The Extrusion Sheet Market is Anticipated to Witness High Growth Owing to Rising Demand from Packaging Industry
Extrusion sheets are plastics sheets that are produced through extrusion molding process. These sheets find wide applications in packaging of food products, consumer goods, and industrial goods due to properties like durability, printability and cost-effectiveness. The growing packaging industry globally is driving significant demand for extrusion sheets for secondary and tertiary packaging applications. Rising demand for packaged and processed food items is also fueling consumption of extrusion sheets.
Global Extrusion Sheet Market is estimated to be valued at USD 124.57 Bn in 2024 and is expected to reach USD 178.63 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 5.3% from 2024 to 2031.
Key Takeaways
Key players operating in the extrusion sheet market are Arla Plast AB, Corex Plastics Pty Ltd, Covestro AG, DS Smith Plc, Distriplast, Evonik Industries AG, Ensinger GmbH, Formosa Plastics Corporation, Hitachi Zosen Corporation, and Inteplast Group Corporation. These players are focusing on new product development and capacity expansions to consolidate their market position.
There are significant opportunities for Extrusion Sheet Market Demand manufacturers in the Asia Pacific region owing to rapid industrialization and growth of end-use industries in countries like China and India. The market players are expanding their operational footprint in the region through acquisitions and partnerships with local players.
The extrusion sheet market players are focusing on global expansion strategies to penetrate developing markets and tap into the opportunities arising from rising polymer consumption. Manufacturers are setting up production facilities in Latin America and Middle East & Africa through joint ventures and acquisitions.
Market drivers
Rising demand from food packaging industry: Extrusion sheets find extensive usage in packing snack foods, ready to eat meals, frozen foods etc. due to properties like printability, moisture resistance and durability. The substantial growth of food packaging industry globally is fueling sales of extrusion sheets.
Market restraints
Fluctuations in raw material prices: The prices of key raw materials used for extrusion sheet production like polyethylene, polypropylene and PVC are prone to volatile fluctuations depending on crude oil prices. This uncertainty over input costs acts as a restraint for market players.
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