Blow Molding Plastics Market Overview
Blow Molding Plastics Market Size was valued at USD 79 Billion in 2022. The Blow Molding Plastics market industry is projected to grow from USD 85 Billion in 2023 to USD 96 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.00% during the forecast period (2023 - 2030).
The global blow molding plastics market is growing at a rapid pace. The market growth attributes to the massive consumption of blow molding plastics in the food & beverage packaging and consumer electronics industry. Growing usages of blow molding Plastics in the making of lightweight vehicles is another major growth driver for the market.
Additionally, the excessive use of blow molding plastics in health & hygiene product packaging increases the market size. Conversely, price volatility, and the demand-supply gap in the raw materials required for the production of blow molding plastics are major factors expected to impede the market growth. Nevertheless, substantially rising investments in developing new manufacturing techniques would support market growth throughout the forecast period.
The rising sales of ready-to-eat processed food with longer shelf life led by the heady lifestyle augments the demand for sustainable packaging solutions in the F&B industry. On the other hand, growing sales of compact & portable electronic instruments and electrical appliances fuels define the growing landscape of the consumer electronics market.
Moreover, the high demand for lightweight vehicles led by stringent emission regulations concerning environmental health escalates the market growth to furthered height. According to Market Research Future (MRFR), the global blow molding plastics market is estimated to grow exponentially by 2023, registering a significant CAGR during the assessment period (2022 – 2030).
Global Blow Molding Plastics Market - Segmentations
The report is segmented into three dynamics;
By Region: Americas, Europe, Asia Pacific, and Rest-of-the-World.
By Type: HDPE, PE, LDPE, Polypropylene, PVC, and PET.
By End Use: Food Processing, Construction, Automobile, Furniture & Design, Agriculture, and others.
Global Blow Molding Plastics Market - Geographical Analysis
The Asia Pacific region dominates the injection molded plastic market, accounting for more than 30% share. The largest market share attributes to the high consumption of blow molding plastics across major end-use industries, including packaging, automotive, construction, electronics, and others. Besides, the rising usage of plastics and recycling plastic compounds in packaging manufacturing acts as a major growth driver for the market.
Moreover, increasing demand for molded plastics in construction sectors for decoration, electrical wiring, flooring, wall covering, and waterproofing substantiate the regional market growth. Also, the rising per capita income of demographics boosts the market demand, driving the portable consumer electronics industry. The APAC blow molding plastics market is expected to retain its dominance throughout the forecast period.
North America stands second in the global blow molding plastics market. The market is majorly driven by the growing demand for lightweight and durable components in the booming automotive industry. Moreover, the high consumption of plastic materials in the food & beverage packaging industry helps the regional market to witness considerable growth. The North American blow molding plastics market is anticipated to register a colossal CAGR during the review period.
The European blow molding plastics market is growing rapidly. Factors such as the usage of PET packaging and increasing production & sales of lightweight automotive components push the regional market growth. Also, the focus on the renewable raw material to manufacture plastics used in food packaging, furniture, and automotive industries foster market growth. Besides, heavy investments in healthcare drive the demand for blow molding plastics in this region.
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Global Blow Molding Plastics Market – Competitive Landscape
Highly competitive, the blow molding plastics market appears fragmented due to the presence of several large and small players. To gain a larger competitive share, industry players incorporate strategic initiatives such as mergers & acquisitions, collaboration, expansion, and product/technology launch. They transpire huge investments in R&D and to increase their global footprints.
Major Players:
Players leading the global blow molding plastics market include Exxon Mobil Corporation, The Dow Company, Magna International Inc., Berry Global Inc., IAC Group, Rutland Plastics Ltd., Inpress Plastics Ltd., Comar LLC, and The Plastic Forming Company, among others.
Industry/Innovation/Related News:
June 12, 2020 ---- SCS plus (Serbia), a manufacturer of veneer seats and backrests, announced the opening of its new blow molding plastics unit in Knjaževac, eastern Serbia. The company expects a 40% increase in its production this year. Over the last few years, SCS Plus has also started producing blow-molded plastic parts such as seats, backs, seat shells, and injected plastic parts for furniture. The company sells its products solely in the EU market, with 90% of that to Germany.
June 16, 2020 ---- HTI Plastics (the US), a division of PCE, Inc., a privately held plastic manufacturing corporation, announced the development of plastic face masks to protect its employees and families from stopping the spread of the COVID-19. Like many other businesses to stay open during the pandemic, HTI faced difficulty finding masks for all the employees. Hence, HTI felt the immense need to protect its employees while they continue operating during the epidemic.
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