Germany extruded plastic market is projected to grow at a CAGR of 5.88% to attain a market size of US$11.121 billion by 2027 from US$7.455 billion in 2020.
The major factors driving the market growth are the growing demand for lightweight plastic packaging across the food and beverage sector and the growth in construction activities in the country. The country's government is making significant investments in its infrastructure development which is anticipated to drive the overall market growth during the forecast period. Furthermore, the growing popularity of plastic packaging in numerous industries owing to its cost-effectiveness will further drive the market growth. However, the COVID-19 pandemic and government regulations on the plastic ban have severely affected the overall market growth. The market is segmented into- By Type, By End-User Industry.
Germany Extruded Plastic Market Drivers:
Growing demand for plastic packaging across the country is one of the significant factors driving the overall market growth. The country is witnessing a high demand for smaller pack-size packaging across the food and personal care industries. Consumers are increasingly demanding items that provide protection, convenience, and ease of transportation which is driving the demand for plastic packaging across the food and beverage industry in Germany. Flexible plastic packaging is lightweight and cost-effective, and easy to carry. They maintain the freshness of the food products like bakery, cereals, confectionery, and dairy food. In order to meet the growing demand for packaging, manufacturers across the country are making efforts to launch innovative products, which is boosting the packaging sector in Germany, which in turn is driving the overall market growth. Furthermore, increasing demand for online shopping gives rise to the demand for packaging, which has aided the growth of the overall packaging sector. In a report published by the German Plastics Packaging Industry Association, around a 5.1% increase in the sales of plastic packaging was estimated in Germany in 2020.
Germany Extruded Plastic Market: By End-User Industry
Germany is one of Europe’s leading construction markets and is expected to continue its growth during the forecast period. Rising demand for housing units is one of the major factors supporting the growth of the construction market in the country, which in turn, is anticipated to drive the overall market growth during the forecast period. Moreover, the recent migration of people into the country is driving the demand for new residential construction. Around 3.6 million refugees are forecasted to arrive in Germany by 2020, which requires 350,000 new dwelling spaces per year (Source: Government sources), which is projected to boost the construction sector growth in the country.
The COVID-19 pandemic has negatively impacted the extruded plastics market growth in Germany owing to the nationwide lockdown and supply chain disruptions. During the pandemic, various end-use industries were severely affected due to the shortage of labor forces and strict lockdown regulations. Due to the lack of investments, the country sector of the country was completely shut down, which has decreased the demand for extruded plastic across the industry. However, the market has been witnessing a high growth since 2021 due to the growing investments, rising construction activities, and growing demand for packaging materials across the food and beverage sector of the country.
The market has been analyzed through the following segments:
Asahi Kasei Corporation
Fukuvi Chemical Industry, Co. Ltd.
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