The market for blow-molded plastics was valued at USD 76.1 billion in 2020, and from 2021 to 2028, it is anticipated to expand at a CAGR of 3.5%. Over the course of the projected period, the market is anticipated to be driven by rising demand from major application industries like construction, automotive, and packaging, particularly in BRICS (Brazil, Russia, India, China, and South Africa). The demand for numerous medicinal items, cleaning agents, and sanitizers has surged as a result of the worldwide Covid-19 outbreak. The need for blow-molded plastics in medical applications is thus being driven by this. The segment is anticipated to develop faster than the building & construction and consumables & electronics categories.
Due to a number of problems, including stagnant industrial output brought on by the Covid-19 outbreak, rising unemployment, and the debt crisis, the European market is predicted to grow slowly. However, a promising scenario for manufacturing and consumerism in Eastern Europe is anticipated to fuel the industry.
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In 2020, the market was headed by the extrusion blow moulding technology segment, which accounted for 37.0% of worldwide revenue. Extrusion is a procedure used mostly in the mass production of packaging items like bottles and cans since it is comparably less expensive than other processes.
Due of the reduced pressure demand in the former, extrusion blow moulds are less expensive than injection blow moulds. Another benefit of the extrusion method is the decreased cost of the machinery. Furthermore, using this method makes shaping external threads simple and affordable. As a result, it is anticipated to experience the quickest growth among all technological segments over the forecast period.
In 2020, the Polyethylene (PE) product group dominated the market and generated more than 20.0% of worldwide revenue. The rising use of PE compounds in the electrical & electronics and packaging industries is responsible for this sizeable percentage. Different types of bottles used to package a variety of goods, including food and chemical products, are a major use for PE compounds.
Due to increased use of packaging items as a result of growing consumerism in emerging nations, the packaging application segment led the market and accounted for more than 39% of the worldwide revenue in 2020. The need for face shields, masks, and other personal protective equipment is expanding, and emerging economies have high levels of consumer spending. The demand for plastic compounds like PE and PET is anticipated to increase in the future due to the expansion of the packaging sector.
In 2020, Asia Pacific dominated the market and generated more than 33.0% of global revenue. Over the past several years, the development of the regional market has been aided by a favourable economic environment and the rise of a number of indigenous manufacturers with good technological skills at cheaper costs than the mature economies in Europe and North America. In China, a significant centre of production, the end-use industries that use blow-molded plastic compounds have experienced considerable expansion. This aspect is also promoting market expansion in APAC.
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Key players influencing market growth and profiled in report are:
- International Automotive Components (IAC) Group
- Creative Blow Mold Tooling
- Rutland Plastics Ltd.
- The Plastic Forming Company Inc.
- Comar LLC
- Inpress Plastics Ltd.
- Garrtech Inc.
- Magna International Inc.
- Agri-Industrial Plastics Co
- Gemini Group Inc.
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa