A novel competitive approach to particle swarm optimization (PSO) algorithms is proposed in this paper. The proposed method uses extrapolation technique with PSO (ePSO) for solving optimization problems. By considering the basics of the PSO algorithm, the current particle position is updated by extrapolating the global best particle position and the current particle positions in the search space. The position equation is formulated with the global best (gbest) position, local best position (pbest) and the current position of the particle. The proposed method is tested with a set of 13 standard optimization benchmark problems and the results are compared with those obtained through two existing PSO algorithms, the canonical PSO (cPSO), the Global-Local best PSO (GLBest PSO). The cPSO includes a time-varying inertia weight (TVIW) and time-varying acceleration co-efficients (TVAC) while the GLBest PSO consists of Global-Local best inertia weight (GLBest IW) with Global-Local best acceleration co-efficient (GLBestAC). The simulation results clearly elucidate that the proposed method produces the near global optimal solution. It is also observed from the comparison of the proposed method with cPSO and GLBest PSO, the ePSO is capable of producing a quality of optimal solution with faster convergence rate. To strengthen the comparison and prove the efficacy of the proposed method a real time application of steel annealing processing (SAP) is also considered. The optimal control objectives of SAP are computed through the above said three PSO algorithms and also through two versions of genetic algorithms (GA), namely, real coded genetic algorithm (RCGA) and hybrid real coded genetic algorithm (HRCGA) and the results are analyzed with the proposed method. From the results obtained through benchmark problems and the real time application of SAP, it is clearly seen that the proposed ePSO method is competitive to the existing PSO algorithms and also to GAs.