“Global Extruded Plastics Market to reach a market value of USD 252.9 Billion by 2031 growing at a CAGR of 4.2%”
The Global Extruded Plastics Market size is expected to reach $252.9 billion by 2031, rising at a market growth of 4.2% CAGR during the forecast period. In the year 2023, the market attained a volume of 1,32,285.0 kilo tonnes, experiencing a growth of 17.4% (2020-2023).
With the rise in urbanization and industrialization globally, electricity is continuously being demanded. Thus, the cables and wires segment captured 10.1% revenue share in the market2023. In terms of volume the cable and wires segment attained a volume of 11,334.1 kilo tonnes in the market 2022.This drives the need for cables and wires for power transmission and distribution networks. Infrastructure development projects, such as constructing smart cities and upgrading electrical grids, require extensive deployment of cables and wires.
Extruded plastics present various packaging options catering to different industries' unique requirements. Whether it's flexible films for food packaging, rigid containers for pharmaceutical products, or protective packaging for consumer goods, it offers versatility in design and functionality.
Additionally, as per the data from the Government of Mexico, construction generated a gross domestic product of $1.61T MX in the fourth quarter of 2023, representing a growth of 1.21% in comparison to the preceding quarter and a substantial increase of 20.2% when compared to the corresponding period in the prior year.
However, the prices of raw materials utilized in plastic extrusion, particularly petroleum-based derivatives, are intricately linked to broader global economic conditions. Geopolitical tensions, such as trade disputes or geopolitical conflicts in oil-producing regions, can disrupt supply chains and trigger sudden spikes in raw material costs. Therefore, these factors will hamper the growth of the market.
Based on material, the market is segmented into polyethylene, polypropylene, polyvinyl chloride, polystyrene, polycarbonate, and others. The polyethylene segment held the 37.7% revenue share in the market in 2023. Polyethylene is one of the world's most versatile and commonly used thermoplastics.
On the basis of application, the market is divided into profiles, pipes & tubes, sheets & films, cables & wires, filaments, and others. In 2023, the pipes and tubes segment witnessed 21% revenue share in the market. Compared to conventional materials like metal or concrete, plastic pipes and tubes offer numerous benefits.
Based on end-use, the market is divided into packaging, construction, automotive, electronics, consumer goods, and others. The automotive segment procured 17.4% growth rate in the market in 2023. In terms of volume the automotive segment attained a volume of 18,929.5 kilo tonnes in the market 2021. In light of the automotive industry's growing preoccupation with fuel efficiency and regulatory compliance.
Free Valuable Insights: Global Extruded Plastics Market size to reach USD 252.9 Billion by 2031
By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. The North America segment procured 22.6% revenue share in the market in 2023. The automotive industry in North America has been focusing on lightweight materials to enhance fuel efficiency and reduce emissions.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 183.7 Billion |
| Market size forecast in 2031 | USD 252.9 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 4.2% from 2024 to 2031 |
| Quantitative Data | Volume in Kilo Tonnes, Revenue in USD Million, and CAGR from 2020 to 2031 |
| Number of Pages | 453 |
| Number of Tables | 870 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Material, Application, End-use, Region |
| Country scope |
|
| Companies Included | LyondellBasell Industries Holdings B.V., Berry Global Group, Inc., Amcor Plc, Sealed Air Corporation, Formosa Plastics Group, Saudi Basic Industries Corporation (SABIC), Saint-Gobain Group, Arkema S.A., The Dow Chemical Company, Sigma Plastics Group |
By Material (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Application (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By End-use (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Geography (Volume, Kilo Tonnes, USD Billion, 2020-2031)
This Market size is expected to reach $252.9 billion by 2031.
Rising demand in the packaging industry are driving the Market in coming years, however, Varied costs of raw materials and disruptions in the supply chain restraints the growth of the Market.
LyondellBasell Industries Holdings B.V., Berry Global Group, Inc., Amcor Plc, Sealed Air Corporation, Formosa Plastics Group, Saudi Basic Industries Corporation (SABIC), Saint-Gobain Group, Arkema S.A., The Dow Chemical Company, Sigma Plastics Group
In the year 2023, the market attained a volume of 1,32,285.0 kilo tonnes, experiencing a growth of 17.4% (2020-2023).
The Profiles segment is leading the Market by Application in 2023; thereby, achieving a market value of $96.8 billion by 2031.
The Asia Pacific region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $116.7 billion by 2031.
Our team of dedicated experts can provide you with attractive expansion opportunities for your business.
Unique Offerings 