Albany, New York, Nov. 28, 2018 (GLOBE NEWSWIRE) -- The demand for global extruded plastics market is growing as the key players are aiming to establish a strong hold over the market. This further results into fulfilling demands arising from agriculture industries, packaging, and consumer goods. Some of the major players in the market are continuously focusing on innovation which results in increasing the research spending in the upcoming years. These global leaders are shifting their focus on strategies so as to maintain their position and forge growth in the extruded plastics market globally. Few of the key players operating in the extruded plastics global market incorporate Sealed Air Corp., Berry Global Inc., Saudi Basic Industries Corp, Sigma Plastics Group, Formosa Plastics Corp., among others. Some of the new entrants are also trying to penetrate into this market, which will eventually result into augmenting the growth of extruded plastics market in the near future.
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The global market for extruded plastics is anticipated to exhibit a string CAGR of 6% during the forecast period. According to type, low density polyethylene (LDPE) is expected to dominate the market in the coming years. This material is non-toxic in nature and possesses high molecular weight. Also, this material is majorly used by packaging manufacturers. Furthermore, film segment is a preferred choice for packaging manufacturers on the account of its excessive use in the industry. As per demand and revenue, Asia pacific is projected to lead the extruded plastics market in the forecast period followed by Europe and North America. In the coming years, Middle East and Africa is likely to be seen as the fastest growing extruded plastics market.
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Packaging Industry to Dominate the Extruded Plastics Market Owing to Rising Consumption of Ready-to-eat Foods
One of the primary factors accountable for the growth of extruded plastics is the spurring demand from packaging industry. Rapid developments in food and beverage products across the world is resulting into rise for packaged goods. Furthermore, rising infrastructural requirements is boosting the extruded plastics demand in building materials and construction industry. Not only is this, but growth in telecommunications and electronics industry projected to positively impact the extruded plastics market. This is primarily on the account of rising demand in cables, wires, computer accessories, and other appliances. Rising standard of living and disposable salary is also likely to influence the market growth throughout the forecast period. The preference for ready-to-eat foods is increasing, which is expected to drive the growth of packaging industry across the world. This, in turn, is estimated to surge demand for extruded plastics market from 2017 to 2025.
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Stringent Government Regulations and Volatile Prices of Raw Material to Hamper the Extruded Plastics Market Growth
On the contrary, one of the major factors hampering the growth of extruded plastics market is the unstable raw material prices. The volatility in the raw material pricing can increase the production and processing cost of products. This, in turn, will inevitably increase the price of final products which is expected to have a negative impact on the extruded plastics market. Also, the use of extruded plastics especially PVC, may pose some threats to the overall market owing to the intensified human health and environmental hazards. Another bigger challenge faced by extruded plastics market is stringent government regulations and guidelines with respect to the plastics use and disposal. Last but not the least, intense competition faced amongst the key players is impacting the supply of raw materials and eventually may hinder the growth of extruded plastics market in the coming years. Nonetheless, the use of extruded plastics is increasing significantly in various sectors which is expected to grow the global market at a steady rate in the forecast period.
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The information presented in this review is based on a Transparency Market Research report, titled, “Extruded Plastics Market (Type - LDPE, HDPE, Polypropylene, Polystyrene, and PVC; Form - Films, Pipes, Sheets, Tubes, and Wires and Cables; Application - Packaging, Building & Construction, Energy, Automotive, Electrical and Electronics, and Medical) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025”
Key segments of the Global Extruded Plastics Market are as presented:
Global Extruded plastics Market: By Type
- LDPE
- HDPE
- Polypropylene
- Polystyrene
- PVC
Global Extruded plastics Market: By Form
- Films
- Pipes
- Sheets
- Tubes
- Wires & Cables
- Others
Global Extruded plastics Market: By Application
- Packaging
- Building & Construction
- Automotive
- Energy
- Electrical & Electronics
- Medical
- Others
Global Extruded plastics Market: By Region/Country/Sub-region
- North America
- U.S.
- Canada
- Europe
- France
- Germany
- Italy
- Turkey
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- ASEAN
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa (MEA)
- GCC
- South Africa
- Rest of MEA
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