Plastic Extrusion Molded Parts Market - Forecast(2023 - 2028)

Plastic Extrusion Molded Parts Market Overview

The Plastic Extrusion Molded Parts Market size is projected to reach a value of US$185.1 billion by the end of 2027 after growing at a CAGR of 4.1% during the forecast period 2022-2027. Plastic extrusion molding materials can be categorized into various types which include polystyrene, polypropylene, polycarbonate, acrylonitrile butadiene styrene, polyester and more. They are primarily used in a wide range of industries including construction, automotive, electrical & electronics, medical and other industries. The expansion of plastic extrusion molded parts is primarily driven by its usage in the automotive industry. In 2020, the surge in the COVID-19 pandemic negatively impacted the automotive production activities as a result of the country-wise shutdown of automotive sites, shortage of labor and the decline of supply and demand chain all over the world, thus, temporarily affecting the growth of the plastic extrusion molded parts industry. However, a steady recovery in automotive production activities has been witnessed since 2021, which in turn, is driving the demand for plastic extrusion molded parts. For instance, according to the International Organization of Motor Vehicle Manufacturers (OICA), the total global automobile production reached 80.2 billion units in 2021, an increase of 3% as compared to 77.7 billion units in 2020. An increase in automotive production along with the growth of the electronics industry is expected to drive the growth of the plastic extrusion molded parts market size in the upcoming years. On the other hand, fluctuating prices of raw materials may confine the growth of the market.

Plastic Extrusion Molded Parts Market Report Coverage

The "Plastic Extrusion Molded Parts Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Plastic Extrusion Molded Parts Market.

Key Takeaways

• Tubing extrusion method held a significant share in the Plastic Extrusion Molded Parts Market in 2021. Its wide range of characteristics and higher efficiency made it stand out in comparison to other types of processing methods in the market.
• Automotive industry held a significant share in the Plastic Extrusion Molded Parts Market in 2021, owing to the increasing demand for plastic extrusion molded parts from the automotive sector across the world.
• Asia-Pacific dominated the Plastic Extrusion Molded Parts Market in 2021, owing to its increasing demand from the automotive sector in the region. For instance, recent insights from the International Organization of Motor Vehicle Manufacturers (OICA) state that the total automobile production in 2021 in Asia-Pacific increased by 28% in comparison to 2020.
• A detailed analysis of strengths, weaknesses, opportunities and threats will be provided in the Plastic Extrusion Molded Parts Market Report.

Figure: Plastic Extrusion Molded Parts Market Revenue Share, By Geography, 2021 (%)

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Plastic Extrusion Molded Parts Market Segment Analysis – by Extrusion Method

The tubing extrusion method held a significant Plastic Extrusion Molded Parts Market share in 2021, owing to its increasing demand due to the benefits it offers over other types of extrusion methods. For instance, the tubing extrusion method aids in faster production along with higher efficiency as compared to other types of extrusion methods, owing to which it is commonly used in the production of plastic molded parts utilized in multiple industries. Moreover, plastic molded parts obtained through tubing extrusion offers enhanced strength and higher flexibility in comparison to other types of extrusion method. Furthermore, the tubing extrusion method is more cost-effective and offers a low cost per molded part in comparison to other methods and has high production volumes and higher flexibility in operations. In addition to this, plastic molded parts obtained from the tubing extrusion method has better surface finishing along with good mechanical properties. Hence, all of these benefits are driving its demand over other types of extrusion methods, which in turn, is expected to boost the market growth during the forecast period.

Plastic Extrusion Molded Parts Market Segment Analysis – by End-use Industry

The automotive industry held a significant Plastic Extrusion Molded Parts Market share of over 20% in 2021, owing to the increasing automobile production across the world. For instance, recent insights from the European Automobile Manufacturers' Association (ACEA) state that total passenger car production during the fourth quarter of 2020 reached around 34 million in Asia-Pacific, 14 million in Europe, 1.3 million in the Middle East/Africa, 1.7 million in South America and 9.6 million in North America respectively. Moreover, according to the International Organization of Motor Vehicle Manufacturers (OICA), the total production of passenger cars in South America, Asia-Pacific and Africa increased by 11%, 7% and 8% respectively in 2021 as compared to 2020. Plastic extrusion molded parts composed of polystyrene, polypropylene, polycarbonate, acrylonitrile butadiene styrene, polyester and other materials are primarily used in various components of an automobile such as interior and exterior trim components, electronic subassemblies, along with under-hood applications, owing to its higher flexibility, enhanced strength, lower cost, increased efficiency along with its availability in multiple designs to fit complex parts. This is expected to expand the plastic extrusion molded parts market size during the forecast period.

Plastic Extrusion Molded Parts Market Segment Analysis – by Geography

Asia-Pacific held a dominant Plastic Extrusion Molded Parts Market share of around 45.8% in the year 2021. The consumption of plastic extrusion molded parts is particularly high in this region due to its increasing demand from the automotive sector. For instance, recent insights published by the OICA (International Organization of Motor Vehicle Manufacturers) during the fourth quarter of 2020 state that around 25 million, 3.5 million, 8 million and 3.4 million units of vehicles were produced in China, South Korea, Japan and India, respectively, which in turn, contributed to approx. 50% of the global automobile production during the year 2020. Moreover, according to the South Korean Ministry of Trade, Industry and Energy, automobile production in South Korea amounted to 271,054 units in December 2021. It further states that Hyundai Motor and GM Korea account for about 53.3% of total domestic automobile production in the country. Furthermore, in December 2021, the automobile manufacturers in South Korea such as Hyundai Motor produced 119,621 units while Kia had 115,941 units respectively.

