The global blow molded plastics market size was USD 77.07 billion in 2019, and it is projected to reach USD 100.13 billion by 2027, exhibiting a CAGR of 2.8% during the forecast period. Blow molding is a cost-effective way of manufacturing plastics wherein a heated plastic is molded into a cavity that eventually forms a hollow material or object. The high efficiency of this product, coupled with its low cost, makes it a preferred choice among manufacturers. The massive investments in upgrading manufacturing methods and increasing efforts in product R&D will have a huge impact on the growth of the overall market in the coming years. The presence of several large scale manufacturers across the world, driven by the rising demand and applications of the product will bode well for the growth of the market in the coming years. Additionally, the increasing applications of blow molded plastics across diverse industry verticals will create several growth opportunities.
Get Sample PDF Brochure:
Segmentation Analysis:
By Resin Analysis:
Polyethylene accounted for the largest share of the global blow molded plastics market in 2019. It is further segmented into high-density polyethylene (HDPE) and low-density polyethylene (LDPE). Among these, HDPE is the most widely used due to its mold-friendly nature, ease of coloring, translucency, and chemical inertness. HDPE is commonly used in consumer products such as shampoo bottles, household cleaning products, and toys. In contrast, LDPE is primarily used in squeeze bottles, caps, and closures.
By Molding Method Analysis:
Extrusion blow molding dominated the market in 2019, holding 32.89% of the global share. It is the most cost-effective blow molding method and is widely used to manufacture bottles from various plastic resins, including HDPE, PVC, and PP.
By Application Analysis:
The packaging segment held the largest market share in 2019. Blow molded plastics are preferred in packaging applications due to their high tensile strength and versatility. Most bottles and containers are produced using blow molding techniques, and their proven safety in food & beverage, pharmaceutical, and medical applications is expected to drive market growth.
Although Product Demand is High, Covid-19 Pandemic to affect Manufacturing Sectors
The recent coronavirus outbreak has created a sense of panic across the world. Although the impact on the pandemic on the blow moulded plastics is nowhere close to what a few other industries have witnessed, there are still a few drawbacks. The efforts taken to curb the spread of the disease have had a negative impact on the market in recent years. Accounting to the rapid spread of the disease, manufacturing sectors have been shut down due to lack of manpower and human labor. As a result, there is a huge demand-supply gap in the global market. The slow recovery rate will affect the growth of the market in the foreseeable future.
Company Mergers and Acquisitions are an Increasing Trend Among Major Companies Across the world
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Accounting to the massive demand and increasing applications of blow-molded plastics across the world, companies are focusing on adopting strategies that will help them standout in the competitive environment. In June 2020, Alpha announced that it has completed the acquisition of Bopla S.A. Alpha’s packaging solutions will be enhanced by Bopla’s blow molded and injection solutions. The latter holds an exceptional portfolio in the blow molding segment and this acquisition will not just help Alpha grow but will also influence the growth of the overall blow molded plastics market in the foreseeable future. The report highlights a few other company mergers of recent times and discusses their impact on the global market.
Asia Pacific to Emerge Dominant; Demand for Innovative Packaging Solutions to Emerge in Favor of Market Growth
The report analyses the ongoing market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in Asia Pacific is projected to emerge dominant in the coming years. The rising demand for blow molded plastics in this region is consequential to the increasing applications in the food and beverage industry. The product is widely used as a packaging material in several other industries across this region. The increasing population in countries such as India and China will cater to the increasing production capacities of manufacturers in this sector. As of 2019, the market in Asia Pacific was worth USD 37.96 million and this value is projected to rise at a considerable pace in the coming years.
Key Industry Development:
- November 2018: Krones, a filling and packaging equipment manufacturer, which also includes blow molded machines acquired MHT Holding AG, a mold and hot runner supplier for PET performs, based in Germany. This acquisition was done to expand company’s PET value chain to meet the increasing demand from customers.
- March 2018: IntraPac International Corporation, a manufacturer of rigid packaging solutions acquired Quality Plastics, LLC, a manufacturer of custom extrusion blow molded containers, based in Arizona. With this acquisition IntraPac will further expand manufacturing footprint in the West Coast and expand their product offering into high density polyethylene bottles segment.
List of companies profiled in the Blow Molded Plastics Market Report:
- Apex Plastics (U.S.)
- Inpress Plastics Ltd. (UK)
- Garrtech, Inc. (Canada)
- Berry Global, Inc. (U.S.)
- Comar, LLC (U.S.)
- Rutland Plastics Ltd. (UK)
- The Plastic Forming Company, Inc. (U.S.)
- Agri-Industrial Plastics (U.S.)
- Creative Blow Mold Tooling (U.S.)
- North American Plastics, Ltd. (U.S.)
- INEOS Group (UK)
- Other
Inquiry before Buying:
https://www.fortunebusinessinsights.com/enquiry/queries/blow-molded-plastics-market-101772
About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Contact Us:
Fortune Business Insights™ Pvt. Ltd.
9th Floor, Icon Tower,
Baner – Mahalunge Road,
Baner, Pune-411045, Maharashtra, India.
Phone:
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Email:[email protected]