Portland, OR, March 02, 2020 (GLOBE NEWSWIRE) -- According to the report, the global blow molding machine industry was estimated at $4.85 billion in 2018 and is expected to hit $6.67 billion by 2026, registering a CAGR of 3.8% from 2019 to 2026. The report provides an extensive analysis of the market dynamics including drivers & restraints, major winning strategies, market size & projections, competitive landscape, and major segments.
Bulk production advantage and low labor cost, increase in demand for molded plastic products, and material flexibility and low waste production propel the growth of the global blow molding machine market. On the other hand, high initial tooling and machinery cost, and high threat of substitutes curbs the growth to certain extent. Nevertheless, Innovative technological advancements are anticipated to bring a number of opportunities for the key players in the industry.
The global blow molding machine market is analyzed by application, raw material, and region. Based on application, the market is segmented into packaging, automotive, construction, and others. The packaging segment accounted for nearly half of the global blow molding machine market share in 2018, and is anticipated to retain its dominance from 2019 to 2026. Whereas, the automotive segment, would register the fastest CAGR of 4.5% throughout the estimated period.
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Based on raw material, the market is separated into polyethylene (PE), polypropylene (PP), polyvinyl chloride (PVC), polyethylene terephthalate (PET), and others. The polyethylene (PE)segment held the largest share in 2018, contributing for more than one-third of the global blow molding machine market. In addition, the same segment is expected to cite the fastest CAGR of 4.2% during the study period.
Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The region across Asia-Pacific accounted for nearly three-fifths of the global blow molding machine market revenue in 2018, and is projected to remain lucrative by the end of 2026. On the other hand, the LAMEA region is expected to manifest the fastest CAGR of 4.6% throughout the estimated period.
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Key market players analyzed in the research include Elegance Industries Jomar Corporation, GOLFANG Mfg. & Development Co., Ltd., Jagmohan Pla-Mach Pvt. Ltd., Jiangsu Victor Machinery Co., Ltd., Meccanoplastica S.R.L, Chia Ming Machinery Co., Ltd., Parker Plastic Machinery Co., Ltd., Kautex Maschinenbau GmbH, and Polymechplast Machines Ltd.
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