Blow Molding Plastics Market is projected to witness moderate growth at a CAGR of over 4.3% to reach USD 95.8 Billion by 2030.
Blow molding is a manufacturing process used to create hollow plastic parts by inflating a heated plastic tube until it fills a mold and forms the desired shape. There are mainly three types of blow molding processes: extrusion blow molding, injection blow molding, and injection stretch blow molding. Blow-molded parts can be formed from various thermoplastic materials, including polyethylene, polyethylene terephthalate, polypropylene, polyvinyl chloride, polystyrene, and acrylonitrile butadiene styrene, amongst others.
The prominent factor driving the growth of the blow molding plastics market is the rising product demand from major end-use industries that include automotive and packaging. Advancements in technologies and ongoing research & development are expected to support the growth of the market during the forecast period. However, fluctuating raw material prices and the presence of potential substitutes are likely to hamper the growth of the market. Furthermore, the increased scope of applications and the rising demand from emerging countries are likely to create lucrative growth opportunities for the market. The outbreak of COVID-19 has resulted in the shutting of factories and businesses, canceled air transport routes, and lockdowns, negatively impacting the industry. However, with the lift of lockdown measures and trade restrictions, the demand is expected to gain pace and drive market growth.
The growth of the Global Blow Molding Plastics Market is primarily driven by the significantly rising demand from the packaging industry. The global packaging industry is showing remarkable growth for the last five years due to the growing demand from end-use industries such as food & beverages, pharmaceuticals, personal care & cosmetics, and e-commerce. The use of plastic as a packaging material is growing rapidly in the packaging industry, owing to its superior performance, cost-effectiveness, and durability.
Additionally, the growth of the healthcare industry has contributed to the growth of the blow molding plastics market to a high degree as plastic packaging helps maintain hygiene and is less susceptible to damage and leaks than glass packaging. Healthcare products such as syringes, bottles, cylinders, and medical containers are made up of blow molding plastics. Therefore, the growing demand for blow molding plastics in the packaging industry boosts global demand.
However, the presence of potential substitutes is likely to restrain the growth of the Global Blow Molding Plastics Market during the forecast period.
Impact of COVID-19 on the Global Blow Molding Plastics Market
The outbreak of COVID-19 has had a negative impact on the production of blow molding plastics due to the disruption in the supply chain across the globe. The global pandemic has led to a reduced supply of some of the products primarily due to the reduced operating capacities of production plants across Europe and Asia-Pacific. Furthermore, the manufacturers are also facing serious headwinds due to disruptions in raw material supply and fluctuations in prices.
Key end consumers of blow molding plastics include packaging, automotive, building and construction, and consumables and electronics. The demand from the automotive and packaging industries has experienced a significant decline primarily due to the shutting down of factories and businesses worldwide, resulting in insufficient availability of raw materials, thereby affecting production on a global scale. For instance, in March 2020, Fiat Chrysler Automobiles and Groupe PSA announced that they are completely stopping car production in Europe, while Volkswagen AG has shut factories in Italy and Spain. Major auto producers such as Maruti Suzuki, Hero MotoCorp, and Bajaj Auto also shut down operations in Gurgaon and Pune owing to the countrywide lockdown imposed by the government to curb the spread of COVID-19.
Global Blow Molding Plastics Market Revenue, By Application, 2018–2027 (USD Million)
Sources: MRFR Analysis
Global Blow Molding Plastics Market has been segmented based on Type and Application.
By type, the global blow molding plastics market is segmented into polypropylene, polyethylene, polystyrene, acrylonitrile butadiene styrene, polyvinyl chloride, polyethylene terephthalate, and others. In 2019, the polyethylene (PE) segment held the largest market share of over 22%. Low-density polyethylene (LDPE) and high-density polyethylene (HDPE) are the types of polyethylene for the blow molding plastic process.
Based on application, the global blow molding plastics market has been segmented into packaging, automotive & transportation, building & construction, consumables & electronics, and others. Among these, the packaging segment emerged as the leading and fastest-growing segment, registering the highest CAGR of over 5%.
Global Blow Molding Plastics Market Share, by Region, 2019 (%)
Sources: MRFR Analysis
Blow Molding Plastics Market has been segmented, based on region, into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. Among these, Asia-Pacific emerged as the leading and fastest-growing region with a value share of 41% in 2019 with the highest CAGR of over 5% during the forecast period. The market growth can be attributed to the growing industrialization and urbanization, especially in the personal care and pharmaceutical industries in developing economies such as China, Japan, and Southeast Asian countries. The market in Europe emerged as the second-leading region with a value of USD 19 billion in 2019, registering a CAGR of around 3.70%.
The Key Players in the Global Blow Molding Plastics Market are LyondellBasell Industries Holdings B.V. (The Netherlands), Berry Global Inc (US), INEOS (UK), Magna International Inc (Canada), IAC Group (Luxembourg), Comar, LLC (US), Inpress Plastics Ltd (UK), Rutland Plastics Ltd (UK), Garrtech Inc. (Canada), Gemini Group, Inc (US), Plastic Forming Company Inc (US), and North American Plastics Ltd (US).
Global Blow Molding Plastics Market, By Type
Global Blow Molding Plastics Market, By Application
Global Blow Molding Plastics Market, By Region
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|Market Size||2030: USD 95.8 Billion|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, Application and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||LyondellBasell Industries Holdings B.V. (The Netherlands), Berry Global Inc (US), INEOS (UK), Magna International Inc (Canada), IAC Group (Luxembourg), Comar, LLC (US), Inpress Plastics Ltd (UK), Rutland Plastics Ltd (UK), Garrtech Inc. (Canada), Gemini Group, Inc (US), Plastic Forming Company Inc (US), and North American Plastics Ltd (US).|
|Key Market Opportunities||The rising product demand from major end-use industries that include automotive and packaging. Advancements in technologies|
|Key Market Drivers||The significantly rising demand from the packaging industry.|
HDPE, PE, LDPE, Polypropylene, PVC, PET are the main types of blow molding plastics. And its major end-use industries include construction, food processing, automobile, agriculture, and furniture & design.
Increase in the number of passenger and commercial vehicles across the globe.
Asia Pacific holds the largest share in the global blow molding plastics market followed by Europe and North America, respectively.
The polyethylene compounds segment holds the largest share in the blow molding plastics market in terms of volume.
Exxon Mobil Corporation, The Dow Company, Magna International Inc., Rutland Plastics Ltd., IAC Group, Berry Global Inc., Comar LLC, The Plastic Forming Company, and Inpress Plastics Ltd., are some of the leading players in the global blow molding plastics market.