Extruded Plastics Market - Global Forecasts to 2026

12/07/2019

The extruded plastics market is projected to reach USD 291.74 billion by 2026, at a CAGR of 4.7% between 2016 and 2026. The growing demand for extruded plastics from end-use industries has led to significant developments in the extruded plastics market. Properties such as lightweight, high-strength, durability, and resistance to fire, chemical, moisture, and corrosion make them excellent material for various applications. Extruded plastics are largely used in packaging, building & construction, automotive, consumer goods, and electrical & electronics, among others, for cost effectivity and applications in complex-shaped products.

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Low density polyethylene is majorly used for making extruded plastics, followed by polypropylene, polyvinyl chloride, high density polyethylene, and polystyrene, among others. With increasing demand for complex-shaped products such as precast construction materials and automotive components & accessories, among others, by various end-use industries, the extruded plastics market is expected to grow at a significant rate during the forecast period.

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Key players in the extruded plastics are 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.), among others. Some of these companies are involved in the production of raw materials required for plastic products such as low density polyethylene, while others are engaged in the manufacturing of plastic extrudates for end users.

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Substantial investments have been made towards expansions, agreements, and new product launches in the past few years by key companies such as The DOW Chemical Company (U.S.), Sigma Plastics Group (U.S.), SABIC (Saudi Arabia), and ExxonMobil Chemical Company (U.S.). Among these, The DOW Chemical Company (U.S.) has adopted most number of strategies to grow in the extruded plastics market. It has been focusing on new product launches and is expanding its business in newer geographies. The merger of the company with E. I. du Pont de Nemours and Company (U.S.) has helped it to enhance its product portfolio and gain technical expertise from the latter.

Sigma Plastics Group (U.S.) and ExxonMobil Chemical Company (U.S.) have also outperformed other companies in the adoption of the number of developmental strategies. These companies are actively involved in mergers & acquisitions, expansions, and new product launches. In September 2016, Sigma Plastics Group collaborated with Alliance Barrier Films, LLC (U.S.) for specialty and high barrier blown film. This strategy has helped both the companies to collaborate their business to form ISOFlex Packaging Division.

ExxonMobil Chemical Company (U.S.) has been focusing on new product launches and developments as part of the organic growth. In October 2016, the company launched Exceed XP polyethylene grades to enhance its product portfolio and meet the global demand for extruded plastics. During the same period, the launch of low viscosity Vistamaxx™ performance polymers helped the company to reduce the unit cost and improve cycle time of extruded application. Collaboration with Thanh Phu Plastic Packaging Co., Ltd. (Vietnam) helped the ExxonMobil Chemical Company to meet the demand for eco-friendly polyethylene for laminated packaging recycling solution. However, the extruded plastics market is a competitive market with key players adopting various growth strategies to expand their market shares.