The Asia-Pacific extruded plastic market is projected to grow at CAGR of 5.24% and is forecast to reach a market size of US$164.721 billion by 2027, from US$115.185 billion in 2020.
Asia-Pacific is the largest regional market for the extruded plastic market globally. The major countries which are contributing to the market growth in the region include China, India, and ASEAN countries. The construction sector is a major contributor to the overall market growth across the region. The government of developed countries are making huge investments in their infrastructure development projects which has increased the demand for industrial packaging, which in turn is driving the overall market growth during the forecast period.
Asia Pacific Extruded Plastic Market Drivers:
The packaging industry across the region has a high demand for plastic containers. Key players in the market are focusing on product innovation and the development of new products in the region, which is forecasted to drive the overall market growth during the forecast period. Plastic packaging containers are more convenient than any other packaging material because they are used for multiple purposes by many end-user industries, such as food and beverages, cosmetics, healthcare, etc. For instance, Starbucks, a popular coffee beverage brand, is using reusable plastic cups for serving coffee to its customers in Asian countries. Customers are more inclined towards plastic packaging as it is light weighted and easy to handle. Key players are making significant developments in the market which is significantly contributing to the overall market growth. For instance, Dow Chemical Company, which is specialized in packaging and plastics has developed an innovative formulation of polyethene (PE) resins in India to introduce, newly sustainable PE laminate solutions which can also be used in flexible packaging applications. The company has also collaborated with plastic stretch cling film producer Thong Guan to launch bio-based polyethene (bio-PE) in the Asia Pacific.
Factors attributing to the growth of the market across the region is the rising demand for consumer electronics products where primary insulating material like extruded plastic is used for the manufacturing of electronic devices. China contributed around 28% to the global manufacturing of consumer electronic products in 2019 (Source: United Nations Statistics Division). Additionally, the market is growing owing to the increasing demand from the automotive sector in countries like India and Australia. In the automotive industry, extruded plastic has a wide range of applications enhancing the aerodynamics of vehicles, which is anticipated to drive the overall market growth during the forecast period. For instance, the total number of passenger vehicles in India stood at 217,879 units in 2020, which has increased to a CAGR of 28.39% and stood at 279,745 units in 2021. (Source: India Brands Equity Foundation).
The COVID-19 pandemic has negatively affected the overall market growth due to the stoppage of many projects because of lack of investments and funds, labour shortage and lockdown restrictions. However, the market is forecasted to grow in the coming years due to the growth in the packaging industry, which will increase the demand for extruded plastic across the region. Moreover, significant developments made by the key players in the market are contributing to the overall market growth.
The market has been analysed through the following segments:
DuPont Tejin Films
SolvIT International, Inc.
OKE Group GmbH
Asahi Kasei Corporation
Fukuvi Chemical Industry Co., Ltd.
NCL VekaDeceuninck India
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