Japan 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

Japan extruded plastic market is projected to grow at a CAGR of 5.24% to attain a market size of US$20.624 billion by 2027, from US$14.421 billion in 2020.

The major factors driving the market growth are the rising adoption of lightweight plastic packaging and growth in the automotive sector of the country. Additionally, rising investments in the residential construction sector of the country are anticipated to drive overall market growth in the coming years. 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.

Japan Extruded Plastic Market Drivers:

• Rising adoption of lightweight packaging

The growing adoption of lightweight plastic packaging across various end-user industries is anticipated to drive overall market growth during the forecast period. Moreover, the growing demand for bottled water and non-alcoholic drinks is increasing the demand for plastic bottles and containers, which is significantly contributing to the overall market growth. Plastic containers are increasingly popular in various end-use industries, such as food, cosmetics, and pharmaceutical. Advanced technology and the rising emergence of heat-resistant PET bottles have opened new opportunities for the market players in the country, which is expected to have a positive impact on the overall market growth.

• Growth in automotive sector

The growing automotive sector of the country is expected to drive the overall market growth during the forecast period. The automotive segment in Japan is the 3rd largest automotive manufacturing industry worldwide. Players in the market are expanding their alliance to develop electric vehicles, which is expected to affect overall market growth positively. For instance, GM and Honda Motor have collaborated on developing two new electric vehicles for Honda.  Furthermore, Japanese OEMs have started to focus on Autonomous vehicle-related technology, which has increased the demand for plastic extrusions to protect the complex wiring harnesses used in autonomous vehicles, which are anticipated to drive the market growth during the forecast period.

COVID-19 Insights

The COVID-19 pandemic has negatively affected the overall market growth in the country. During the COVID-19 pandemic, the packaging and automotive sectors of the country were severely affected due to the supply chain disruptions, and many projects were halted in 2020 because of a lack of investments and lockdown regulations, due to which there was less consumption of construction materials and decreased demand for extruded plastic. However, the market is all set to grow owing to the rising investments in infrastructure development and residential construction. 

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