Global Blow Molding Resins Market Overview
Blow Molding Resins Market Size was valued at USD 10.99 billion in 2023. The Blow Molding Resins industry is projected to grow from USD 11.73 Billion in 2024 to USD 18.51 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.86% during the forecast period (2024 - 2032). Increasing demand from the packaging industry and the increase in the use of molding resins in the production of car headlights are the key market drivers enhancing the market growth.
            
Source: Secondary Research, Primary Research, Market Research Future Database, and Analyst Review
Blow Molding Resins Market Trends
- The increasing awareness of the environmental impact of plastics is driving the market growth.
Plastic is a major contributor to pollution and environmental degradation. It can take centuries for them to break down and end up in landfills, oceans, and other bodies of water. This can harm wildlife, ecosystems, and human health. In addition, the environmental effects of plastics have been in the news in recent years. This has increased awareness of the problem among consumers and policymakers. Scientific studies have also shown that plastic harms the environment. Research helps raise awareness of the problem and calls for action. Increasing awareness of the environmental impacts of plastics is driving the demand for more molding resins. These resins are biodegradable and are made from renewable materials such as corn and sugar. Knowing the impact of plastic on the environment is good for the environment. This factor drives the Market CAGR.
Also, Polyethylene and polyethylene terephthalate are commonly utilized resins in blow molding to produce various bottles and containers. These applications range from everyday items such as shampoo bottles to larger industrial drums. However, the industrial sectors have been greatly impacted by the growing population and the increasing demand for health awareness. Consequently, there has been a significant surge in the demand for blow molding resins, a key market driver. Moreover, numerous new players and industrial owners have emerged in the modern market to meet the demand. Following the lifting of lockdown restrictions, the market witnessed a revolution with the entry of new industrial players. This has led to a substantial increase in competition between established market leaders and emerging industries, subsequently driving growth and production across the entire sector.Thus, driving the Blow Molding Resins market revenue.In 2023, Toray Industries Inc. announced that it is expanding its line of high-performance PBT (Polybutylene terephthalate) resins for chemical recycling. The company depolymerizes waste PBT from manufacturing processes to make more materials. It also includes new types like Low warpage Glass Fiber Reinforced ones & hydrolysis resistant.
Blow Molding Resins Market Segment Insights
Blow Molding Resins Molding Proces Insights
Based on the molding process, the Blow Molding Resins market segmentation includes extrusion and injection blow molding. The extrusion segment dominated the market. The extrusion process is extensively employed in the mass production of packaging items, bottles, and cans due to its cost-effectiveness. Its popularity stems from the reduced pressure demands and the lower machinery expenses, which serve as additional advantages.
Figure1: Blow Molding Resins Market, by Molding Proces, 2022&2032 (USD billion)
                
Source: Secondary Research, Primary Research, Market Research Future Database, and Analyst Review
Blow Molding Resins Type Insights
Based on type, the  Blow Molding Resins market segmentation includes PE, PP, PET, ABS, PC, and Others. The market was primarily controlled by the PE segment, which happens to be one of the most commonly found polymers that produce a large number of polyethylene resins annually. These resins are thermoplastic polymers, meaning they can be melted and reshaped without losing their inherent qualities. Due to its high flexibility and resistance to steam, moisture, abrasion, and various chemicals, PE is widely used in packaging materials.
Blow Molding Resins End-Use Industry Insights
Based on the end-use Industry, the Blow Molding Resins market segmentation includes packaging, automotive, consumer goods, and others. Blow molding resins, known for their exceptional properties such as toughness, stiffness, abrasion resistance, high thermal distortion temperatures, and their ability to withstand chemical and abrasion attacks, have emerged as the dominant force in the packaging category. Their unique attributes make them an ideal option for the packaging sector.In April 2021, SOCAR Polymer launched two new copolymer polypropylene resin grades for use in rigid and thin-wall packaging. Its intention was to enhance the company’s product portfolio.
Blow Molding Resins Regional Insights
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Blow Molding Resins market area will dominate due to the growing demand for food, and beverages will boost the market growth in this RegionRegion.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: BLOW MOLDING RESINS MARKET SHARE BY REGION 2022 (%)
               
Source: Secondary Research, Primary Research, Market Research Future Database, and Analyst Review
The European machine molding resins market holds the second largest market in the Region due to the rising demand for cosmetics and personal care products and a booming industry. Further, the GermanBlow, Molding Resins market, held the largest market share, and the UK Blow, Molding Resins market, was the fastest-growing market in the European Region.
