New Castle, DE, USA, Aug. 22, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Blow Molded Plastics Market by Type (Injection Blow Molding, Extrusion Blow Molding, Others), by Material (Polyethylene, Polyethylene Terephthalate, Polypropylene, Polyamide, Polycarbonate, Polyvinyl chloride, Others), by End-use industry (Medical, Packaging, Building and Construction, Automotive and transportation, Electrical and electronics, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the blow molded plastics market was valued at $72.6 billion in 2022 and is estimated to reach $108.5 billion by 2032, exhibiting a CAGR of 4.2% from 2023 to 2032.
Blow molding is a manufacturing process that produces hollow plastic parts. Blow molded plastic containers, bottles, and jars are widely used for packaging various products such as beverages, food items, personal care products, and household chemicals.
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Prime determinants of growth
The consumer goods sector, including household products, toys, and recreational items, relies heavily on blow-molded plastics for manufacturing. Blow-molded plastics offer versatility, cost-effectiveness, and design flexibility, making them suitable for a wide range of consumer products. Blow-molded plastics find applications in various industrial sectors, such as construction, agriculture, and chemical processing. These factors are driving the demand for blow molded plastics. However, growing environmental concern is restraining market growth. Increasing demand from healthcare and the medical industry will provide lucrative opportunity for the market.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $72.6 billion |
| Market Size in 2032 | $108.5 billion |
| CAGR | 4.3% |
| No. of Pages in Report | 358 |
| Segments covered | Type, Material, End-use Industry, And Region. |
| Drivers | Increased demand from the packaging industry. Increased demand from the automotive industry. |
| Opportunities | Growing environmental concern. |
| Restraints | Growing demand from medical and healthcare application. |
The extrusion blow molding segment registered the highest market share during the forecasted period
Based on type, the extrusion blow molding segment held the highest market share in 2022, accounting for more than two-fifths of the global blow molded plastics market revenue and is estimated to maintain its leadership status throughout the forecast period. This segment also held the major CAGR of 4.7% in 2032. Extrusion blow molding produces lightweight yet durable plastic products. This characteristic is particularly beneficial for applications such as packaging, where lightweight containers reduce transportation costs and minimize environmental impact. Despite their lightweight, extrusion blow-molded products exhibit excellent structural integrity and can withstand the rigors of handling and transportation. In addition, extrusion blow molding can contribute to environmental sustainability. The process allows for the use of recycled plastic materials, reducing the dependence on virgin resins and promoting the circular economy. Additionally, the lightweight nature of extrusion blow molded products can contribute to reduced carbon emissions during transportation.
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The polyethylene segment registered the highest market share during the forecasted period
Based on material, the polyethylene segment held the highest market share in 2022, accounting for more than one-third of the global blow molded plastics market revenue and is estimated to maintain its leadership status throughout the forecast period. Polyethylene blow molded products are lightweight, which offers advantages in terms of transportation costs, fuel efficiency, and ease of handling. The lightweight nature of polyethylene makes it particularly suitable for applications in the packaging industry, where weight reduction is desired to minimize environmental impact and optimize logistics. Polyethylene blow molded products find extensive applications across various industries. They are commonly used for manufacturing bottles, containers, drums, tanks, automotive components, toys, and household products. The versatility of polyethylene allows for the production of different shapes, sizes, and designs to meet specific application requirements. However, polyethylene terephthalate segment held the major CAGR of 4.8% in 2032.
The packaging industry maintained its lead position during the forecast period
Based on the end-use industry, the packaging industry accounted for the largest share in 2022, contributing to nearly half of the global blow molded plastics market revenue, and is estimated to maintain its leadership status throughout the forecast period. Blow-molded plastics provide excellent protection for packaged products. The demand for durable, impact-resistant, and reliable packaging solutions has grown, particularly for products that are vulnerable to damage during transportation or susceptible to contamination. Blow-molded plastics offer the necessary strength and barrier properties to safeguard products and ensure their integrity. Blow-molded plastics find extensive use in the food packaging industry. They are employed to manufacture containers, trays, and tubs for food products, including dairy, sauces, condiments, and ready-to-eat meals. Blow-molded plastic packaging provides a protective barrier, maintains product freshness, and ensures convenience for consumers. However, automotive and transportation segment held the major CAGR of 4.8% in 203.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for around half of the global blow molded plastics market revenue and is estimated to maintain its leadership status throughout the forecast period. This region also held the major CAGR of 4.6% in 2032. The Asia-Pacific blow molded plastics market is anticipated to expand during the forecast period. Countries such as India, China, and Japan are anticipated to contribute considerably to the Asia-Pacific blow-molded plastics market. Robust investment in the construction and infrastructure industries is anticipated to increase the need for blow-molded plastics. For instance, The Chinese government announced in August 2022 that it will invest trillions of yuan in infrastructure. Thus, driving the regional market during the forecast period.
Leading Market Players: -
- INPRESS
- PLASTIC FORMING COMPANY, INC.
- GARRTECH INC.
- CREATIVE BLOW MOLD TOOLING
- CUSTOM-PAK, INC.
- APEX PLASTICS
- GEMINI GROUP, INC.
- COMAR
- DOW
The report provides a detailed analysis of these key players in the global blow molded plastics market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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