Growing Use Extruded plastics in The Packaging Industry

Growing Use Extruded plastics in The Packaging Industry

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Extruded Plastics Market by Type (LDPE, HDPE, Polypropylene, Polystyrene, PVC), End User (Packaging, Building & Construction, Automotive, Consumer Goods, Electrical & Electronics), Region

The extruded plastics market is projected to reach USD 291.74 billion by 2026, at a CAGR of 4.7% between 2016 and 2026. Growing demand for extruded plastics from packaging, building & construction, automotive, consumer goods, electrical & electronics, and other industries with preference for customized complex-shaped products such as in precast plastic extrudates is  expected to drive the extruded plastics market.

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Based on end user, the packaging segment dominated the extruded plastics market. This growth can be attributed to the rising demand for packaging products from the Asia-Pacific region, along with the global demand for packaging from the e-commerce industry, especially during transit of products. Extruded plastics in packaging are used in wraps, clamshells, containers, and bottles, among others. The demand from food & beverage and consumer goods industries is expected to fuel the demand for extruded plastics, as they are widely used for aesthetical and protective packaging.

Based on type, the polystyrene (PS) segment is expected to grow at the highest rate during the forecast period. Polystyrene (PS) is available in solid and foam with properties such as hardness and transparent color. This thermoplastic resin is majorly used in products such as food/non-food packaging, disposable cutleries, bottles, disposable medical equipment, tumblers, and consumer goods. The fast moving consumer goods (FMCG) sector in the Asia-Pacific region and growing demand for plastic products from the Middle East & Africa are expected to fuel the growth of the extruded plastics market.

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The extruded plastics market in the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period. This growth can be attributed to the growing demand for plastic extrudates from various end users such as packaging, construction, and consumer goods. In addition, improving economic conditions, high population, and increasing demand for high quality products are driving the extruded plastics market in the Asia-Pacific region. Government initiatives in countries such as India and China are attracting foreign investors to manufacture and promote their products in the region.

The extruded plastics market is highly fragmented and competitive with the presence of a large number of prominent players. The DOW Chemical Company (U.S.), Sigma Plastics Group (U.S.), ExxonMobil Chemical Company (U.S.), Bemis Company Inc. (U.S.), SABIC (Saudi Arabia), Chevron Phillips Chemical Company LLC (U.S.), JM Eagle (U.S.), Berry Plastics Corporation (U.S.), Saint-Gobain S.A. (France), E.I. Dupont De Nemours and Company (U.S.), and Sealed Air Corporation (U.S.) are some of the key players in the extruded plastics market. These companies adopted various strategies such as expansions, joint ventures, and mergers & acquisitions to strengthen their position and increase their share in this market.

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