The Asia-Pacific Blow Molding Resins Market is expected to grow at the largest CAGR from 2023 to 2032. This is due to the rapidly-increasing textile industry, growing disposable income, and urbanization and industrialization in this Region. Moreover, the China’sBlow Molding Resins market held the largest market share, and the IndianBlow Molding Resins market was the fastest-growing market in the Asia-Pacific region.Â
Blow Molding Resins Key Market Players& Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the Blow Molding Resins market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Blow Molding Resins industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the  Blow Molding Resins industry to benefit clients and increase the market sector. The Blow Molding Resins industry has offered some significant advantages in recent years. Major players in the Blow Molding Resins market, including BASF SE (Germany), Eastman Chemical Company (U.S.), LyondellBasell Industries Holdings B.V. (Netherlands), DowDuPont (U.S.), SABIC (Saudi Arabia), Exxon Mobil Corporation (U.S.), Solvay (Belgium), INEOS (Switzerland), China Petrochemical Corporation (China), Formosa Plastics Group (Taiwan), Chevron Corporation (U.S.), Versalis S.p.A. (Italy), Lanxess (Germany), Reliance Industries. Limited (India), LG Chem (South Korea)., and others are attempting to increase market demand by investing in research and development operations.
Exxon Mobil Corporation is an American multinational corporation in the oil and gas industry. ExxonMobil has launched a new grade of high-density polyethylene (HDPE) called PaxonTM HDPE SP5504. This innovative product greatly enhances the characteristics typically found in unimodal HDPE resins. PaxonTM SP5504 boasts exceptional performance, making it a superior substitute for unimodal HDPE due to its improved property balance.SABIC further expanded its engineering plastics product portfolio by launching new chemically resistant LNP CRX polycarbonate copolymer resins, as shown in August 2022. SABIC has broadened its engineering plastics range with four novel grades of chemically resistant LNP CRX polycarbonate copolymer resins. To escalate their resistance to chemicals such that they can be applied within various domains, including the automotive industry, electronics industry healthcare industry, amongst other things
IntraPac is a custom packaging company that offers a variety of solutions for the personal care, pharmaceutical, and food and beverage industries. Recently, US-based rigid packaging solutions manufacturer IntraPac International completed its merger with Technical Precision Plastics. IntraPac is known for creating unique packaging solutions, including coating services for adhesives, jars, vials, caps, nozzles, bottles, tubes, and MDI drums. This merger aims to combine their operations and provide top-notch design, production, and supply chain capabilities while delivering excellent service to major medical and consumer industries.BASF SE inaugurated manufacturing facilities for engineering plastics at the Zhanjiang Verbund site in South China’s Guangdong Province with an annual capacity of 60kt in July 2022. Global leader BASF SE inaugurated a special plant producing construction plastics on Wednesday on-site of Zhanjiang Verbund, located within South China’s Guangdong province.
Key Companies in the Blow Molding Resins market include
- China Petroleum Corporation
Blow Molding Resins Industry Developments
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Q2 2024: INEOS launches new bio-attributed HDPE for blow molding applications INEOS announced the commercial launch of a new bio-attributed high-density polyethylene (HDPE) resin designed for blow molding, produced using renewable feedstocks and certified by ISCC PLUS. The product targets packaging and consumer goods markets seeking to reduce carbon footprint.
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Q2 2024: SABIC and Unilever partner to introduce recycled-content blow molding resin for personal care bottles SABIC and Unilever announced a partnership to supply Unilever with certified circular polypropylene (PP) resins for extrusion blow molding, enabling the production of personal care bottles with high recycled content in Europe.
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Q1 2024: Chevron Phillips Chemical expands Orange, Texas plant to increase blow molding resin capacity Chevron Phillips Chemical completed a major expansion at its Orange, Texas facility, increasing production capacity for polyethylene resins used in blow molding applications to meet growing demand in packaging and industrial markets.
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Q2 2024: Dow introduces new high-performance blow molding resin for automotive fuel tanks Dow launched a new grade of high-density polyethylene (HDPE) resin engineered for blow-molded automotive fuel tanks, offering improved barrier properties and processability for OEMs seeking lightweight solutions.
