North America Extrusion Machinery Market Size, Share & Trends Analysis Report By Type (Single-screw, Twin-screw), By Material (Plastics, Metal), By End-use (Automotive, Packaging, Construction), By Region, And Segment Forecasts, 2023 - 2030

North America Extrusion Machinery Market Size, Share & Trends Analysis Report By Type (Single-screw, Twin-screw), By Material (Plastics, Metal), By End-use (Automotive, Packaging, Construction), By Region, And Segment Forecasts, 2023 - 2030

North America Extrusion Machinery Market Growth & Trends

The North America extrusion machinery market size is anticipated to reach USD 2.14 billion by 2030, registering a CAGR of 3.9% over the forecast period, according to a new report by Grand View Research, Inc. The market is primarily driven by the increased construction spending, due to economic & industrial development and rapid population growth. According to the U.S census, in 2021, the U.S. annual value of residential construction including renovations increased by 20% and reached USD 802.93 billion. Furthermore, non-residential building investment in 2021 has reached USD 823.51 billion. The demand for housing including multifamily and single-family residential buildings is expected to witness significant growth in the region by 2030. The above-mentioned factors will positively impact the market during the projected timeframe.

Despite the increasing raw material prices and the COVID-19 pandemic, investments in non-residential construction activities have surged in the country. According to Statistics Canada, a total investment of USD 4.12 billion was recorded for non-residential construction activities in the country in November 2022, which was 11.6% higher compared to the expenditure in November 2021. The non-residential construction sector in Canada is projected to grow at a substantial rate over the forecast period with the construction of commercial buildings, such as restaurants, retail stores, and office spaces being the key growth contributor. The Canadian government is planning an expenditure of USD 21.9 billion till 2027 for the development of social infrastructure and the construction of residential buildings.

The Canadian Government has planned to invest USD 141.47 billion in infrastructure development projects over 12 years till the year 2028 through its Investing in Canada program. Thus, high investment in the construction industry will boost the extruders’ demand. The market is highly competitive and dependent on technological advancements & product development. Companies strive to achieve new application developments to gain a competitive edge. Many companies are investing in R&D to develop new products. For instance, in April 2021, BC Extrusion Holding GmbH launched a multi-purpose co-extruder uniEX single screw extruder series. These extruders can be used for sheet and board extrusion.

The new series has a compact design, wide processing window, and high throughputs with gentle melt treatment. The demand for consumer goods products has had a substantial growth in the region owing to the rising population and improvement in the economic condition of the countries. Increasing production of consumer goods is expected to boost the demand for plastic extrusion in sporting & athletic goods, refrigerators & freezer furniture, which will positively impact the industry growth. The Russia and Ukraine war has brought the role of Electric Vehicles (EVs) in reducing dependency on the oil demand to the front. Furthermore, the U.S. government has pledged to reduce oil consumption by 1.6 million barrels per day of oil by 2025, and 4.6 by 2030 and invested in the EV infrastructure to promote the lower emission vehicles

North America Extrusion Machinery Market Report Highlights

• Other end-use industries include medical, aviation, and agriculture. In the medical industry, extrusion machinery is used to produce numerous products including surgical equipment, medical bags, implants, catheters and syringes, diagnostic instruments, medical plastic tubing, medication delivery devices, and dental tools. Increased healthcare spending and improving healthcare infrastructure in the U.S. and Canada are projected to drive the product demand
• The commercial segment led the industry in 2022 owing to the rising number of supermarket chains across North America.According to Retail Insider, in July 2021, small-format grocery stores were gaining traction in Canada. It is likely to increase the demand for extrusion machinery across North America
• Rising investments by the Government of Canada in the development of affordable houses for low-income families under the Canada Mortgage and Housing Corporation (CMHC) program and the Affordable Housing Initiative (AHI) are anticipated to augment residential construction activities in the country in the coming years
• In December 2022, Davis-Standard launched EPIC IV Control System, which enhances the worker’s experience by adding connectivity to a cloud-based solution. The system can monitor various parameters, such as cooling functions, barrel heating, drive power unit, motor characteristics, and extruder reducer