The global extruded plastics market is estimated to expand 4.5% from 2023 to 2030. Extruding plastics includes heating the raw material, such as a polymer, so it may be melted and utilised to make other products. Extrusion processes include tubing, blow film, sheet film, and over jacket. Depending on the die form, these extrusion technologies can produce many goods. Strong demand for extruded plastics in consumer products, especially food, has led to the industry's precipitous ascent. Extruded plastics are used to make food and beverage containers, bottles, and wrappers.
Construction and building materials are driving the market for extruded plastics business. Expanding and improving infrastructures worldwide drives demand for plastics. The continued demand for electronics, computers, and household appliances also contributes to industrial growth. Today's consumers have greater disposable income, which boosts demand for plastic products. Wires, switches, cables, and enclosures are most commonly insulated and packaged. This is also a popular use.
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Population growth has increased demand for consumer goods, expanding the packaging sector. Extruded plastics are widely used to make films and wraps due to this increase. The National Investment Promotion and Facilitation Agency estimates that the packaging industry was worth $917 billion in 2019 and will reach $1.05 trillion by 2024, growing at a 2.8% CAGR. This is one of the main reasons driving the extruded plastics market during the forecast period. In industrialised and developing nations, the building and construction business is growing rapidly. This is owing to rising demand for commercial space in offices, hotels, shopping malls, and industrial corridors. Growing investments in infrastructure in the U.S., China, Japan, Mexico, and India have boosted the building and construction business. Invest India reports that India's infrastructure investment budget is $1.4 trillion. 16% is allocated to urban infrastructure. Extruded polymers can be bent, moulded, or extruded to form any shape. Extruded plastics are used as insulating materials, cladding panels, and pipelines in commercial and residential buildings and other construction sites. These are the biggest growth drivers in extruded plastics.
Extruded plastics are increasingly employed as an alternative for metals in agricultural irrigation pipes, fishing poles, and other applications. In addition, their corrosion resistance encourages buyers to buy more extruded plastic items. A growing concentration of producers, cheap feedstock, and the growth of local companies have contributed to low-cost extruded plastics. It's expected to create new opportunities in the global extruded plastics market.
Taiwan, Bangladesh, the UK, China, and others have banned extruded plastic products. Leading extruded plastics makers have suffered a manufacturing hiccup. Extruded plastics manufacture also emits toxic chemical substances that harm immune systems. Extruded plastics cause eye discomfort, vision loss, respiratory problems, disorientation, genotoxic, cardiovascular, and gastrointestinal concerns. This can cause other health problems. This hinders industry expansion.
Manufacturers must give data on extruded plastic items to determine their long-term health risks to customers. The just-mentioned reality and stricter international single-use packaging laws may hinder market expansion. Customers of extruded plastic products nowadays are concerned about the inadequate recycling rate of single-use plastic. The transition will affect the market for extruded plastics, which may lead to the extinction of single-use items.
Packaging end-use led the global market in 2021 and is anticipated to expand 4% from 2023 to 2030. Greater global trade has lowered trade barriers and rationalised tariffs, leading to increased international trade in packaging machinery and materials, with extruded plastics-based films widely utilised for packaging. Because of growing global trade. Consumers and industrial users are driving global demand for extruded plastic packaging. Both areas are demanding. Due to rising demand for extruded plastic packaging, metal and glass packaging are being phased out (especially for food products). Extruded plastic is the most preferred flexible packaging material due to its malleability and versatility. The sector has also undergone a lot of technical progress, which has increased the amount of first-rate things suppliers offer to meet customer needs.
Manufacturers want high-performing packaging that can cut costs. Food, drink, and personal care packaging must be competitive, cost-effective, and attractive. Due to the requirements, vendors must leverage developing technology to innovate their products. In recent years, clients in the Asia-Pacific extruded multilayer plastic packaging solutions market have stopped utilising paper bags. Customers noticed this shift. New materials are used to construct extruded multilayer packaging. Self-venting films are novel materials. These films are used to package frozen food that can be cooked with steam. Novel flexible packaging uses for food, beverages, and other consumer items are expected to boost market growth.
Polyethylene is expected to grow at a CAGR of 3.8% during the forecast period. Polyethylene extrusion is sturdy, translucent, has a low friction coefficient, and resists chemicals. This helps the sector's international growth. Polyethylene extruded plastics come in high, medium, and low densities. Extruded polyethylene is versatile and cheap. Polyethylene extrusions are chemically resistant, transparent, robust, and have a low coefficient of friction. This factor contributes to the sector's rapid global growth.
Films dominated the global market in 2021 and is expected to rise 3.9% during the forecast period. Extruded plastic sheets are widely used for packaging in food and beverage, pharmaceutical, agricultural, and other industries. Growing health and hygiene consciousness has also boosted the packaged consumer goods business. Extruded plastic films are often used for packaging because they have many advantages. These factors help expand the films segment of the global extruded plastics market.
Asia Pacific is expected to continue growing at the fastest rate, with a CAGR of 5%. The region contributed 40% of global revenue. The automobile, packaging, and construction industries will profit from urbanisation and economic growth. Japan, India, Thailand, and South Korea are expected to contribute most. China produced 28.7% of the world's consumer electronics in 2019, according to a UN estimate. India and Australia are also seeing their automobile sectors grow rapidly. Extruded polymers are utilised to improve vehicle aerodynamics in these countries. The India Brands Equity Foundation said that in March 2021, 279,745 passenger vehicles were sold, a 28.39% rise over March 2020's 217,879 units. Europe's quest for fuel-efficient cars and strong medical basis are driving the extrusion business's growth. Germany, France, and the UK have provided the most donations. Industrialization's progress will increase building and related products in Latin America. Brazil and Chile are major contributors. Infrastructure upgrades in Saudi Arabia and the UAE are expected to boost the plastics industry.
Dow, Sigma Plastics Group, ExxonMobil Chemical Company, Bemis Company Inc., SABIC, Chevron Phillips Chemical Company LLC, JM Eagle, Berry Plastics Corporation, Saint-Gobain S.A., and Sealed Air Corporation are among the top players in the market. The market is extremely fragmented with the presence of the both international and domestic companies. Key market players adopt mergers, acquisitions, product launches, collaborations as key strategies to obtain competitive advantage in the market. Companies are also boosting their production capacities. Sigma Stretch Film increased its Tulsa, Oklahoma, and Belleville, Ontario, production capabilities on March 4, 2023, by purchasing two new cast film production lines apiece. SML Maschinengesellschaft of Redlham, Austria, will deliver the lines in 2023, increasing each location's capacity. Tulsa's machinery will replace an existing line, and Ontario's will be built in a new wing.
