Market Introduction :
According to the report published by Market Research Future (MRFR), the Blow Molding Plastics Market is calculated to attain a high CAGR percentage over the forecast period. The blow molded plastics have a number of use cases and applications, such as for manufacturing air ducts in automobile, bottles, chemical & gasoline tanks, toys, household goods, and so on.
These existing and new applications of the blow molding plastics are expected to drive massive growth towards the market. Additionally, the growth of the food and beverages sector acts as a significant motivator to the progress charts of the blow molding plastics market. However, the environmental concerns and side effects of plastic can hamper the growth of the market during the forecast period.
Competitive Landscapes :
The global blow molding plastics market comprises various leading players, including IAC Group, Exxon Mobil Corporation, Magna International Inc., The Dow Company, Inpress Plastics Ltd., Comar LLC, Berry Global Inc., The Plastic Forming Company, Rutland Plastics Ltd., and others.
March 15th, 2019, it was revealed that Littlejohn Capital has completed its acquisition of Western Industries Plastic Products LLC, a Kansas-based manufacturer of large blow-molded items. Although no financial terms were disclosed, the move is monumental for both the company’s expansion.
March 5th, 2019, Milacron Holdings Corp. revealed its plans of investing at least $30 million for its second plastics manufacturing factory in India within the next two years to handle their growth and expand their footprint in India.
Blow molding is a manufacturing process that includes the heating of a molded thermoplastic resin and solidifying the molded plastic with a cooling process. There are various types of blow molding; some of the most basic types include stretch blow molding, extrusion molding, reheat and blow molding and injection molding.
Market Segmentation :
The global blow molding plastics market segmentation is done on the basis of application and type.
By application, the market includes Furniture & Design, Agriculture, Food Processing, Construction, and others. The construction segment holds the maximum market percentage with 30% share. However, the market is closely followed by the food processing and automobile segment.
By type, the market comprises of Polyvinyl chloride (PVC), High-density polyethylene (HDPE), Low-density polyethylene (LDPE), Polyethylene (PE), Polypropylene (PP), and Polyethylene terephthalate (PET). The PET market segment is expected to witness increasing growth over the assessment period due to its recyclability and subsequent demand from the food packaging industry.
Regional Analysis :
The geographical segmentation of the blow molding plastics market is divided into the following regions: North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa.
The Asia Pacific region drives the usage of plastic for both recycling plastic compounds and environmental-friendly compounds due to the growing middle-class consumers in the region. The plastics are used for packaging and acts as a major driver to the regional market. Additionally, the usage of molded plastics in the construction industry for flooring, electrical wiring, decoration, wall covering, and water proofing. The region holds more than 30% of the market share to its name.
In North America, the market is also projected to experience increasing growth during the forecast period. The growth in this region can be attributed to the booming automotive industry. The automotive industry is constantly on the lookout for materials that are light weighted and durable. This demand is fulfilled by polyolefin, which is used for producing light weight vehicles. This is anticipated to propel the growth of the blow molding plastics market in this region.
The European market holds a notable percentage of the global market share. High awareness among consumers and improved lifestyle of people enables them to lay focus more on the renewable raw materials for manufacturing plastics in furniture, automotive industries, and food packaging. The increasing demand and usage of PET packaging is identified as the leading factor driving the market growth in this region.
The Middle East and Africa is expected to experience slow paced growth during the forecast period due to the anticipated cost-cutting of the financial budgets from the government for newer projects. The ne imports growth rate in Latin America is expected to decline but the usage of plastic imports from external regions are expected to increase.