Extruded Plastics Market to surpass $290 billion by 2024: Global Market Insights, Inc.
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.
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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.
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.
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.
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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.
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.
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.
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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