Pune, India -- (SBWIRE) -- 11/13/2018 -- The Extruded Plastics Market was worth USD 199.72 billion in 2017 and it is projected to reach USD 277.29 billion in 2024 expanding at a CAGR of 4.8% between 2018 and 2024. The Extruded Plastics Market is estimated to grow at a CAGR of 4.8% during the forecast period 2018-2024. The Asia-Pacific region accounted for the largest market share of approximate 46% in 2017 and is expected to remain dominant through the forecast period. The Europe region is expected to grow at highest CAGR of 22.66% during the forecast period. In terms of volume of consumption the market size of extruded plastics was 303.6 million metric tons in 2017 and it is projected to reach 376.0 million metric tons by the end of 2024, growing at a CAGR of 3.1% over the forecast period 2018-2024.

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The global Extruded Plastics market is driven by factors such as, growth in end user industries, growing per capita plastic consumption in emerging markets, and tremendous growth of market growth in SE Asian countries. However, volatile feedstock prices and tighter operating margins, stricter environmental norms and recycling of waste and passive sentiments over plastic consumption are likely to act as restraining factors affecting the global extruded plastics market over the forecast period.

Asia-Pacific dominates the world extruded plastics market in terms of dollar share, while RoW (including South America and the Middle East) region is expected to grow at the highest CAGR over the forecast period followed by Europe. The growth in the Asia-Pacific region is primarily driven by emerging economies such as India, China, and Indonesia.

Extruded Plastics are among the most commonly used plastics in the day to day user applications. Extruded plastics are manufactured using extrusion process, in which raw plastic is melted to form a continuous profile. The plastic products manufactured using extrusion process includes pipe/tubes, plastic films, plastic railings, thermoplastic coatings, and, window frames among others. The materials used in the plastic extrusion include polyethylene, polypropylene, polystyrene, and polyvinyl chloride among others. Owing to growing applications of plastic in the industries and end-consumer application the demand for extruded plastics is on the rise worldwide.

Extruded plastics market is manufactured after melting and forming into a continuous profile. Extrusion produces items such as pipe/tubing, weather-stripping, fencing, deck railings, window frames, plastic films and sheeting, thermoplastic coatings and wire insulation. The global extruded plastics market is expected to be primarily driven by factors such as low feed stock and energy prices, growing demand for extruded plastics from the construction industry. However, the growth in global extruded plastics market is likely to be restrained by factors such as lack of product differentiation and volatile crude oil prices.

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