Press release
Extruded Plastics Market Set for Robust Growth, Anticipating $246.52 Billion in 2024
Extruded Plastics Market
Exhibiting robust expansion, the extruded plastics market is projected to surge from $232.87 billion in 2023 to $246.52 billion in 2024, with a commendable Compound Annual Growth Rate (CAGR) of 5.9%. The market is poised for sustained strong growth, reaching an estimated $315.92 billion by 2028, with a projected CAGR of 6.4%.
Driving Factors:
Packaging Industry Surge Ignites Extruded Plastics Market:
The ascending trajectory of the packaging industry plays a pivotal role in propelling the extruded plastics market forward. Extruded plastics contribute to the creation of durable and efficient packaging solutions. Notably, India witnessed a 200% increase in packaging demand and consumption in 2021, rising from 4.3 kgs per person per annum (PPPA) to 8.6 kgs PPPA, as reported by the India Brand Equity Foundation. This surge underscores the market's growth spurred by the packaging sector.
Automotive Industry Demand Boosts Extruded Plastics Market:
Anticipated growth in the automotive industry is set to drive the extruded plastics market. The versatility, durability, and cost-effectiveness of extruded plastics make them a preferred choice in automotive applications, meeting specific performance requirements such as resistance to temperature, chemicals, and UV exposure. The global production of motor vehicles reached 85.4 million units in 2022, reflecting a significant 5.7% increase from the previous year, according to the European Automobile Manufacturers Association.
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Key Players:
Prominent players in the extruded plastics market include Apogee Enterprises Inc., Olsen Doors and Windows Limited, Fletcher Building Limited, YKK AP Inc., and other industry leaders.
Technological Advancements:
Innovative PP Foam Extrusion Technology:
Technological advancements take center stage as companies like Sulzer Chemtech and Borealis introduce a new PP foam extrusion technology. This innovation aims to enhance efficiency and reduce costs across the value chain, supporting circular solutions and predicting a production cost reduction of up to 60%.
Sustainable Products Address Growing Demand:
In response to increasing demand for sustainability, major companies are introducing innovative products like Meguri. Launched by Sumitomo Chemical Co. Ltd., Meguri is made from recycled plastics, including polyethylene, polypropylene, and acrylic resin. This eco-friendly alternative reduces environmental impact, improves resource efficiency, and finds applications in packaging, automotive, and construction.
Regional Insights:
Asia-Pacific emerges as the dominant region in the extruded plastics market in 2023 and is expected to maintain its position as the fastest-growing region during the forecast period. The regions covered include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Segments:
The extruded plastics market covered in this report is segmented -
1) By Type: Low Density Polyethylene, High Density Polyethylene, Polypropylene, Polystyrene, Polyvinyl Chloride, Other Types
2) By Form: Films, Pipes, Sheets, Tubes, Wires and Cables
3) By End-User: Packaging, Building and Construction, Automotive, Consumer Goods, Electrical and Electronics, Other End Users
Access the Complete Report for In-Depth Analysis:
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Extruded Plastics Global Market Report 2024 from TBRC covers the following information:
Market size date for the forecast period: Historical and Future
Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Extruded Plastics Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on extruded plastics market size, extruded plastics market drivers and trends, extruded plastics market major players, competitors' revenues, market positioning, and market growth across geographies. The extruded plastics market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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