The global Blow Molded Plastics market size is expected to be worth around US$ 98.7 billion by 2030, according to a new report by Vision Research Reports.
The global Blow Molded Plastics market size was valued at US$ 75.7 billion in 2020 and is anticipated to grow at a CAGR of 3.8% during forecast period 2021 to 2030.
Growth Factors
The global industry is expected to witness significant growth over the forecast period owing to increasing product demand from various application industries. In the past few years, there has been a significant growth in technologies and equipment for manufacturing these plastics, which has enabled manufacturers to cater to specific requirements of several application industries, such as automotive, building & construction, packaging, and others.
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Polyethylene Terephthalate(PET) has several applications in the packaging industry including in manufacturing bottles intended for the packaging of food & beverage products. This is expected to drive its demand over the forecast period. During the Covid-19 pandemic, the demand for Polypropylene (PP) and PET is expected to grow on account of the increased usage of face masks, protective gowns, and packaging bottles for hand sanitizers.
Extrusion blow molded plastics was the largest and the fastest-growing technology segment in 2020. This technology is a revolutionary form of the blow molding process. One of the main advantages of this process is that it enables the manufacturers to increase output along with the efficiency of providing customized products. Moreover, lower mold cost as compared to other processes makes it a cost-effective technology.
Report Highlights
The extrusion blow molding technology segment led the market and accounted for a 37.0% share of the global revenue in 2020. The extrusion process is comparatively cheaper than other processes and hence majorly utilized in bulk manufacturing of packaging products, bottles, and cans.
The cost of extrusion blow mold is lower than the injection blow mold due to the lower pressure requirement in the former. The machinery costs are also lower for the extrusion process, which is an added advantage. Moreover, molding of external threads is easy and cheap with this process. Hence, it is also expected to be the fastest-growing technology segment over the forecast period.
Injection blow molding offers the advantage to manufacture more complex products in several designs and shapes that otherwise would be impossible or difficult with other technologies and the cost of the end products would be considerably higher as well. This process enables companies to increase their production output in a relatively shorter time along with flexibility, in terms of design and materials that can be used. However, heavy machinery design, which occupies greater space, and high costs associated with it may hinder the segment growth.
Stretch blow molding technology is used for the production of high-clarity and -quality bottles and has limited use in the industry. The demand for compound blow molding technique is majorly driven by the automobile industry as this is used for manufacturing extremely high-performance customized auto components. The rising need for lightweight specialized auto parts in both the OEM and aftermarkets is estimated to steer future demand.
The Polyethylene (PE) product segment led the market and accounted for more than 20.0% share of the global revenue in 2020. This significant share is attributed to the increased use of PE compounds in the packaging and electrical & electronics industries. Major applications of PE compounds include different grades of bottles used for packaging a wide range of products, such as food and chemical products.
Apart from the packaging industry, construction is one of the leading applications for PE compounds. Polyethylene is used for prototype development on Computer Numerical Control (CNC) machines and 3D printers. High-density Polyethylene (HDPE) offers easy processing at low cost, a good moisture barrier, and holds the ability to produce opaque and hollow packaging products. Low-density Polyethylene (LDPE) is often preferred, based on the field of application, due to low cost of production, heat-seal ability, high clarity, high elongation, and softness.
The demand for Polyethylene Terephthalate (PET) in packaging is expected to gain traction over the forecast period. Recent developments in PET bottle disposal and recycling have offset the limitations caused by regulations. Moreover, the development of bio-based PET is expected to provide the much-needed scope for internal substitution, thereby driving its demand in various applications. It is widely used in the plastic bottling of soft drinks and for specialty bottling, such as bottling of beer. It is an ideal material for flexible food packaging and thermal insulation owing to some of its properties. It is also often used as a substrate in thin-film solar cells.
The packaging application segment led the market and accounted for more than 39% share of the global revenue in 2020 owing to increased use of packaging products as a result of high consumerism in emerging economies. The packaging industry is driven by the rising demand for personal protective kits, face masks, face shields, and others along with high consumerism in emerging economies. The growth of the packaging industry is projected to boost the demand for plastic compounds, such as PE and PET in the future.
Various regulatory bodies have stipulated guidelines regarding packaging materials in food contact applications. Bisphenol A (BPA), which is often employed to produce and, has been under great regulatory scrutiny, particularly due to its presence in plastics used in packagings, such as PVC and polycarbonate. Polypropylene (PP) is primarily used in flexible packaging of certain food & confectionery items, clothing, tobacco, and others.
Apart from flexible packaging, it has vivid use in the rigid packaging of PP bottles for mineral water and edible oil. It is also used in automotive, consumer products, such as housewares, furniture, appliances, luggage, and other applications. Many automobile manufacturers prefer plastic vehicle parts, which help achieve low-cost production and increase the bottom-line profit margin of the companies.
Sales of these goods are highly dependent on the buying habits of the consumer and hence directly affect the overall market dynamics. Growing population, economic development, and improved purchasing power in the emerging markets are likely to boost the sales of consumer goods, thereby propelling the market growth.
Asia Pacific dominated the market and accounted for over 33.0% share of the global revenue in 2020. A favorable economic situation and the emergence of several domestic manufacturers with sound technological capabilities at lower costs as compared to the mature economies in Europe and North America have assisted in the development of the regional market over the past few years. China, which is a major manufacturing hub, has witnessed tremendous growth of the end-use sectors that consume blow-molded plastic compounds. This factor is also supporting the APAC market growth.
The market in North America is expected to witness slow growth as the cross-border trade among the economies got affected on account of the Covid-19 pandemic. The market is primarily driven by the rising demand for PP and ABS in the packaging application segment for manufacturing bottles, face masks, and face shields among others.
The product demand in various application segments, including packaging, consumables & electronics, automotive & transportation, building & construction, and medical, is expected to grow after the pandemic. The North America region is one of the largest consumers of plastics owing to the high product demand from the automotive, packaging, and construction sectors.
Key Players
Market Segmentation
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