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, MRFR Database, and Analyst Review
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.
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, MRFR Database, and Analyst Review
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.
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.
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, MRFR 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.
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.
February 2021: ExxonMobil has recently launched an innovative PaxonTM HDPE grade, SP5504, which greatly enhances the typical characteristics of unimodal HDPE resins. Thanks to its exceptional performance, PaxonTM SP5504 can be a seamless substitute for unimodal HDPE, offering an improved balance of properties.
January 2019: IntraPac International, a US-based packaging solutions manufacturer, has completed its merger with Energy Products. IntraPac creates unique packaging solutions for MDI drums, such as sticks, jars, vials, caps, nozzles, vials, tubes, and coating systems. The company aims to provide design, manufacturing, and sourcing services with world-class services in critical medical and consumer markets.
| 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 | Â 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
Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
