With rising environmental concerns, the extrusion sheet market is moving towards more sustainable solutions. Extrusion sheets are widely used in various industries like packaging, construction and automotive due to their properties like durability, versatility and recyclability. However, growing awareness about plastic waste and its impact on the environment has prompted manufacturers to focus on green alternatives.
Extrusion Sheet Market Trends are long, flat plastic profiles produced by forcing molten plastic through a die. They find applications in window frames, doors, flooring, roofing, pipes, machine guards and other products due to benefits like moisture resistance, rigidity and longevity.
The global extrusion sheet market size is estimated to be valued at US$ 119.72 billion in 2024 and is expected to exhibit a CAGR of 5.3% over the forecast period 2024-2031.
Key Takeaways
Key players: Key players operating in the extrusion sheet market are Saudi Basic Industries Corporation (SABIC), Exxon Mobil Corporation, Sigma Plastics Group, Rhein Chemie (Lanxess), and Formosa Plastics Group.
Growing demand: Increasing consumption of extrusion sheets in various end use industries like packaging, construction and automotive has been a major growth driver. Rapid urbanization and rising construction spending in emerging nations have augmented the demand.
Global expansion: Leading manufacturers are focusing on geographic expansion plans to consolidate their position. For instance, SABIC recently commenced operations at a new polycarbonate sheet plant in Korea to meet the needs of major electronics brands in Asia.
Market Key Trends
Transition to bio-based polymers: With sustainability gaining prominence, major players are investing in bio-based polymer technologies like bioplastics and green polyethylene to reduce reliance on fossil fuels. Recently, ExxonMobil announced plans to produce bio-based plastic from renewable sources.
Porter's Analysis
Threat of new entrants: Low startup costs make it relatively easy for new players to enter this market. However, existing players have established supply chains and distribution networks.
Bargaining power of buyers: Buyers have moderate power in this market as there are many suppliers. However, switching costs are low if buyers want to change suppliers.
Bargaining power of suppliers: Raw material suppliers have low to moderate power. The inputs required are commodity materials whose prices are globally determined.
Threat of new substitutes: Potential substitutes include injection molded plastics and aluminum sheets. However, extruded sheets have advantages in terms of recyclability and versatility.
Competitive rivalry: The market is mature with many players competing primarily on pricing and customer service. Players differentiate using product quality and technologies.
North America currently accounts for the largest share of the extrusion sheet market, estimated at around 35% in terms of value. This is attributed to high demand from various end-use industries such as packaging, construction, automotive etc.
The Asia Pacific region is expected to witness the fastest growth over the forecast period. Growing manufacturing industries, coupled with rising incomes are driving demand for extrusion sheets in countries such as China, India, Indonesia and others in the region.
Get More Insights on- Extrusion Sheet Market
For Deeper Insights, Find the Report in the Language that You want:
About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)