Global Extruded Plastics Market - 2022-2029

Global Extruded Plastics Market - 2022-2029

Market Overview

Extruded plastics market reached US$ XX million in 2021 and is expected to reach US$ XX million by 2029, growing at a CAGR of 4.6% during the forecast period 2022-2029. One prominant and most cost-effective way to manufacture plastic products is through plastic extrusion. It may combine great volume, high efficiency and minimal waste. The coextrusion option is available during the plastic extrusion process. Two or more extruders are used in this. In coextrusion, liquid, molten plastic is supplied into a single extrusion head from various extruders at varying speeds and thicknesses. For purposes such as UV treatment, coextrusion combines various plastic components and chemicals into a single product.

Polyethylene, Acetal, Acrylic, Polypropylene (PP), Nylon (Polyamides), Polystyrene, Acrylonitrile Butadiene Styrene (ABS), Polyvinyl Chloride (PVC) and Polycarbonate are among the several types of plastic materials that can be utilized in the extrusion process. The main benefits of extrusion include high production quantities, low cost compared to alternative molding processes, design flexibility and quick lead times.

Market Dynamics

Increased demand for plastic-based flexible packaging products coupled with a rise in technological innovations is expected to drive the extruded plastics cartons market as a major market driver for the global extruded plastics market. However, Stringent laws and regulations restrain the market's growth.

Increased demand for plastic-based flexible packaging products coupled with a rise in technological innovations

The extruded plastic packaging market is expanding globally due to consumer and industrial users' rising demand for these products. With the growing demand for extruded plastic packaging products and solutions, extruded plastic packaging is gradually replacing metal and glass packaging (especially for food products). The most widely used material for flexible packaging is extruded plastic since it is very malleable and can be transformed into various sizes and shapes.

In addition, the business has seen a lot of technical development, which has led to an increase in the number of premier products offered by vendors to satisfy the different needs of their customers. Packaging choices that are both high-performing and may lower manufacturing costs are sought after by manufacturers. Food, beverage and personal care packaging must be competitive, economical and visually appealing. Vendors have been compelled to use new technology to innovate their product offerings due to the abovementioned needs.

For instance, in recent years, Asia-Pacific's extruded multilayer plastic packaging solutions market has observed a shift among its clients from using straightforward paper bags. New materials, such as self-venting films, are being used to develop these extruded multilayer packaging solutions. These films package frozen food items that can be steam cooked inside the pack. New uses for flexible packaging solutions for food, beverages and other consumer goods are expected to drive market expansion.

Stringent laws and regulations

Manufacturers have been forced by strict legislation to submit data on the long-term health effects of extruded plastic products to assess those items' safety. The fact mentioned above and more stringent laws governing international single-use packaging may hinder the market's growth. The low recycling rate of single-use plastic products worries today's customers of extruded plastic products who are becoming more environmentally sensitive. The respective change will also affect the market for extruded plastics, which may eventually cause these single-use products to disappear.

COVID-19 Impact Analysis

The earliest waves of COVID-19 negatively influenced the global extruded plastics market, much like any other market, but the pandemic's overall impact was rather marginal. The necessity for trained labor, large-scale industrial reagents and heavy equipment for the industrial-scale synthesis of extruded plastics has impeded the manufacture of extruded plastics. The need for social isolation during the epidemic and curfews both significantly increased the manufacture of extruded plastic goods such as face shields, shields for counters and dispensaries, among others. The flow of raw materials required to make extruded plastics and completed goods was significantly hampered by the COVID-19 pandemic lockdown and international travel bans. As a result, significant changes could be witnessed in the extruded plastics' demand-supply dynamics compared to the pre-COVID-19 time.

Extruded plastics are, however, most frequently used in the food, beverage and electric and electrical industries. Therefore during and after the epidemic, demand for the corresponding product has risen. Since the limits were relaxed and production resumed regularly, the extruded plastics market has expanded dramatically on a global scale. Due to significant expansion in numerous end-user verticals, the global extruded plastics market will expand even more in the post-pandemic period.

Segment Analysis

The global extruded plastics market is classified based on type, form, application and region

The chemical properties of polystyrene, combined with the extensive growth of the packaging industry, boost the respective material’s market share

Styrene monomers are used to make the material polystyrene. Vinylbenzene is another name for styrene, a transparent, colorless liquid that, when heated, combines to produce long polystyrene chains. There are two primary types of polystyrene: solid and foam. Expanded polystyrene (EPS) and extruded polystyrene are their two forms of foam (XPS). In packaging, expanded polystyrene is frequently used. Architectural models frequently use extruded polystyrene (XPS). Polystyrene's chemical composition endows it with useful characteristics like strength and low weight. Because it is thermoplastic, making things with it is simple. When thermoplastics reach their melting point, they will transform into liquids. The thermoplastic solidifies once it has cooled. Given that the procedure can be performed numerous times, this is a useful quality.

