Brazil Extruded Plastic Market is projected to grow at a CAGR of 4.06% market size of US$2.614 billion by 2027, from the US $1.979 billion in 2020.
The major factors driving the market growth are growth in consumer electronics and the automotive sector of the country. Extruded plastic has a wide range of applications in the manufacturing of electronic devices and automotive production. Furthermore, the rising demand for extruded plastic for packaging across the food and beverage sector of the country is anticipated to drive the overall market growth. The market is segmented into two types: by type and by end-user industry.
Brazil’s Extruded Plastic Market: By Type
Polyethene is the most widely used extruded plastic in Brazil and is forecasted to continue its dominance over the forecast period. Polyethene has excellent mechanical and electrical properties, owing to which it has a wide range of applications in motor housings, sensors, switches, and other electrical applications. It is in high demand across various industries as it is easily recyclable and versatile. There is a growing demand for polyethylene in the food and beverage industry as it has a great barrier property that helps in preserving and protecting the contents of the packed material. It also helps in maintaining the fizz in various carbonated drinks, vitamins, and colours in juices or sauces, owing to which their demand is high across the food and beverage sector of the country.
Brazil’s Extruded Plastic Market: By Industry Vertical
Brazil is one of the leading players in the automotive sector across the globe. The automotive sector of the country is rapidly growing, which has increased the demand for lightweight materials to enhance efficiency and design flexibility, which is projected to drive the overall market growth during the forecast period. Extruded plastic materials offer advantages in design and comparable strength to steel, which helps the manufacturers reduce the overall weight and control greenhouse gas emissions. Additionally, the demand for lighter vehicles has increased across the country due to rising awareness about fuel efficiency and environmental benefits. Brazil is considered the largest producer of light and commercial vehicles in Latin America. These factors are projected to drive market growth in the future.
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 shortages, and lockdown restrictions. However, the market is forecasted to grow in the coming years due to the growth in the construction industry, which will increase the demand for extruded plastic in the building and construction industry of the country.
The market has been analysed through the following segments:
Bausano & Figli Spa
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