The extruded plastics market is projected to grow from USD 184.34 billion in 2016 to USD 291.74 billion by 2026, at a CAGR of 4.7% from 2016 to 2026. Key factors that are expected to drive the growth of the market include low feedstock and energy prices that tend to reduce the overall cost of extrudates. Adoption of extruded plastics in medical and agricultural industries is also expected to fuel the growth of this market.
Based on type, the extruded plastics market has been segmented into low density polyethylene, polypropylene, polyvinyl chloride, high density polyethylene, polystyrene, and others. The polystyrene segment is expected to grow at the highest CAGR during the forecast period. Low thermal conductivity, and poor resistance to oxygen and moisture make this resin a suitable material for food packaging products. In addition, polystyrene is an inexpensive thermoplastic resin used in appliances, toys, and construction applications, among others. Polystyrene finds applications in food/non-food packaging, and consumer products such as frames, cable ducts, tubes, sale displays/signage, containers, bottles, trays, tumblers, and disposable cutlery, among others.
The electrical & electronics segment of the extruded plastics market is expected to grow at the highest rate during the forecast period. This growth can be attributed to the rise in global demand for extruded plastics from the e-commerce industry and constant technological advancements in electronic goods. Extruded plastics are widely used in electrical & electronics in appliances, electrical components and accessories, and consumer electronic goods, among others. Major application of extruded plastics in this industry is in insulation and packaging of products such as wires & cables, switches, casing of electrical & electronic goods, and protective packaging of goods, among others.