Report Details:
15 Companies Covered
161 Pages
MRFR Press Release - Market Research Future Published a Half-Cooked Research Report on Global Blow Molded Plastics Market. The Blow Molding Plastics Market was valued at USD 79 billion in 2022 and is expected to increase from USD 85 billion in 2023 to approximately USD 96 billion by 2030, registering a compound annual growth rate (CAGR) of 5.00% over the forecast period.
Market Overview:
The Global Blow Molded Plastics Market projected to grow at the significant growth rate in the coming years due to healthy growth in end use industries. Over the past five years, the market has witnessed technological reforms in the manufacturing of Blow Molded Plastics that provides Molded Plastics manufacturers to produce customized products. Moreover, agriculture industry sets a potential growth in this market driven by increasing demand for agriculture films. On the other hand, the key economies in Asia Pacific such as China and India are dealing with the overcapacity of Molded Plastics due to the reduced manufacturing cost. These factors are considered as major restraints over the growth of the Global Blow Molding Plastics Market.
Competitive Players:
The key players in the Global Blow Molding Plastics Market are The Dow Company, Exxon Mobil Corporation, Magna International Inc., IAC Group, Berry Global Inc., Rutland Plastics Ltd., Comar LLC, Inpress Plastics Ltd., and The Plastics Forming Company.
Market Segmentation:
The Global Blow Molding Plastics Market is segmented on the basis of the type, end use and region. Market segmentation based on type includes HDPE, LDPE, PP, PVC, and PET. Polyethylene (PE) has emerged as one of the promising segments by type and dominated the global market as of 2016. Polyethylene growth has been driven by its application in packaging and electrical & electronics industry. Specifically, in food & beverage industry, PE is used for wide packaging applications. Furthermore, PET was the second largest segment and it is anticipated to grow at highest CAGR over the review period.
Furthermore, based on End Use Market has been segmented as food processing, construction, automobile, furniture & design, agriculture and others. Food industry followed by construction industry is the largest consumer of Blow Molding Plastics. Since the food & beverages industry is on the rise, it is anticipated to continue its dominance over the forecast period. Specifically packaging applications in food and beverages is complementing growth in the Global Blow Molding Plastics Market. Over the past few years, agriculture industry is emergently using molding Plastics. agriculture films are made of LDPE and HDPE, which in turn, has raised the demand for Blow Molding Plastics. This particular industry is expected to provide lucrative growth opportunities in the coming years due to huge investment in process from upcoming agricultural projects. Though, the region is anticipated to be growing at a healthy CAGR over the forecast period owing to high consumer awareness and improving lifestyle.
Blow Molding Plastics Market Regional Analysis:
The Global Blow Molding Plastics Market is spanned across Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. As of 2016, Asia Pacific dominated global market both in terms of value and volume. The region accounted for more than one third of the global market share on account of economic reforms in the major economies across the region. Growth in this region was highly attributed to use of Molded Plastics in construction sector such as decoration, electrical wiring, flooring, wall covering and water proofing. North America was the second largest market after Asia Pacific. The flourishing automotive industry has led growth in this market due to the demand for light weight and durable materials. On the other hand, Europe is undergoing sluggish growth due to relatively less industrial output.
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