Blow Molded Plastics Market Forecast To Grow USD 98.7 Billion By 2028
Blow Molded Plastics Industry Overview
The global blow molded plastics market size is anticipated to reach USD 98.7 billion by 2028, according to a new report by Grand View Research, Inc., growing at a CAGR of 3.3% over the forecast period. The global industry is expected to witness significant growth over the forecast period owing to increasing product demand from various application industries. In the past few years, there has been a significant growth in technologies and equipment for manufacturing these plastics, which has enabled manufacturers to cater to specific requirements of several application industries, such as automotive, building & construction, packaging, and others.
Blow Molded Plastics Market Segmentation
Grand View Research has segmented the global blow molded plastics market on the basis of product, technology, application, and region:
Based on the Technology Insights, the market is segmented into Extrusion, Injection, Stretch, Compound.
The extrusion blow molding technology segment led the market and accounted for a 37.0% share of the global revenue in 2020. The extrusion process is comparatively cheaper than other processes and hence majorly utilized in bulk manufacturing of packaging products, bottles, and cans.
The cost of extrusion blow mold is lower than the injection blow mold due to the lower pressure requirement in the former. The machinery costs are also lower for the extrusion process, which is an added advantage.
Injection blow molding offers the advantage to manufacture more complex products in several designs and shapes that otherwise would be impossible or difficult with other technologies and the cost of the end products would be considerably higher as well. This process enables companies to increase their production output in a relatively shorter time along with flexibility, in terms of design and materials that can be used.
Stretch blow molding technology is used for the production of high-clarity and -quality bottles and has limited use in the industry. The demand for compound blow molding technique is majorly driven by the automobile industry as this is used for manufacturing extremely high-performance customized auto components.
Based on the Product Insights, the market is segmented into Polypropylene (PP), Acrylonitrile Butadiene Styrene (ABS), Polyethylene (PE), Polystyrene (PS), Polyvinyl Chloride (PVC), Polyethylene Terephthalate (PET), Others.
The Polyethylene (PE) product segment led the market and accounted for more than 20.0% share of the global revenue in 2020. This significant share is attributed to the increased use of PE compounds in the packaging and electrical & electronics industries.
Apart from the packaging industry, construction is one of the leading applications for PE compounds. Polyethylene is used for prototype development on Computer Numerical Control (CNC) machines and 3D printers. High-density Polyethylene (HDPE) offers easy processing at low cost, a good moisture barrier, and holds the ability to produce opaque and hollow packaging products.
The demand for Polyethylene Terephthalate (PET) in packaging is expected to gain traction over the forecast period. Recent developments in PET bottle disposal and recycling have offset the limitations caused by regulations.
Moreover, the development of bio-based PET is expected to provide the much-needed scope for internal substitution, thereby driving its demand in various applications. It is widely used in the plastic bottling of soft drinks and for specialty bottling, such as bottling of beer. It is an ideal material for flexible food packaging and thermal insulation owing to some of its properties.
Based on the Application Insights, the market is segmented into Packaging, Consumables & Electronics, Automotive & Transport, Building & Construction, Medical, Others.
The packaging application segment led the market and accounted for more than 39% share of the global revenue in 2020 owing to increased use of packaging products as a result of high consumerism in emerging economies.
The packaging industry is driven by the rising demand for personal protective kits, face masks, face shields, and others along with high consumerism in emerging economies. The growth of the packaging industry is projected to boost the demand for plastic compounds, such as PE and PET in the future.
Various regulatory bodies have stipulated guidelines regarding packaging materials in food contact applications. Bisphenol A (BPA), which is often employed to produce plastics and epoxy resins, has been under great regulatory scrutiny, particularly due to its presence in plastics used in packagings, such as PVC and polycarbonate.
Sales of these goods are highly dependent on the buying habits of the consumer and hence directly affect the overall market dynamics. Growing population, economic development, and improved purchasing power in the emerging markets are likely to boost the sales of consumer goods, thereby propelling the market growth.
Blow Molded Plastics Regional Outlook
Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
Most of the key players operating in the market have integrated their raw material production and distribution operations to maintain product quality and expand their regional presence. This provides companies a competitive advantage in the form of cost benefits, thus increasing the profit margins. Companies are undertaking R&D activities to develop new industrial plastics to sustain market competition and meet the changing end-user requirements.
Some prominent players in the global blow molded plastics market include
Magna International, Inc.
International Automotive Components (IAC) Group
Inpress Plastics Ltd.
Rutland Plastics Ltd.
Gemini Group, Inc.
The Plastic Forming Company, Inc.
Creative Blow Mold Tooling
North American Plastics, Ltd.
Berry Global, Inc.
LyondellBasell Industries Holdings B.V.
Order a free sample PDF of the Blow Molded Plastics Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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