Polystyrene is a good material for food packaging because of its poor heat conductivity and low resilience to oxygen and moisture. Polystyrene is a reasonably priced thermoplastic resin used in various applications, including toys, construction and home appliances. In addition to consumer goods, including trays, tumblers, cable ducts, tubes, frames, displays, bottles and disposable cutlery, polystyrene is used in packaging food and non-food items. The structural properties of polystyrene allow it to be one of the best materials employed in the packaging market, a rapidly growing market, boosting its market share in the global extruded plastics market.

Geographical Analysis

Industrialization and globalization of Asia-Pacific, along with growing end-user industries, boost the extruded plastics market in the region

Due to significant demand for extruded plastics from key end-use industries, including automotive, building and construction, packaging and consumer products, the Asia-Pacific has emerged with the fastest growth in 2020. The aforementioned end-use sectors have expanded due to the rapid industrialization, urbanization and economic development in this area and this is projected to continue to increase the demand for extruded plastics in the years to come.

One of the main factors driving the extruded plastics market in the Asia-Pacific is the rise in the production, demand and sales of light and fuel-efficient vehicles. Additionally, plastic items are used in the medical sector since they are lightweight, affordable and biocompatible. The region's extensive medical infrastructure is another factor promoting the market's expansion. The market in the Asia-Pacific is anticipated to expand significantly due to the expanding industrialization of developing nations. Construction activities that have increased due to this nation's development are anticipated to raise the demand for extruded plastics over the projection period. The regional market for extruded plastics in Asia-Pacific are South Korea, Japan, India, Thailand and Thailand.

Competitive Landscape

The global extruded plastics market is highly versatile in terms of global and local 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. Key market players employ mergers, acquisitions, product launches, contributions and collaborations to gain competitive advantages and recognition in their respective markets.

Sigma Stretch Film acquired two new cast film production lines on March 4, 2022, for its facilities in Tulsa, Oklahoma and Belleville, Ontario. The lines will greatly boost capacity at each location and are expected to be delivered in 2023 by SML Maschinengesellschaft of Redlham, Austria. The equipment in Tulsa will replace an existing line and the new line in Ontario will be built in a brand-new complex wing

SABIC

Overview: SABIC is a global manufacturer and supplier of polymers, chemicals, agri-nutrients, metals and specialties. Though 30% of the company is public and is listed on the Saudi stock exchange, the rest, 70%, is owned by Saudi Aramco. Besides the chemical-basedproducts, the company's product portfolio includes construction, medical devices and electrical and electronic solutions. The company was worth US$ 78.7 million in 2020 and had a net income of US$ 17.8 million o the same year. The company had a net production of 60.8 metric tons in 2020 and petrochemicals were the largest business unit. SABIC has a presence in North America, Europe, Asia–Pacific, Middle East and Africa and owns over 9,946 global patents

Product Portfolio:

• SABIC PP 525P: The molecular structure of SABIC PP 525P, specifically created for biaxially oriented PP film extrusion, gives it the ideal qualities needed for the stretching process. The product has an outstanding metallization behavior and is frequently utilized in monolayer or coextruded (B)OPP films.

• SABIC PP 520P: SABIC PP 520P is frequently used for the extrusion of cast films, including coextruded and monolayer films. It offers a great balance of rigidity, transparency and strong heat resistance. Typical applications for the product include food packaging, textile packaging, laminating film, floral packaging, stationary film and hygiene packaging. It has great qualities for use with twist films.

Key Development:

• On January 22, 2021, Sabic will begin engineering and building the first commercial unit to create its signature certified circular polymers, a component of the TruCircle portfolio, in collaboration with Plastic Energy, a pioneer in chemical plastics recycling. In the second half of 2022, it's anticipated that the facility in Geleen, the Netherlands, will start operating. The Netherlands' Ministry of Economic Affairs provides an energy subsidy for the 50/50 joint venture Sabic Plastic Energy Advanced Recycling (SPEAR).

Why Purchase the Report?
• To visualize the global extruded plastics market segmentation based on type, form, application and region, as well as understand key commercial assets and players.
• Identify global extruded plastics market commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of extruded plastics market-level with four segments.
• PDF report consisting of cogently put together market analysis after exhaustive qualitative interviews and in-depth market study.
• Product mapping available as excel consisting of key products of all the major market players

The global extruded plastics market report would provide approximately 61 tables, 65 figures and almost 187 pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies