Global Extruded Plastics Market: Snapshot
Plastics are the most widely used materials in the world. These offer better weight to strength ratio when compared to traditional materials such as metals, wood, and glass. Rapid development in the plastic industry have made plastics capable of withstanding high pressure, and temperature situations, which makes it a material of choice for a variety of industrial applications. Extrusion is a technology used for converting plastic materials to manufacture pipes, films, tubes, sheets, and various other products for industrial applications. In this process, a material is designed by forcibly pushing it through a tool that eventually shapes it. Plastics of all types such as, high-density polyethylene, low-density polyethylene, polypropylene, and polystyrene are appropriate for extrusion as they are easily malleable. Low-density polyethylene exhibits exceptional uniformity and consistency in its dimensions. Extruded plastic products can be manufactured in infinite lengths and shapes.
The extruded plastics market is expected to grow in the forecasted period due to increasing demand from applications such as packaging, building & construction. Extrusion is used to manufacture plastic films, tubes, pipes, sheets, and others. The key factors driving the specialty fertilizer market across the globe are growth in end-use industries, increase in usage of plastics in agriculture. Rise in preference of people for ready-to-eat food is anticipated to fuel the packaging industry. This, in turn, is anticipated to boost the extruded plastics market. According to statistics published by the International Organization of Motor Vehicle Manufacturers (OCIA), the global automotive production increased 4.5% between 2015 and 2016. This rise in production is anticipated to drive the demand for extruded plastic products in the automotive industry. Consumption of plastics in agriculture is low in emerging economies such as India. The Government of India is striving to increase the consumption of plastic in agriculture applications. For instance, the agriculture ministry of India plans to introduce micro irrigation system in 17 million hectares of land over the next three years. This is estimated to boost the extruded plastics market in the country.
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Packaging Segment Likely to Exhibit Highest Demand for Extruded Plastics
In terms of type, the extruded plastics can be classified into LDPE, HDPE, polypropylene, polystyrene and PVC. Low density polyethylene (LDPE) is a polyolefin material which has high molecular weight. It is a non-toxic material with high degree of break resistance. It is resistant to a large number of laboratory chemical and is easy to fabricate. These properties together make LDPE a material of choice for packaging manufacturers.
In terms of the forms, the extruded plastics market can be classified on the basis of films, pipes, sheets, tubes, wires & cables and others. The film segment dominated the global extruded plastics market due to excessive use of films in the packaging application. While pipes segment is anticipated to grow at the significant growth rate in the near future.
In terms of the application, the extruded plastics market can be classified on the basis of packaging, building & construction, automotive, energy, electrical & electronics, medical, and others. The packaging segment dominated the global extruded plastics market due to increased demand of packaged food across the globe. While medical segment is anticipated to grow at the significant growth rate in the near future.
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Key players operating in the global extruded plastics market Berry Global Inc., Sealed Air Corporation, Formosa Plastics Corporation, Saudi Basic Industries Corp., and Sigma Plastics Group and others.