Japan extruded plastic market is projected to grow at a CAGR of 5.2% to attain a market size of US$20.6 billion by 2027, from US$14.4 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.
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.
| Report Metric | Details |
|---|---|
| Forecast Unit | Billion |
| Study Period | 2017 to 2027 |
| Historical Data | 2017 to 2020 |
| Base Year | 2021 |
| Forecast Period | 2022 – 2027 |
| Segmentation | Type, End-User Industry |
| Companies |
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