Extruded Plastics Market to Garner $289.2 Billion, Globally, By 2030 at 4.6% CAGR, Says Allied Market Research
- Rise in demand from building & construction industry and escalating demand from the packaging sector drive the growth of the global extruded plastics market.
PORTLAND, Ore., Feb. 17, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Extruded Plastics Market by material type (Polyethylene, Polypropylene, Polyvinyl Chloride, Polystyrene, and Others), Application (Pipes & Tubing, Wire Insulation, Window & Door Profiles, Films, and Others), and End Use (Building & Construction, Packaging, Automotive, Industrial, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030." According to the report published by Allied Market Research, the global extruded plastics industry was estimated at $185.6 billion in 2020 and is expected to hit $289.2 billion by 2030, registering a CAGR of 4.6% from 2021 to 2030.
Drivers, restraints, and opportunities-
Rise in demand from the building & construction industry andescalating demand from the packaging sector drive the growth of the global extruded plastics market. On the other hand, environmental & health issues associated with the use of extruded plastics impede the growth to some extent. However, lower pricing due to availability of feedstock at reduced pricesis anticipated to create lucrative opportunities in the industry.
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COVID-19 scenario-
- Extruded plastics are primarily used in packaging, building & construction, automotive, and electrical & electronics industries. The end-use industries were primarily affected during the initial phase of the pandemic, which negatively affected the market.
- The disrupted supply chain and shut down of several electronics companies affected the market growth.
The polyethylene segment to retain the lion's share-
By material type, the polyethylene segment held the major share in 2020, garnering nearly one-third of the global extruded plastics market, and is anticipatedto maintain the lion's share throughout the forecast period. This is owing to the increase in demand for the manufacturing of needle sheaths, tubes, and other healthcare products. The polypropylene segment, on the other hand, is projected to cite the fastest CAGR of 5.2% throughout the forecast period. The increase in demand for the manufacturing of food-grade tubes due to rise in demand for packed food & beverage items drives the growth of the segment.The report also includes the analysis of polyvinyl chloride and polystyrene segments.
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The films segment to dominate by 2030
By application, the films segment accounted for more than one-third of the global extruded plastics market share in 2020, and is anticipated to retain its dominance throughout the forecast period. This is because the majority of the consumer base has started preferring packed food items due to increasing disposable income and busy schedule. The windows and doors profile segment, however, would showcase the fastest CAGR of 5.2% by 2030. Increase in the building and construction sector drives the growth of the segment.
Asia-Pacific to continue its dominance through 2030
By geography, Asia-Pacific garnered the major share in 2020, contributing to more than two-fifths of the global extruded plastics market, owing to the increase in automobiles, electronics, aerospace, medicalproducts among the population in the Asia-Pacific region. Moreover, it is projected to grow at the highest CAGR of 5.4% from 2021 to 2030. The research also includes Europe, North America, and LAMEA regions.
Leading Market Players
- China Plastic Extrusion Ltd.
- Atlantis Plastics, Inc.
- GSH Industries
- Crescent Plastics Incorporated
- Lakeland Plastics, Inc.
- Saint Gobain
- Keller Plastics Inc.
- Petro Packaging Company, IncPexco LLC
- Nenplas Limited
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