaden their reach internationally. Some of the major players such as Berry Global, Formosa Plastics Corporation, Saudi Basic Industries, Sealed Air Corporation, and Sigma Plastics Group. For instance, In March 2024, Avient and Hager collaborated on recycled content outdoor sockets and switches. An environmentally friendly choice was produced through a partnership between Avient and Hager Group, a well-known manufacturer of electrical systems for homes, businesses, and industries.
In June 2024, Entek launched new twin-screw extruder products and technologies. After almost three years of research and development, the company introduced its new high-torque ht72 twin-screw extruder and vacuum feed technology (VFT) through a virtual press event.
In November 2023, Davis-Standard, a specialist in the extrusion equipment and services sector, reached a definitive agreement to acquire the Extrusion Technology Group (ETG) from entities controlled by the Dutch Investor Nimbus.
GLOBAL EXTRUDED PLASTICS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Atlantis Plastics, Inc.
China Plastic Extrusion Ltd.
Crescent Plastics Incorporated
GSH Industries
Keller Plastics Inc.
Lakeland Plastics, Inc.
Nenplas Limited
Petro Packaging Company, IncPexco LLC
Saint Gobain
Others