Blow Molding plastics are made by a molding process, heating a thermoplastic resin and solidifying the molded plastic by cooling. Blowing Molded Plastics have a wide range of applications in the manufacturing of toys, bottles, air ducts in automobiles, chemical & gasoline tanks, household goods, and others. Moreover, it is a high demand in the food and packaging industries. Thus, the rising food & beverage industry coupled with the packaging sector is the few factors responsible for the growth of the market over the forecast period. For instance: as per Statista, the Brazilian food & beverage industry generated USD 61.48 billion in 2010 and has risen to USD 130.15 billion in 2019. According to the National Investment Promotion & Facilitation Agency, in India, the processed food market was about USD 322 billion in 2016 and is likely to grow to almost USD 543 billion by the year 2020 at a CAGR of 14.6%. Similarly, as per the United States Department of Agriculture (USDA), the Canadian food and beverage processing sector is reached almost USD 87 billion in 2018, and the government of Canada aims to increase agri-food exports by 26% (up to USD 65 billion) by 2025. Whereas, concerns over plastic waste and recycling is the major factor restraining the growth of the global Blow Molded Plastics market during the forecast period.
Global Blow Molded Plastics Market is valued at approximately USD 77.9 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 2.8 % over the forecast period 2020-2027 and is estimated to reach USD 97.2 billion by 2027.
The regional analysis of the global Blow Molded Plastics market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and the Rest of the World. The Asia Pacific is the leading/significant region across the world owing to the 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 region over the past few years.
Major market players included in this report are Magna International Inc, International Automotive Components (IAC) Group, Inpress Plastics Ltd, Comar LLC, Rutland Plastics Ltd, Gemini Group Inc, The Plastic Forming Company Inc, Agri-Industrial Plastics, Garrtech Inc, and Creative Blow Mold Tooling
The detailed segments and sub-segment of the market are explained below
By Technology: Injection Blow Molding, Extrusion Blow Molding, Stretch Blow Molding, Compound Blow Molding
by Product: Polypropylene (PP), Acrylonitrile Butadiene Styrene (ABS), Polyethylene (PE), Polystyrene (PS), Polyvinyl Chloride (PVC), Polyethylene Terephthalate (PET), Others
By Application: Packaging, Consumables & Electronics, Automotive & Transport, Building & Construction, Medical, Others
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