Key Players
The global extruded plastics market is highly competitive, wherein industry players are constantly working on bringing out effective and unique products to gain a competitive advantage. Some of the key players in the extruded plastics market include:
- Atlantis Plastics, Inc.
- China Plastic Extrusion Ltd.
- Crescent Plastics Incorporated
- GSH Industries
- Keller Plastics Inc.
- Lakeland Plastics, Inc.
- Nenplas Limited
- Petro Packaging Company, IncPexco LLC
- Saint Gobain
- Other Prominent Players
Market Dynamics
Drivers:
Growing demand from end-use industries: The increasing demand for extruded plastics from industries including packaging, building & construction, automotive, and healthcare is shaping the scope of the extruded plastics market.
Versatility and customization: Extruded plastics can be customized and molded into a variety of shapes and sizes, making them ideal for various applications. Their versatility and flexibility have led to their widespread adoption in numerous industries.
Cost-effectiveness: Extruded plastics are generally more cost effective than traditional materials like wood, metal, and glass. This cost-effectiveness is one major factor behind the market growth and end-users interest.
Growing focus on sustainability: The demand for sustainable and eco-friendly products is increasing, and extruded plastics can be recycled and reused, which will also push the market growth during the forecast period.
Technological advancements: Technological advancements in the manufacturing process of extruded plastics have led to increased efficiency, speed, and accuracy, resulting in cost savings and increased production output.
Growing construction industry: The construction industry is a major user of extruded plastics, particularly in the form of PVC pipes and window profiles. The growth of the construction industry, particularly in emerging economies, is driving the demand for extruded plastics.
Restraints:
Fluctuating raw material prices: The price of raw materials, such as resins, polymers, and additives, can fluctuate due to various reasons, such as supply chain disruptions, changes in regulations, and global economic conditions. These fluctuations can affect the profit margins of extruded plastic manufacturers and ultimately affect market growth.
Environmental concerns: With growing concerns over plastic waste and pollution, there is increasing pressure on the plastic industry to adopt sustainable practices and reduce their environmental impact. This has led to the development of regulations and standards for plastic production and disposal. Failure to comply with these regulations and standards can result in fines and reputational damage.
Segment Analysis
Material Type
On the basis of material type, the polyethylene segment dominated the market in 2021 and is expected to grow at the highest CAGR of 4.1% during the forecast period. Polyethylene-based extruded plastics are claimed to be versatile and low-cost extruded plastics, which is a major benefit for the stakeholders and end users. The polyethylene extrusion is tough, and translucent, which provides excellent resistance to chemical resistance. Therefore, the polyethylene segment will emerge as the largest market in the extruded plastics market.
Application Type
On the basis of application, the film segment dominated the global market in 2021 and will continue to dominate by registering the highest CAGR of 4.1% during the forecast period. The growth of the segment is linked to the fact that extruded plastics-based films are extensively being used in the packaging application, majorly across food & beverage, pharmaceutical, agriculture, and other end-use sectors.
Apart from that, growing awareness for health and hygiene-related activities is driving the demand for packaged food, thereby fueling the growth of the extruded plastics market.
End-Use Type
By end-use, the packaging end-use segment held dominance in the extruded plastics market and will continue to dominate by registering the highest CAGR of 4.5% during the forecast period. The growth of the packaging segment is associated with the growing international trade in packaging machinery and materials, which includes the high usage of extruded plastics-based films.
Regional Analysis
During the forecast period, the Asia-Pacific extruded plastics market is expected to grow at the highest Compound Annual Growth Rate (CAGR) of 5.4%, with a market share of 40.2% in 2020. This growth can be attributed to the surging demand for consumer electronics, where extruded plastics are widely used as a primary insulating material.
According to the United Nations Statistics Division report, China's manufacturing output for consumer electronics was approximately 28.7% of the global output in 2019. Additionally, the automotive sector in countries such as India and Australia is experiencing rapid growth, with extruded plastics being extensively used in sealing systems to improve vehicle aerodynamics.
The number of passenger vehicles increased by 28.39%, reaching 279,745 units in March 2021, as per a report published by India Brands Equity Foundation. Therefore, it reflects the constantly growing scope of the market over the forecast period.
Research Methodology
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market Environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
- Market trend and forecast analysis.
- Market segment trend and forecast.
- Competitive landscape and dynamics: Market share, Product Portfolio, New Product Launches, etc.
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for the existing and new players.
- Key success factors.
Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
- Detailed profiling of additional market players (up to three players)
- SWOT analysis of key players (up to three players)
Competitive Benchmarking
- Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances
Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@Stratviewresearch.com
Recent Developments
Tekni-Plex: In January 2021, Tekni-Plex announced the launch of its new line of medical tubing products called TekniMD™ HC. The tubing is made using an extrusion process that produces a medical-grade polypropylene material.
Plastics Extrusion World Expo: In March 2021, the Plastics Extrusion World Expo took place, where various new extruded plastic products and technologies were showcased. Some of the highlights included advanced materials for sustainable packaging, new medical tubing products, and innovative multi-layered plastic products.
Star Plastics: In July 2021, Star Plastics announced the launch of a new line of recycled plastic materials. The new line, called Star XPC, is made using an extrusion process and is designed to meet the increasing demand for sustainable plastic products.
Teknor Apex: In September 2021, Teknor Apex announced the launch of its new line of flexible PVC compounds called Flexalloy 9600. The new line of products is designed for use in applications where flexibility and durability are critical, such as wire and cable coatings, and extruded profiles.
