Inkwood Research estimates that the global blow molded plastics market is valued to register a CAGR of 4.36% in terms of revenue and 3.46% in terms of volume during the forecast years 2021-2028.
“Browse through 105 Market Data Tables and 50 Figures spread across 205 pages, along with an in-depth TOC of Global Blow Molded Plastics Market Forecast 2021-2028.”
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Blow molding is a manufacturing process in which hollow plastic parts are assembled and formed together. Injection blow molding, injection stretch blow molding and extrusion blow molding are the three main types of blow molding. Blow molded plastics are hollow plastics made using the blow molding process. These include bottles of water, milk and juice.
Growing demand for dairy products is fueling market growth
Milk production is expected to increase by more than 200 million tonnes by 2026. Per capita consumption in developed countries is estimated at 1% and 15% in developing countries. South Asia and the EU-25 are considered important regions, as they together account for 45% of global milk production.
The economic prospects of a region or country determine the trade in dairy products. One of the biggest importers of dairy products, China, recorded an increase of more than 5% in its imports of skimmed milk powder and whole milk powder in 2018. The milk surplus countries are the United States , Uruguay, Australia, New Zealand, Argentina, as well as several countries in Eastern and Western Europe. Asia-Pacific records the highest demand due to high population concentration. Additionally, urbanization in developing countries is adding to the growing demand for packaged dairy products. Aseptic packaging is increasingly used because it offers a longer shelf life. Moreover, the increase in the number of dairy farmers in India and China leads to an increased demand for packaging products. Blow molded plastics will help meet the demand for dairy product packaging.
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Polyethylene (PE) will get the largest market share in terms of revenue and volume
The polymerization of ethylene results in the production of polyethylene (PE). It is extremely stiff, given its high density, and used in applications such as personal care and home care products. The three varieties of PE used in blow molded plastics include LDPE, medium density PE and HDPE. Among these, LDPE is used as generic food storage containers and for food packaging. HDPE has the highest recycling rate.
Additionally, polyethylene compounds are an integral part of the packaging industry. Ultra high molecular weight polyethylene has applications in medical devices and body armor. One of the main applications of polyethylene compounds is in construction. It is also used in the development of prototypes on CNC (Computer Numerical Control) machines and 3D printers.
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Asia-Pacific – The dominant region in terms of volume and revenue
The precision parts manufacturing market encompasses a large portion of the semiconductor, electronics, and automotive industries. The removal of the tax on imported assembled vehicles emboldened the auto industry. Additionally, private label bottled water and other beverages have increased in the region. These factors are expected to provide lucrative growth opportunities for the blow molded plastics market. Additionally, in countries like Malaysia, rising demand for food and beverage packaging, growing use of biodegradable plastics, and expected growth in aerospace and construction sectors are expected to influence the growth of the market.
Competitive rivalry is high in the market with many vendors operating in all geographies. The market offers substantial growth opportunities for both large and small vendors. Although the threat of new entrants is high, since the mass production of blow molded plastic products is commoditized, which further intensifies the threat of rivalry. Some of the major market entities are Garrtech Inc, Exxon Mobil Corporation, Machinery Center Inc, Comar LLC, etc.
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GLOBAL BUILDING AND CONSTRUCTION PLASTICS MARKET
GLOBAL AUTOMOTIVE PLASTICS MARKET
GLOBAL BIODEGRADABLE PLASTICS MARKET
GLOBAL EXPANDED POLYSTYRENE (EPS) MARKET
GLOBAL PLASTIC COMPOUNDING MARKET
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