The Asia Pacific Extruded Plastics Market would witness market growth of 4.4% CAGR during the forecast period (2024-2031). In the year 2022, the Asia Pacific market's volume surged 61,187.4 kilo tonnes, showcasing a growth of 17.6% (2020-2023).
The packaging industry constitutes a significant portion of the extruded plastics market, with extruded plastics serving diverse applications in this sector. Extruded plastic packaging solutions offer a wide range of benefits including versatility, durability, cost-effectiveness, and customization options. Thus, the Australia market consumed 4,215.81 kilo tonnes of extruded plastic in the market 2022.
The China market dominated the Asia Pacific Extruded Plastics Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $34,155.1 million by 2031. Japan market is showcasing a CAGR of 4.1% during (2024 - 2031). Additionally, The India market would register a CAGR of 4.8% during (2024 - 2031).
Extruded plastics' versatility finds expression across various applications, spanning a diverse spectrum of industries and end-use sectors. From structural components in construction to intricate packaging solutions, its products are pivotal in shaping modern lifestyles and industrial landscapes.
Additionally, the growing automotive sector presents significant opportunities for the market. As demand for automobiles continues to rise, the demand for its components and materials used in vehicle manufacturing is expected to increase accordingly.
The Indian government has introduced various initiatives and regulations to promote sustainable packaging practices and reduce the use of single-use plastics. This has increased the adoption of eco-friendly packaging materials, including biodegradable and recyclable extruded plastics. As per the data from Invest India, by 2025, the packaging industry in India is anticipated to be worth $204.81 billion.
Free Valuable Insights: The Global Extruded Plastics Market is Predict to reach USD 252.9 Billion by 2031, at a CAGR of 4.2%
Based on Material, the market is segmented into Polyethylene, Polypropylene, Polyvinyl Chloride, Polystyrene, Polycarbonate, and Others. Based on Application, the market is segmented into Profiles, Pipes & Tubes, Sheets & Films, Cables & Wires, Filaments, and Others. Based on End-use, the market is segmented into Packaging, Construction, Automotive, Electronics, Consumer Goods, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Australia, Malaysia, and Rest of Asia Pacific.
By Material (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Application (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By End-use (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Country (Volume, Kilo Tonnes, USD Billion, 2020-2031)
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