Albany, NY -- (SBWIRE) -- 11/14/2018 -- Through innovations and product launches, the leading players are looking to establish a strong position in the global extruded plastics market. Companies such as Berry Global Inc., Sealed Air Corporation, Formosa Plastics Corporation, Saudi Basic Industries Corp., and Sigma Plastics Group, among others have emerged as key competitors in this market, finds Transparency Market Research (TMR) in a new study. Considering the effort market players put in on innovations, increased research spending is likely in the coming years. Besides making the footprint of companies stronger, these strategies buoy growth for the overall market. Amidst prevailing competition, the market players are also likely to forge strategic collaborations to sustain their growth trajectory in the global extruded plastics market.
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A significant number of market players are making investments aimed at expanding their businesses and production capacities. After capitalizing on dynamic growth prospects in aerospace and defense, packaging, construction, and automotive industries, TMR foresees that the market will witness a spurt of new entrants. Taking these trends into consideration, it is highly likely that the competitive trends in the global extruded plastics market will get fiercer in the coming years.
According to TMR, the global extruded plastic market is likely to reach US$271,797.3 mn by the end of 2025, compared to US$162,240.3 mn in 2016. Considering the figures given for base and forecast year hold true, the global extruded plastic market will exhibit a CAGR of 6.0% between 2017 and 2025. In terms of type, the market will witness growth in the low density polyethylene (LPDE) segment. LPDE has a high molecular weight, it is non-toxic, and shows a high degree of break resistance, which has fuelled its demand compared to other products within the segment. Regionally, Asia Pacific held the dominant share in the global extruded plastics market in 2016.The rising use of plastic containers and products will push the market's growth in Asia Pacific.
Packaging and automotive are key end users of extruded plastics. Therefore, growth witnessed in these industries is certain to tip scales in favor of the global extruded plastics market. The dominant stance of the packaging industry as one of the key end users will be asserted even further as consumers increasingly prefer ready-to-eat food. Spurred by these trends, the global extruded plastics market will exhibit strong growth in the coming years. Recently, the International Organization of Motor Vehicle Manufacturers has released statistics, which reveals that the global automotive production has surged by 4.5% between 2015 and 2016. The accelerated vehicle production witnessed worldwide will in turn fuel the demand for extruded plastics. The market is also likely to gain from the advent of novel technologies and rising research and development investments.
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On the flip side, the global extruded plastics market will continue reeling under fluctuations in raw materials prices. TMR has highlighted volatility in raw materials as one of the key factors restraining the market. Such volatility pushes the cost incurred on developing and processing products, in turn fuelling the prices in which they are sold. This can limit the market's growth to an extent. It is important to note here that extruded plastics are derived from crude oil. Therefore, the complex nature of processing and the high cost of the whole process has spiked the prices of extruded plastics even further. Nonetheless, the rising consumption of plastic across emerging nations will open up opportunities for the market in the coming years. For instance, India in the recent past has witnessed a considerable increase in the use of extruded plastics in the agricultural sectors. Such developments are likely to buoy prevailing trends in favor of the global extruded plastics market.