Blow Molded Plastic Market Growth, Size, Forecast To 2030

(MENAFN- Straits Research) Introduction

Blow molding is the processing of the thermoplastics into complex hollow objects. The process involves the use of heat, air pressure, and water. Blow molding plastics are most commonly used to manufacture bottles, which are used in industries like food and beverages, pharmaceuticals, personal care, household chemicals, and the storage of engine oil.

Glass and Metal Substitutes and Developing construction industry to Surge market Growth

Owing to the growth of the global market, blow molded plastics are increasingly becoming a substitute for raw materials like glass, metal, rubber, wood, etc., especially in automobiles and industrial machinery. Awareness of carbon emissions is due to metals with lightweight plastics. Low-density plastics help to increase fuel efficiency and improve machinery performance, owing to a decrease in carbon emissions. Government initiatives combined with modern technologies will boost the demand for plastics in automotive applications. This is predicted to drive the demand for blow molded plastic in various components in various industries.

Owing to the growing demand for plastic products and services, industries such as construction, packaging, and automotive are the primary markets for blow molded plastics in regions like Asia-Pacific and Central and South America. The use of plastics in the construction industry provides durability and cost-effectiveness. Countries are expected to focus on trade and investment in their domestic markets, owing to diminishing reliance on exports. This is projected to be facilitated by relatively easy access to finance and a robust local labor market.

COVID-19 outbreak across the globe has severely affected manufacturing industries, leading to a negative impact on the growth of the global blow molded plastics market. A sharp decline in demand is witnessed in end-use industries like consumer electronics, furniture, and automotive, owing to increased spending on essential items like food and medical products. Factory shutdowns, limitations on supply and transport, and a slowdown in infrastructure development activities across the globe are anticipated to hamper the global plastics market.

Collaboration, acquisition, and merging can be expected on a global scale. Many companies have started manufacturing medical products like masks, sanitizers, testing kits, ventilators, disinfectants, etc.

• Magna International Inc. started using its car seat sewing skills to produce surgical face masks for medical workers to meet the growing demand for face masks during the COVID-19 pandemic.
• In order to tackle the pandemic situation, Berry Global Inc. is producing N95 and N99 face masks, specialty non-woven material for protective gowns, and 100,000 face shields per week.
• In response to the COVID-19 pandemic, Lyondell Basell Industries Holdings B.V. produces isopropyl alcohol, which is used in hand sanitizers, and polypropylene which is used in the manufacturing of face masks and gowns.

Regional Analysis

Asia-Pacific will hold the largest market share during the forecast period due to increasing demand for plastics in various industries, especially packaging and construction. The Asia-Pacific blow molded plastic market was valued at USD 27,547.0 million in 2021 and is expected to account for USD 40,937.46 million by 2030, growing at a CAGR of 4.5%. Europe will account for the second-largest market share and is expected to be valued at 7,677.05 million in 2030, growing at a CAGR of 2.5%, owing to the increasing demand in the medical, automotive, electronics, and construction industries.

North America will mark a CAGR of 3.2%, with the US occupying the majority of market value. With rising plastic requirements in packing, automotive companies will boost their market share. Central and South America and the Middle East and Africa will account for competitively lower growth, with South Africa registering a growth rate owing to the developing economy.

Key Highlights

• The global blow molded plastic market was valued at USD 16,523.52 million in 2021 and is anticipated to generate USD 22,402.64 million by 2030. The market is projected to grow at a CAGR of 3.44% during the forecast period (2022–2030).
• Polyethylene Terephthalate (PET) is the major shareholder in the global blow molded plastic market. The global market for PET is projected to generate USD 20,468.68 million in 2030, growing at a CAGR of 4.2%.
• Based on the technology trends, blow molded plastics are segmented as extrusion blow molding, injection blow molding, compound blow molding, and stretch blow molding. The global market for extrusion blow molding technology is projected to generate USD 42,674.87 million in 2030, growing at a CAGR of 4.0%.
• Application-wise, the packaging is the largest market holder among other applications like medical, automotive and transport, and consumables and electronics. The packaging industry is projected to generate USD 44,078.37 million in 2030, growing at a CAGR of 3.7% during the forecast period.
• Geographically, the market is divided into North America, Europe, Asia-Pacific, Central and South America, and the Middle East and Africa. The Asia-Pacific market is expected to be valued at USD 40,937.46 million by 2030, growing at a CAGR of 4.5% during the forecast period.