Global blow molded plastics market is driven by rising demand from major application industries like construction, automotive, and packaging, particularly in developing countries like Brazil, Russia, India, China, and South Africa . The considerably increasing demand from the packaging industry is the main factor propelling the expansion of the global blow molding plastics industry.
Newark, Feb. 15, 2023 (GLOBE NEWSWIRE) -- The Blow Molded Plastics market was estimated at around 80.1 billion in 2021, growing at a CAGR of nearly 3% during 2022-2030. The market is projected to reach approximately USD 100 billion by 2030.
In the manufacturing process known as blow molding, a heated plastic tube is inflated until it fills a mold and takes the required shape, producing hollow plastic pieces. Extrusion blow molding, injection blow molding, and injection stretch blow molding are the three basic types of blow molding procedures. Polyethylene, Polyethylene Terephthalate, Polypropylene, Polyvinyl Chloride, Polystyrene, and Acrylonitrile Butadiene Styrene are just a few examples of the thermoplastic polymers that can be used to create blow-molded parts. The increased product demand from important end-use sectors like automotive and packaging is a key driver fueling the growth of the blow molding plastics market. During the projection period, technological advancements and continuous research and development are anticipated to promote market expansion.
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The availability of prospective replacements and fluctuating raw material prices, however, are expected to impede market expansion. Furthermore, the market is projected to have profitable growth prospects due to the expanded applications' range and rising demand from emerging nations. The COVID-19 epidemic has had a significant effect on the sector by forcing the closure of companies and enterprises, cancelling air travel routes, and imposing lockdowns. However, the demand is anticipated to pick up speed and fuel market expansion when lockdown measures and trade restrictions are lifted.
The considerably increasing demand from the packaging industry is the main factor propelling the expansion of the global blow molding plastics market. Due to rising demand from end-use industries like food & beverage, pharmaceuticals, personal care & cosmetics, and e-commerce, the global packaging industry has experienced impressive growth over the past five years. Because of its better performance, affordability, and durability, plastic is being used for packaging purposes at a rapid rate in the packaging sector.
Additionally, the healthcare sector's expansion has greatly aided the growth of the blow molding plastics market because plastic packaging promotes hygienic practises and is less prone to damage and leaks than glass packaging. Syringes, bottles, cylinders, and medical containers are examples of healthcare supplies.
PET (polyethylene terephthalate) is used in the manufacture of bottles for the packaging of food and drink items, among other things, in the packaging business. Over the projection period, this is anticipated to fuel its demand. Due to the increasing use of face masks, protective clothing, and packaging bottles for hand sanitizers during the Covid-19 pandemic, the demand for Polypropylene (PP) and PET is anticipated to rise.
Throughout the projected period, Asia-Pacific is anticipated to have the largest revenue market share. Due to the region's growing globalization and urbanization, Asia Pacific held the top spot in the global market for mono Blow Molded Plastics in 2019. In 2016, the biggest market for industrial diamonds was North America. Mining, oil & gas, electronics, and the automotive industries made up the majority of the end-use industries for industrial diamonds in the area. One of the key factors propelling the expansion of the industrial diamond industry is the United States' increasing shale oil and gas production. In June 2018, the U.S. shale plays produced about 7.2 million bpd of shale oil, according to the U.S. Energy Information Administration. The U.S. Geological Survey estimates that 125 million carats of industrial diamonds were produced in the U.S. in 2015. Although imports from China satisfied a large portion of the nation's demand. As per analysis, China's industrial diamond production in 2016 was estimated to be 4 billion carats. During the projected period, the Middle East and Africa market is anticipated to grow at a healthy pace.
The packaging, automotive & transportation, building & construction, consumables & electronics, and other categories make up the worldwide blow molding plastics market. With a CAGR of above 5%, the packaging segment stood out as the most prominent and rapidly expanding among them.
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Report Coverage
Revenue estimation and forecast, company profile, competitive landscape, growth factors, and recent trends
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
Blow Molded Plastics Market CAGR
List of the prominent players in the Global Blow Molded Plastics market:
• Magna International, Inc. • International Automotive Components (IAC) Group • Inpress Plastics Ltd. • Comar, LLC • Rutland Plastics Ltd. • Gemini Group, Inc. • The Plastic Forming Company, Inc. • Agri-Industrial Plastics • Garrtech, Inc. • Creative Blow Mold Tooling • North American Plastics, Ltd. • Custom-Pak • APEX Plastics • INEOS Group • Berry Global, Inc. • Dow Inc. • LyondellBasell Industries Holdings B.V.
The global Blow Molded Plastics market is segmented as follows:
• Polypropylene (PP) • Acrylonitrile Butadiene Styrene (ABS) • Polyethylene (PE) • Polystyrene (PS) • Polyvinyl Chloride (PVC) • Polyethylene Terephthalate (PET) • Others
• Packaging • Consumables & Electronics • Automotive & Transport • Building & Construction • Medical • Others
o The U.S. o Canada o Mexico
o France o The UK o Spain o Germany o Italy o Rest of Europe
o China o Japan o India o Australia o South Korea o Rest of Asia Pacific
• The Middle East & Africa
o Saudi Arabia o UAE o South Africa o Egypt o Kuwait o Rest of the Middle East & Africa
o Brazil o Argentina o Rest of Latin America
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The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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