Inkwood Research estimates that the Global Blow Molded Plastics Market is evaluated to register a CAGR of 4.36% in terms of revenue and 3.46% in terms of volume during the forecasting years of 2021-2028.
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Blow molding is a manufacturing process, wherein hollow
plastic parts are joined and formed together. Injection blow molding, injection
stretch blow molding, and extrusion blow molding, are the three main types of
blow molding. Blow molded plastics are hollow plastic manufactured using the
blow molding process. These include water, milk, and juice bottles.
Increasing
Demand for Dairy Products Fuels Market Growth
Milk production is projected to increase by over 200 million
tons by 2026. The per capita consumption in the developed countries is estimated
to be 1% and 15% in developing countries. South Asia and EU-25 are considered
to be prominent regions, since they together account for 45% of the global milk
production.
The economic prospects of a region or country determine the
dairy product trade. One of the largest importers of dairy products, China,
recorded an increase of over 5% in its skimmed milk powder and whole milk
powder imports in 2018. The milks-surplus countries include the United States,
Uruguay, Australia, New Zealand, Argentina, along with several countries of
Eastern and Western Europe. The Asia Pacific records the highest demand due to
high population concentration. Moreover, the urbanization of developing
countries adds to the growing demand for packaged dairy products. There is increasing
use of aseptic packaging since it provides a higher shelf life. Also, the surge
in dairy producers in India and China is resulting in increased demand for
packaging products. The blow molded plastics will aid in meeting the demand for
dairy packaging.
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Polyethylene
(PE) to fare Largest Market Share in terms of Revenue & Volume
The polymerization of ethylene
results in the production of polyethylene (PE). It is extremely rigid, given
its high density, and utilized in applications like personal care and home care
products. The three varieties of PE used in blow molded plastics include, LDPE,
medium-density PE, and HDPE. Of these, LDPE is used as generic food storage
containers and for food packaging. HDPE has the highest recycling rate.
Further, polyethylene compounds
are integral to the packaging industry. The ultrahigh molecular weight
polyethylene has applications in medical devices and bulletproof vests. One of
the leading applications for polyethylene compounds is construction. It is also
used in the prototype development on CNC (Computer Numerical Control) machines
and 3D printers.
Asia
Pacific – The Dominant Region in terms of Volume & Revenue
The manufacturing precision parts market encompasses a large
share of semiconductors, electronics, and automotive industries. The tax termination
on imported built-up vehicles has emboldened the automotive industry. Further,
private-label bottled water and other beverages have increased in the region. Such factors are expected to offer lucrative
growth opportunities for the blow molded plastics market. Moreover, in
countries like Malaysia, the increasing demand for food & beverage
packaging, the growing usage of biodegradable plastics, and the expectant
growth of aerospace and construction sectors, are set to influence the market
growth.
The competitive rivalry is high in the market, with many
vendors operating out of all geographic locations. The market provides
substantial growth opportunities for both large and small vendors. Though the
threat of new entrants is high, since the mass production of blow molded
plastic products are commoditized, which further intensifies the threat of
rivalry. Some of the leading entities in the market are Garrtech Inc, Exxon
Mobil Corporation, Machinery Center Inc, Comar LLC, etc.
About Inkwood
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research reports and consulting services. Market intelligence studies with
relevant fact-based research are customized across industry verticals such as
technology, automotive, chemicals, materials, healthcare, and energy, with an
objective comprehension that acknowledges the business environments. Our
geographical analysis comprises North & South America, CEE, CIS, Middle
East, Europe, Asia, and Africa.
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