Luton, Bedfordshire, United Kingdom, Dec. 06, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Blow Molding Resins Market.
According to the latest market research completed and published by Exactitude Consultancy, the market is expected to grow at a CAGR of more than 11.4% over the forecast period from 2021 to 2029. This would grow the market size (USD) from USD 51.95 Billion in 2020 to USD 111.30 Billion in 2029.
The report discusses the market considering the key market players, their brands, and the advancements made in the Blow Molding resins market. Other critical aspects of the market considered while writing the report are the requirements recognizing the application of different types of blow molding techniques, and the segments they are used.
The demand side growth is attributed to the increasing demand for blow molding resins in the packaging industry due to their flexibility, durability, and superior quality of scratch & chemical resistance. The increasing market for cosmetics, personal care products, and hygiene packaging will fuel the further extension of this market in the future. This industry has also been developing due to the increasing demand for ready to eat food processed food.
Blow Molding Market Overview:
During the blow molding process, to create hollow products, a heated plastic mass is expanded against the inside surfaces of a mold. The blow molding technique has the benefits of high gloss, chemical, scratch, and abrasion resistance. Melting the plastic and creating a parison, or a preform in the case of injection and injection stretch blow molding, are the first steps in the process.
The market for blow molding resins will expand at a faster rate due to rising demand for lightweight automobiles brought on by stringent emission standards by several governments of different economies. Additionally, the market for resins will grow as a result of expanding cosmetic and personal care product usage as well as increased health and hygiene standards for packaging.
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Key Drivers – Increased application of blow molding in several segments is helping the market to develop:
Lightweight vehicles are made using blow-molded resin. The market has grown tremendously as a result of the rise in demand for lightweight automobiles. The packaging industry's growing need for blow-molded resins due to their flexibility, toughness, and high scratch and chemical resistance is another factor driving the growth of the blow resin market.
The packaging, automotive, and transportation sectors are among the end-use industries with the highest growth rates in demand for blow molding resins. The packaging industry's increased demand for flexible, long-lasting, and affordable materials, as well as expanding urbanization and industrialization, are also anticipated to fuel the blow molding resins industry's expansion. The rising demand for processed food that is ready to eat, increased cosmetic and personal care product use as well as improved packaging qualities for health and hygiene, and changing lifestyles are additional significant factors driving the growth of the blow molding resins market.
Competitive landscape and companies covered:
Some of the major players in this industry have taken a leadership position while trying to establish their market through innovative marketing strategies. These leading firms focus on expanding by developing new products or partnering with other companies for strategic initiatives that will help them conquer markets they occupied previously and make gains where it matters most- at home (geographic). There are a lot of local players in each of the regions who are trying to penetrate the market which again can be disruptive in low-income economies.
There is almost no difference in the product range for applications in the market. Almost all the top companies offer all the products thus making it much of a marketing and incentive-based market rather than innovation.
Major players operating in the global Blood screening market include Exxon Mobil Corporation, INEOS, LANXESS, Versalis S.p.A., AGC Chemicals Americas, EMS-CHEMIE HOLDING AG, Lyondellbasell Industries Holdings B.V, Sabic, China Petroleum Corporation, Solvay, Eastman Chemical Company, Formosa Plastics Group, Chevron Corporation, Qenos Pty Ltd, Eastman Chemical Company, BASF SE, Reliance Industries Limited, Westlake Chemical Corporation, Braskem, Haldia Petrochemicals Limited, LG Chem, The Chemours Company, Shin–Etsu Chemical Co. Ltd, Lotte Chemical UK Ltd, Dow, and DuPont, among others.
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The research focuses on the segmentations of the Blow molding resins market and the kind of application they provide in several end-use industries; the market is always expected to witness growth due to increasing segments for application:
- - The different types of blow molding resins are Polyethylene, Polypropylene, Polyvinyl Chloride, and Polyethylene Terephthalate.
The rising use of Polyethylene (PE) compounds in the electrical & electronics and packaging industries are responsible for this sizeable percentage. Other than the packaging business, one of the most important uses for PE compounds is construction. Different types of bottles are used to package a variety of things, including food and chemical products. For the development of prototypes on Computer Numerical Control (CNC) devices and 3D printers, polyethylene is used.
High-density polyethylene (HDPE) is simple to work with, inexpensive to manufacture, and capable of producing opaque and hollow packaging items.
- - The different types of technology used in the market for blow molding are Injection Blow Molding, Extrusion Blow Molding, Stretch Blow Molding, and, Compound Blow Molding.
- The injection blow molding (IBM) technique is utilized for the mass manufacture of hollow plastic and glass products. The core pin is rotated to a blow molding station where it is inflated and cooled using the IBM process after the polymer has been injection molded onto it. The smallest medical and single-serve bottles are often produced using this blow molding technique, which is the least popular of the three. Three steps make up the procedure: injection, blowing, and ejection. Extrusion is a relatively less expensive technique than other processes, making it a popular choice for mass-producing packaging items like bottles and cans.
- In extrusion blow molding, plastic is melted and extruded into a hollow tube (a parison). This parison is then captured by closing it into a cooled metal mold. Air is then blown into the parison, inflating it into the shape of a hollow bottle, container, or part. After the plastic has cooled sufficiently, the mold is opened and the part is ejected.
These two types of blow molding techniques are the most used technique in blow molding.
- - Packaging, Automotive, Transportation, Construction, and Infrastructure are the major application segments of the blow molding resins. The packaging application segment led the market. The need for face shields, masks, and other personal protective equipment expanded due to covid-19 pandemic which boosted the packaging, and emerging economies had high levels of consumer spending. Other than protective and personal care equipment the packaging segment had developed due to the growing food and beverages industry, pharmaceutical, and chemical industry.
Regional Growth Insights:
The regional insights of the blow molding resin market are bifurcated by regions like North America, Asia Pacific, Europe, and the Rest of the world
Asia Pacific dominates the regional market and generated more than 50% of global revenue and is expected to be the fastest-growing market in the forecast period. Over the past several years, the development of the regional market has been aided by a favorable economic environment and the rise of several indigenous manufacturers with good technological skills at cheaper costs than the mature economies in Europe and North America.
In China, a significant center of production, the end-use industries that use blow-molded plastic compounds have experienced considerable expansion. This aspect is also promoting market expansion in APAC.
The European region accounted for the second-highest market revenue contribution in the blow molding resins market with a contribution of 31%, owing to the rise in the electric vehicle segment and the sustainable packaging segment. The European region is followed by North America at 13% and the rest of the world at 6%.
Objectives of the research and the key questions answered:
The research report has been written keeping in mind the following stakeholders: the current companies in the market, the new startups, the local player’ Environment, Health, and Safety Professionals, Research Organizations, Cosmetic and Personal Care, Pharmaceutical Industry, Manufacturing companies, and research personnel.
The key questions answered in the report are:
- - What segments are covered in the Blow Molding Resins Market report?
- - Who are the key players in the market and what are their product offerings?
- - Which are the highest-growing countries in the market and their growth rates?
- - What are the types of blow molding?
- - Which is the highest-growing application for the blow molding resin market in terms of sales?
- - Which material is used in blow molding?
- - What are the factors affecting the market growth and restraints?
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