In this way, such an increase in automobile production in multiple countries across the region is expected to increase the demand for plastic extrusion molded parts for use in automobile instrument panel components, keyless entry housings, shifter knobs & assemblies, bumpers, door handle components, dashboard faceplates, glove compartments, air vents and other components of an automobile. This is anticipated to propel the growth of the market during the forecast period.

Plastic Extrusion Molded Parts Market Drivers

An increase in automobile production

The properties of plastic extrusion molded parts such as higher flexibility, enhanced strength, lower cost and increased efficiency along with its availability in multiple designs to fit complex parts make them ideal for use in various automotive interior and exterior trim components, electronic subassemblies, along with under-hood applications such as instrument panel components, shifter knobs & assemblies, bumpers, door handle components, dashboard faceplates, glove compartments, air vents and more. According to a recent study published by the German Association of Automotive Industry during the fourth quarter of 2020, the new registration of motor vehicles reached up to 16,763 units in Europe, 37,467 units in Asia, 3080 units in South America, 17,421 units in North America, 12,733 units in Western Europe and 5180 units in other regions worldwide. Moreover, according to the International Organization of Motor Vehicle Manufacturers (OICA), the production of heavy-duty vehicles in Europe reached 3,08,300 units in 2021, an increase of 31% in comparison to 2,36,328 units in 2020. It further states that the total automobile production in 2021 in Europe, America, Asia and Africa increased by 25%, 17%, 28% and 37% respectively in comparison to 2020. Hence, an increase in global automotive production is expected to increase the demand for plastic extrusion molded parts for use in various components of an automobile, owing to its above-mentioned properties. This is expected to accelerate the growth of the market in the upcoming years.

Growth of the electronics industry

Plastic extrusion molded parts composed of polystyrene, polypropylene, polycarbonate, acrylonitrile butadiene styrene, polyester and other materials are primarily used in various components utilized in the electronics industry which include cell phone components and covers, earphone cables and plugs, LEDs and assemblies, electrical conduit and cables, electrical relays and switches and other similar electronic components. According to recent insights published on Growth from Knowledge (GRK) in September 2021, the global consumer electronics industry was valued at US$42.8 billion during the first quarter of 2021, an increase of 18% in comparison to 2020, owing to an increase in electronic production. It further states that the GDP growth rate of consumer electronics which includes electronic appliances and gadgets such as smartphones, computers, television, laptops, tablets and more in countries like India, China, the U.S and regions like Europe is expected to increase up to 8.1%, 5.7%, 1.4% and 1.7% respectively by the end of 2022. According to the Japan Electronics and Information Technology Industries Association (JEITA), the electronics production by the global electronics and IT industries is expected to increase by 5% and reach up to US$3,536.6 billion by the end of 2022 as compared to 2021. Hence, such a surging growth of the global electronics industry is expected to increase the demand for plastic extrusion molded parts, owing to their above-mentioned properties. This is anticipated to drive the growth of the plastic extrusion molded parts market in the upcoming years.

Plastic Extrusion Molded Parts Market Challenge

Fluctuating prices of raw materials may confine the market growth

Some of the raw materials used in plastic extrusion molded parts are obtained from crude oil. As a result, fluctuations in the prices of crude oil may hinder the growth of the market. For instance, in 2020, the international benchmark for petroleum prices across the world also known as Brent crude prices decreased to US$9.12 per barrel, which was the lowest record since December 10, 1998. Likewise, in April 2020, India’s Crude Oil Basket (COB) reached US$19.90 per barrel, which was the lowest record since February 2002. During the first 11 months of the year 2020-21, the average annual price of India’s COB was around US$42.72 per barrel, which decreased by 30% more than the average COB price in 2019-20. Furthermore, as per revised estimates for 2020-21, the COB has increased by around 35% from its initial budget estimate. In this way, such uncertainty regarding the price of crude oil may affect the prices of raw materials that are used in the production of plastic extrusion molded parts. Thus, such instability and fluctuating prices of raw materials may limit the growth of the plastic extrusion molded parts industry during the forecast period.

Plastic Extrusion Molded Parts Industry Outlook

Technology launches, acquisitions and increased R&D activities are key strategies adopted by players in the Plastic Extrusion Molded Parts Market. The top 10 companies in Plastic Extrusion Molded Parts Market are:

1. Duros Development
2. Nation Manufacturing and Industrial Products Corporation
3. Ply Gem Holdings
4. Mitsuwa Chemical
5. Eaton
6. MHG Asia Pacific
7. Rehau Incorporated
8. Vision Group
9. Denso
10. Foton Philippines

Recent Developments

• In March 2022, Benvic, a France-based chemical company acquired Modenplast, an Italian-based company specializing in extrusion molding products. The main motive of this acquisition was to design and manufacture specific medical tubing solutions that can be customized according to the needs of the customers and to strengthen the company’s position in the market.
• In November 2021, Meteor Group acquired Creative Extruded Products, a U.S-based extrusion and molding company. The acquisition aims at expanding the company’s product portfolio along with its technological capabilities to strengthen its presence in North America.
• In August 2019, Pexco LLC acquired American Extruded Plastics Inc. and American Injection Molding Inc. The acquisition aims at developing and delivering products that are suitable for a wide range of end-use industries including automotive, packaging, construction, consumer goods life sciences and diagnostics, telecommunications and agriculture.

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