NEWARK, Del, Sept. 13, 2022 (GLOBE NEWSWIRE) -- The global blow molded plastic market is projected to reach a value of US$ 32,678.3 Mn in 2032, with the market growing at a healthy CAGR of 7.4% over the forecast period of 2022 to 2032. Valued at an estimated US$ 14,688.4 Mn in 2022, the blow molded plastic market is fueled by the advancing usage of blow molded bottles in multiple industry verticals all over the world.
The manufacturing process of blow molding is generally used to produce hollow plastic parts like light bottles, jars, and jugs. These blow molded parts are made from different thermoplastic materials like polypropylene, polyvinyl chloride, polyethylene, polyethylene terephthalate, polystyrene, and acrylonitrile butadiene styrene among others.
Blow molded plastic is very cost-effective- the production and manufacturing process involved require low capital investment. Hence, the low cost associated with the production and manufacturing process is one of the primary factor spearheading the growth of the blow molded plastic market. The seven layers of the blow molded plastic container assist in achieving rigidity, stability, and compatibility which, in turn, promote market growth. Moreover, the target market is pushed towards growth due to its large-scale usage in various sectors. Blow molded plastic is largely used for the packaging of medicines and preventing damage to the quality of the medicines. Thus, an increase in pharmaceutical products has resulted in an increase in the adoption of blow molded plastic bottles. The food and beverage sector presumably accounts for around 70% of the global blow molded container market. This is due to the changes in consumer preferences for convenient packaging solutions. All of these factors promote a positive market environment for the blow molded plastic market during the forecast period.
However, the target market may face certain obstacles to the market growth. The growing presence of alternatives along with the implementation of strict regulations may negatively impact the growth of the market in the global space.
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“Increasing usage of blow molded plastic in pharmaceuticals, food and beverages and other sectors is expected to propel the market growth of blow molded plastic over the forecast period,” says an FMI analyst.
Key Takeaways:
- Affordability and mass usage promote the market possibilities for the product.
- Awareness about adverse environmental impact may hamper the market growth.
- North America currently accounts for 27% of the total market share.
- Europe holds about 22% of the global market share.
Competitive Landscape
Alpha Packaging, Amcor Limited, APEX Plastics, Berry Plastics Corp., First American Plastic, Graham Packaging Co., HTI Plastics, Milacron, Plastipak Holdings, and Sidel, among others are some of the major players in the blow molded plastic market that are profiled in the full version of the report.
Major market players are focusing on tactics like mergers, acquisitions, partnerships and collaborations. These organizations also engage in patents and other promotional events to attain a competitive advantage.
More Insights into Blow Molded Plastic Market Report
In its latest report, FMI offers an unbiased analysis of the global blow molded plastic market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and range, the market is segmented on the basis of polymer (Polyethylene (PE), Polyethylene Terephthalate (PET), Polypropylene (PP), Polyvinyl Chloride (PVC), Polystyrene (PS), Acrylonitrile Butadiene Styrene (ABS), Others), application (automotive and transportation, packaging, consumables and electronics, buildings and construction, others), and region.
According to the latest FMI reports, based on region, the blow molded plastic market in North America is expected to dominate the global space. Currently holding around 27% of the market share, the regional market growth is supplemented by the swiftly expanding beverage sector along with the product upgradation provided by the leading players present in this market.
The blow molded plastic market in Europe currently holds 22% of the global market share. The region is predicted to undergo impressive market growth during the forecast period. Heightened use of lightweight, rigid material for packaging bottles and the technological enhancements made in the food and beverage industry are augmenting the market growth in this region as more and more consumers are looking for easy, convenient and single-use packaging solutions.
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
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