North America Extruded Plastic Market - Forecasts from 2023 to 2028

The North America extruded plastic market is expected to grow at a compound annual growth rate of 5.92% over the forecast period to reach a market size of US$73.967 billion by 2028, from US$49.439 billion in 2021.

In North America, rising disposable income can be witnessed owing to rapid urbanization in the region. For instance, in North America, the labor force participation rate accounted for 73.7%, which can be considered a strong factor in the growing economic development of the region. Due to major economic changes, the audience tends to upgrade their standard of living. Hence, they are inclined toward better vehicles, housing locations, etc. Consequently, a surge in demand for extruded plastic in the North American region can be observed as it is highly used in the production of automobiles, along with increased consumption of extruded plastics in the construction industry as well. However, according to Plastic Soup Foundation, a non-profit marine conservation organization, the United States of America is the world's largest producer of plastic waste. Owing to increasing plastic disposal, global organizations have been on alert, hence finding alternatives to reduce plastic disposal. Various initiatives are being taken by the North American governments to curb its effect.

The North American extruded plastics market is driven by increased use in industry verticals.

Extruded plastics are widely used across different industry verticals such as automobiles, electronics, agriculture, packaging, and construction. It allows for design flexibility and is a cost-effective technique to produce customized components for a wide range of automobiles. They are utilized to safeguard complex electrical harnesses required in today's innovative car designs as well as to offer weather protection. As a result, automakers are progressively adopting thermoplastics such as PMMA, PC, polyamide, ABS, and others to suit the growing need for lightweight automobiles. Similarly, extruded plastic is widely used in a wide variety of agricultural operations. It enables barns and holding structures to be readily upgraded, increasing the value of the land on which the agricultural activity is situated. As a result, they can be considered an excellent approach to satisfying cleanliness needs in a business organization.

Furthermore, owing to the increased investments and initiatives by the North American government for boosting the construction sector, demand for extruded plastic has increased as architects and developers rely on plastic goods to increase energy efficiency, durability, and performance while creating new buildings or renovating old structures.

Key Developments.

• The United States joined other countries in passing a resolution against plastic pollution in March 2022. The resolution, titled End Plastic Pollution: Towards an International Legally Binding Instrument, initiated the process of creating a new legally binding instrument on plastic pollution, with the goal of ending discussions by 2024.
• In March 2022, the United States Department of Energy (DOE) announced $32 million in funding for more than 30 next-generation building retrofit projects that would significantly improve affordable housing technology. Prefabricating walls and drop-in replacements for heating, cooling, and hot water systems will be utilized since they have the potential to revolutionize building and remodeling. They can also give the means to decarbonize America's 130 million structures at the necessary rate to address the climate issue and accomplish President Biden's goals of achieving a net zero carbon economy by 2050.

Based on type, the North American extruded plastics market is expected to witness positive growth in the polypropylene (PP) segment.

The demand for the polypropylene segment is growing owing to the demand for efficient plastic packaging products. PP is used in various industries such as construction and many more due to the wide range of properties it offers such as its tensile strength, superior working temperatures, low moisture absorption as well as high chemical resistance. These few properties of polypropylene will allow it to work in industries which will further drive the market demand for PP. Recent years have further witnessed an increased use of PP from the building and construction industry which has further reflected the favorable growth opportunities in the US in regard to its multiple infrastructural developments. Since polypropylene is finding increased utilization in the construction industry, thus with the increase in North America’s construction industry, the market of polypropylene in North America will simultaneously witness an increase.

Based on the country, North America extruded plastics market is expected to witness positive growth in the United States segment.

The United States extruded plastics market is driven by the use of these products in retail, especially for food protection and packaging. Modern retail packaging, which uses blister packages and extruded rigid sheets that are softened by warmth and then molded in a cast to their proper shape, frequently uses extruded clear plastic films for short-term food protection. They are also used to insulate electrical cables, therefore this market benefits from the country's retail sales of electronics. They are also employed in sophisticated vehicle layouts to secure and safeguard intricate electrical harnesses. Extruded plastic is used to form the covering that protects the wirings against electrical charges and channels the power in the appropriate directions. As a result, the general retail sector in the nation, which includes the grocery, automotive, and electronics industries, has boosted the American extruded plastics market.

Market Segmentation:

By Type

• Polypropylene (PP)
• Polyethylene (PE)
• LDPE
• HDPE
• Polyvinyl Chloride (PVC)
• Others

By End User Industry

• Construction
• Electrical and Electronics
• Packaging
• Automotive
• Others

By Country

• United States
• Canada
• Mexico