Extruded Plastics Market Size & Share to Surpass USD 356.1 billion by 2031 | Analysis by Transparency Market Research Inc.
The value of the extruded plastics market is being increased in large part by technological developments in manufacturing lines. The development of modern technology has increased material quality overall and reduced costs.
Wilmington, Delaware, United States, Jan. 03, 2024 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global extruded plastics market was projected to attain US$ 210.2 billion in 2022. It is anticipated to garner a 6% CAGR from 2023 to 2031. The market is likely to attain US$ 356.1 billion by 2031.
Extruded plastic objects may be made in a variety of lengths and shapes. Numerous industries, including the automotive and building and construction sectors, employ these items. Market development is being aided by the expansion of the building and construction, as well as packaging sectors, particularly in emerging nations.
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Plastic extrusion plants are integrating automation and robotics to maximize production productivity and reduce manufacturing costs. This has made it possible for businesses to provide a broad range of extruded plastic manufacturing services.
Global Extruded Plastics Market: Key Players
To satisfy the growing need for customized options across a range of sectors, producers of extruded plastics are concentrating on providing custom plastic extruders.
They are also spending money on innovative extrusion machinery. To improve their market position, leading companies are also growing their manufacturing facilities and decreasing downtime. The following companies are well-known participants in the global extruded plastics market:
- Berry Global Inc.
- JM Eagle, Inc.
- Engineered Profiles LLC
- Bemis Company Inc.
- Amcor Limited
- Sealed Air Corporation
- Formosa Plastics Corporation
- Saudi Basic Industries Corp. (SABIC)
- Compagnie de Saint-Gobain S.A.
- Sigma Plastics Group
Key Findings of the Market Report
- In plastic extrusion processes, advanced materials are also used to improve product performance.
- New forms of plastic resins have made it possible for manufacturers to produce plastic objects that are stronger, more durable, and have superior physical attributes.
- This makes it possible to use extruded plastic parts that are resistant to abrasion in more demanding applications, such aerospace or automotive components.
- Another technical development in plastic extrusion is the development of complex control systems to oversee and regulate several components of the production process.
- Temperature profiling devices might confirm that plastic components are consistently made at the same temperature.
- This reduces the quantity of trash or defective plastic components and guarantees the quality of plastic items.
Market Trends for Extruded Plastics
- Heavy metals that are costly are expected to be replaced by extruded plastic parts and components in the automotive industry. The amount of plastic used by automakers in airbag systems, crush bumpers, electrical components, door panels, switches, and other parts has expanded dramatically.
- Because more and more consumers are choosing fuel-efficient cars, automakers have a huge marketing advantage when they use polymer extrusions.
- Automotive weight reduction of 10% is achieved using plastic, leading to a 5% decrease in fuel consumption. Extruded plastic components are being used by automakers as part of their green initiatives.
- Modern automotive designs that use plastic extruded parts and components also enhance overall safety and comfort. Better plastic profile extrusions are spearheading a revolution in automotive hardware capabilities. Automakers can create new stock and custom plastic extrusion profiles with the help of parts and components supplied by the plastics hardware company. The auto industry is able to set new standards for safety, environmental performance, and design consequently.
Global Market for Extruded Plastics: Regional Outlook
- Asia Pacific held a 38.1% share of the global market in 2022. A significant portion of the region’s growth may be attributed to China and India’s rapidly expanding automobile and industrial industries.
- In India, the Ministry of Agriculture and Farmers Welfare has started implementing plans to cover 17 million hectares of arable land with micro-irrigation systems. Extruded plastic finds use in a variety of agricultural applications, including livestock operations and commercial vegetable cultivation. The nation’s market for extruded plastics is benefiting from this.
- In the near future, it is also expected that the Middle East and Africa will see record-breaking market expansion. It is anticipated that the demand for extruded plastics in the area will increase as more people become aware of their advantages.
- Throughout the projected period, the extruded plastics market demand in the Middle East and Africa is expected to be supported by growth in the agriculture sector.
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Some key developments by the players in this market are:
- Berry Global Group Inc. introduced Berry Global Tooling Services in February 2023. In doing so, the corporation combined its several regional global tooling activities into a single, all-inclusive entity. It is anticipated that the unit will provide Berry’s clients, both present and potential, access to a comprehensive tooling suite that includes blow, compression, injection, and thermoforming molds that can be included into ongoing product orders.
- Using ExxonMobil’s Extend technology for advanced recycling, Amcor Limited announced plans to acquire certified circular polyethylene (PE) material in April 2022.
Global Extruded Plastics Market Segmentation
- Wires & Cables
- Building & Construction
- Electrical & Electronics
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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