Israel Extruded Plastic Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type (Polypropylene, Polyethylene (PE), LDPE, HDPE, Polyvinyl Chloride (PVC), Others), And By End-User Industry (Construction, Electrical And Electronics, Packaging, Automotive, Others) - Forecasts From 2022 To 2027

Israel extruded plastic Market is projected to grow at a CAGR of 4.18% to reach a  market size of US$353.141 million by 2027, from US$265.100 million in 2020.

The major factors driving the market growth are increasing government initiatives and investments in the construction and building sector of the region. Growing focus on infrastructure and non-oil sectors in the country will further drive the demand for plastic extrusions. Moreover, the growing demand for extruded plastic from the automotive sector of the country is also expected to drive the overall market growth during the forecast period. The market is segmented into- By Type, By End-User Industry.

Israel Extruded Plastic Market Drivers:

• Growing demand for plastic extrusions from the End-user industry

With nations such as Saudi Arabia, the United Arab Emirates, Israel, and others focused on infrastructure and non-oil sectors, demand for plastic extrusion is expected to rise in the future years. Furthermore, the growing use of plastic films in several nations' agriculture and aquaculture sectors is likely to boost market growth in the future years. The country's burgeoning middle class is bolstered by rising income thresholds due to increased employment growth. As a result of this growing trend, the middle class increased their spending on consumer goods, particularly personal care products. Cosmetic and personal care product lines, particularly skin, make-up, and hair care, are quickly expanding with rising packaging. The availability of substitute packaging products is a major limitation on the demand for extruded nets in the Middle East countries such as Israel and UAE. The increased demand for extruded nets for pharmaceutical and industrial filtrations is one of the major market drivers. However, the Middle East region's extruded nets market has a hurdle in the form of large-scale landfill garbage. Furthermore, as the country's bottled water consumption grows, various industry companies are capitalizing on this market potential by offering various plastic water bottle products and solutions. Moreover, Israel's extruded nets market is dominated by the High-Density Poly Ethylene (HDPE) segment due to the huge-scale access to high-density polyethylene in the region as a by-product of petroleum. The significant innovations and micro and macro trends, as well as the companies/manufacturers that operate in this field, their usage, and penetration across a diverse group of end customers, boost the extruded plastic market in the region.

Israel Extruded Plastic Market: By End-User

• Automotive

Israeli automotive companies are continuously focusing on the development of autonomous cars. Many leading automakers are investing in the automotive industry of the country, which will significantly contribute to the overall market growth during the forecast period. For instance, General Motors invested in two Israeli start-ups named Powermat and Sital for the expansion of their solutions for autonomous cars. This investment is expected to propel the growth of Israel's automotive sector, which will further drive the overall market growth. Furthermore, companies such as General Motors and Daimler have R&D centers in Israel. The presence of these companies in the region will further help the market to grow in the near future.

COVID-19 Insights

The COVID-19 pandemic has negatively affected the overall market growth due to the stoppage of many construction projects across the country. The extruded plastic-consuming industries like automotive, building and construction, electrical, and electronics were severely affected by the COVID-19 pandemic. However, the market is on its recovery with the rising demand from the automotive and packaging industry of the country. Furthermore, the growing use of autonomous vehicles and PVC recycling is projected to create many lucrative opportunities for market players in the coming years.

Segmentation

The market has been analyzed through the following segments:

• By Type
  • Polypropylene
  • Polyethylene (PE)
  • LDPE
  • HDPE
  • Polyvinyl Chloride (PVC)
  • Others
• By End-User Industry
  • Construction
  • Electrical and Electronics
  • Packaging
  • Automotive
  • Others