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Q1 2024: ExxonMobil debuts Exceed XP 7, a next-generation blow molding resin for flexible packaging ExxonMobil announced the commercial availability of Exceed XP 7, a new polyethylene resin designed for extrusion blow molding, providing enhanced toughness and downgauging potential for flexible packaging producers.
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Q3 2024: Alpla Group opens new blow molding resin recycling facility in Spain Alpla Group inaugurated a new recycling plant in Spain dedicated to producing high-quality recycled PET and HDPE resins for blow molding, supporting the company's circular economy initiatives in European packaging markets.
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Q2 2024: LyondellBasell signs supply agreement with Coca-Cola for bio-based blow molding resins LyondellBasell entered into a multi-year supply agreement with Coca-Cola to provide bio-based polyethylene and polypropylene resins for use in blow-molded beverage bottles, advancing both companies' sustainability goals.
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Q1 2024: INEOS acquires controlling stake in Italian blow molding resin producer Versalis INEOS announced the acquisition of a majority stake in Versalis' blow molding resin business, expanding its European footprint and product portfolio in the packaging and automotive sectors.
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Q2 2024: Eastman launches Tritan Renew copolyester for blow-molded reusable bottles Eastman introduced Tritan Renew, a copolyester resin containing 50% certified recycled content, specifically formulated for extrusion blow molding of reusable water bottles and food containers.
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Q3 2024: SABIC announces $200 million investment in new blow molding resin plant in Saudi Arabia SABIC revealed plans to construct a new facility in Jubail, Saudi Arabia, dedicated to producing advanced polyethylene and polypropylene resins for blow molding, with operations expected to begin in 2026.
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Q2 2024: Braskem and Amcor sign partnership to develop bio-based blow molding resins for packaging Braskem and Amcor announced a strategic partnership to co-develop and commercialize bio-based polyethylene resins for extrusion blow molding, targeting sustainable packaging solutions for global consumer brands.
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Q1 2024: Berry Global appoints new VP of Blow Molding Resins Division Berry Global named Lisa Chen as Vice President of its Blow Molding Resins Division, tasking her with leading innovation and sustainability initiatives across the company's global resin operations.
Blow Molding Resins Market Segmentation
Blow Molding Resins Molding Proces Outlook
Blow Molding Resins Type Outlook
Blow Molding Resins End-Use Industry Outlook
Blow Molding Resins Regional Outlook
Report Attribute/Metric |
Details |
Market Size 2023 |
USD 10.99 billion |
Market Size 2024 |
USD 11.73 billion |
Market Size 2032 |
USD 18.51billion |
Compound Annual Growth Rate (CAGR) |
5.86%(2024-2032) |
Base Year |
2023 |
Market Forecast Period |
2024-2032 |
Historical Data |
2018- 2022 |
Market Forecast Units |
Value (USD Billion) |
Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
Segments Covered |
Molding Process, Type, End-Use Industry, and Region |
Geographies Covered |
North America, Europe, AsiaPacific, and the Rest of the World |
Countries Covered |
The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
Key Companies Profiled |
 BASF SE (Germany), Eastman Chemical Company (U.S.), LyondellBasell Industries Holdings B.V. (Netherlands), DowDuPont (U.S.), SABIC (Saudi Arabia), Exxon Mobil Corporation (U.S.), Solvay (Belgium), INEOS (Switzerland), China Petrochemical Corporation (China) |
Key Market Opportunities |
New Product Launches and R&D from Elite |
Key Market Dynamics |
Demand from the packaging industry is increasing with the increasing use of molding resins for light vehicles. |
Blow Molding Resins Market Highlights:
Frequently Asked Questions (FAQ):
The Blow Molding Resins market size was valued at USD 10.99 Billion in 2023.
The Blow Molding Resins Market is growing at a CAGR of 5.86% during the forecast period, 2024-2032.
North America had the largest share of the Blow Molding Resins Market
The key players in the market are BASF SE (Germany), Eastman Chemical Company (U.S.), LyondellBasell Industries Holdings B.V. (Netherlands), DowDuPont (U.S.), SABIC (Saudi Arabia), Exxon Mobil Corporation (U.S.), Solvay (Belgium), INEOS (Switzerland), China Petrochemical Corporation (China).
The Extrusion category dominated the Blow Molding Resins Market in 2022.
Packaging witnessed the largest share of the Blow Molding Resins Market