New York, United States , Oct. 24, 2022 (GLOBE NEWSWIRE) -- According to a research report published by Spherical Insights & Consulting, the Global Blow Molded Plastic Market Size to grow from USD 75.9 billion in 2021 to USD 103.4 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 3.5% during the forecast period. Increasing demand from major end-use industries like construction, automotive, and packaging, especially in BRICS, is likely to drive the market over the next few years (Brazil, Russia, India, China, and South Africa). As a result of the worldwide Covid-19 outbreak, there has been a rise in the demand for a wide range of medicines and cleaning products. Because of this, there is a greater need for plastic blown into shape in medical applications. The North America is expected to grow the fastest during the forecast period.
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The COVID-19 pandemic has made an adverse impact on credit portfolios. There has been an unprecedented rise in unemployment and disruption in economic activity, putting a strain on the solvency of customers and companies. Central banks have taken a proactive approach by injecting liquidity into the market by lowering interest rates and asset purchase programs. Managing and monitoring credit, market, liquidity, and operational risk across financial markets were hard enough with ongoing geopolitical tensions, international trade wars, and the occasional hurricanes and earthquakes. The current pandemic has forced chief risk officers and their teams to recalibrate old assumptions and models used to manage and monitor risk. COVID-19’s global impact has shown that interconnectedness plays an important role in international cooperation. As a result, many governments started rushing toward identifying, evaluating, and procuring reliable solutions powered by AI.
The polyethylene segment to account for the largest market size during the forecast period
Based on the raw material, the blow-molded plastic market is categorized into Polypropylene, Acrylonitrile Butadiene Styrene, Polyethylene, Polystyrene, Polyvinyl Chloride, Polyethylene Terephthalate, Polyamide, and Others. The polyethylene segment accounts for the largest market size during the forecast period. This large percentage increase may be due to the demand for PE compounds in the electrical, electronics, and packaging industries. One of the most important ways PE compounds are used is to make different grades of bottles that can be used to package a wide range of things, like food and chemicals.
Browse key industry insights spread across 210 pages with 149 market data tables and figures & charts from the report "Global Blow Molded Plastic Market Size, Share, and COVID-19 Impact Analysis By Raw Material (Polypropylene, Acrylonitrile Butadiene Styrene, Polyethylene, Polystyrene, Polyvinyl Chloride, Polyethylene Terephthalate, Polyamide, and Others ), By Technology Trend (Extrusion Blow Molding, Injection Blow Molding, Compound Blow Molding, and Stretch Blow Molding), By Application (Packaging, Consumables and Electronics, Automotive and Transport, Building and Construction, Medical and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030." in detail along with the table of contents
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The extrusion blow molding segment to hold a higher CAGR during the forecast period
Based on the technology trend, the blow-molded plastic market is categorized into Extrusion Blow Molding, Injection Blow Molding, Compound Blow Molding, and Stretch Blow Molding. The extrusion blow molding segment holds a higher CAGR during the forecast period. Extrusion is a much cheaper way to make bottles and cans in large quantities than other methods. Another good thing about the extrusion method is that it needs less expensive equipment than the other methods. This method also makes it easy and cheap to shape the threads outside the part. Because of this, it is expected to be the technology category with the fastest growth over the forecast period.
The packing segment is to hold a higher CAGR during the forecast period.
Based on the application, the blow-molded plastic market is categorized into Packaging, Consumables and Electronics, Automotive and Transport, Building and Construction, Medical, and Others. The packing segment is to hold a higher CAGR during the forecast period. The packaging industry is growing because of the growing demand for personal protection kits, face masks, face shields, and other similar items, as well as the high level of consumption in emerging nations. It is expected that, shortly, the growth of the packaging industry will lead to a rise in demand for plastic compounds like PE and PET.
Asia-Pacific is estimated to account for the highest market share in 2021.
The Global Blow Molded Plastic Market has been segmented into five major regions: North America, Europe, Asia-Pacific, South America, The Middle East and Africa. Asia-Pacific is estimated to account for the highest market share in 2022. In the past few years, the regional market's growth has been helped by a good economy and the rise of several domestic manufacturers with good technical skills and lower prices than those in Europe and North America, where economies are more developed. These things have made it cheaper to make things in the area. China's status as a key manufacturing hub has led to a huge growth in the end-use industries that use blow-molded plastic compounds in the past few years. This is another thing that is helping the APAC market to grow. North America to hold a higher CAGR during the forecast period.
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Key Companies & Recent Developments: The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Blow Molded Plastic Market include Magna International Inc., International Automotive Component Group S.L., Berry Global Inc., Pet All Manufacturing Inc., Inpress Plastics Ltd., Dow, Inc., Comar, LLC, Rutland Plastics Ltd., Plastic Forming Company, Inc., Agri-Industrial Plastics, Garrtech Inc., Creative Blow Mold Tooling, and North American Plastics, Ltd.
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