New York , Feb. 05, 2024 (GLOBE NEWSWIRE) -- The global blow molded plastics market size is poised to grow at a CAGR of over 4% from 2023 to 2033. The market is anticipated to garner a revenue of USD 940 billion by the end of 2033, up from a revenue of USD 596 billion in the year 2022. The escalating awareness of the people on the prevention of infectious diseases such as malaria, tuberculosis, COVID-19, and HIV is propelling the market growth. Tuberculosis affected over 99% of the population as of 2023 as per the World Health Organization. Disinfectants, sanitizers, hand washes, and other pharmaceutical products can be used to prevent infectious diseases which is expected to drive the market trends.
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Additionally, the rising utilization of blow molded plastics in various sectors such as automotive, construction, food manufacturing, and other packaging industries. The increased use of molded plastic containers for making milk cartons, water cans, engine oil, storage drums, water cans, and detergent bottles is protruding to boost the market growth. As per the U.S. Energy Information Administration, the United States' petroleum consumption in a day was about 20 million barrels on average in 2022.
Blow Molded Plastics Market: Key Takeaways
- Market in Asia Pacific region to propel the highest growth.
- The Polyethylene segment to garner the highest growth
- Market in North America region to grow at the highest rate
Enhancing Applications of Molded Plastic Bottles in the Cosmetic and Personal Care Industries is Proliferating the Growth of the Blow Molded Plastics Industry
The growing use of personal care and cosmetic products by people globally is intended to promote market size expansion. The progression of the market is backed by the multiplying use of deodorants, perfumes, powders, creams, lotions, body oils, massage oils, shampoos, conditioners, and other personal care products packed in plastic bottles. More than 85% of American citizens utilize deodorants daily as per the estimations. Most of the cosmetic industries pack their products in blow molded plastics as they are for use and throw purposes and do not require high quality and durability which is likely to fuel the market size.
Blow Molded Plastics Industry: Regional Overview
The global blow molded plastics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Soaring Production and Consumption of Chemicals is outlined to Foster the Market Growth in the Asia Pacific Region
The Asia Pacific region market is expected to acquire a market share of 36% during the forecast period on account of the redoubling number of chemical industries. The rise in the consumption and production rates of chemicals in the region with a high presence of chemical industries ratio is proliferating the market progress in the region Besides, the enhanced demand for automobiles among people is assessed to strengthen the advancement of the market. The production of chemicals in the year 2022 in Asia rose by 5% with China being the largest producer rising its production of chemicals by 7%.
Extending Applications in the Food & Beverage Packaging Industry is Envisaged to Intensify the Market Expansion in the North America Region
The North America region market is anticipated to secure a market share of 22% during the forecast period i.e., 2033. The market expansion is accredited to the amplifying consumption of ready-made food, pre-packed foods, and the sprouting intake of soft drinks and other beverages across the region. The demand for ready-to-eat food products is developing with the busy schedules of working people which is mounting the market progression. As per the recent data, the number of read to eat meals users is anticipated to reach more than 39 million by the end of 2028.
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Blow Molded Plastics Market Segmentation by Product
- Polyethylene Terephthalate (PET)
- Polyethylene (PE)
- Polypropylene (PP)
- Polyvinyl chloride (PVC)
- Polystyrene (PS)
- Acrylonitrile Butadiene Styrene (ABS)
The polyethylene segment of blow molded plastics is foreseen to secure a market share of 32% by the end of 2033. The market size extension is credited to the intensifying applications of blow molded plastic materials in the packaging sector. The percentage of packaging industries across the world is on the rise which is predicted to fuel the evolution of the market segment during the forecast period. The growth rate of the plastic packaging sector in 2022 rose by 5% in the production category across the world.
Blow Molded Plastics Market Segmentation by Bolding Method
- Extrusion Blow Molding
- Injection Blow Molding
- Stretch Blow Molding
- Rotational Blow Molding
The injection blow molding market segment of blow molded plastics is proposed to attain a market share of 29% in the coming years. The aggregating utilization of plastic products made from blow molding in agriculture, electrics, and electronics is propagating the market size in the forecast years. Electric and electronic appliances use approximately 20% to 24%of plastic material as per the estimations in 2021. The benefits of injection blow molding such as an automated process, less waste production, and minimized production cost are driving the market segment.
Blow Molded Plastics Market Segmentation by Application
- Packaging
- Automotive & Transport
A few of the well-known market leaders in the global blow molded plastics market that are profiled by Research Nester are APEX Plastics, Agri-Industrial Plastics, North American Plastics Ld, Magna International, Inc., Comar LLC, INEOS Group, Berry Global, Inc., Gemini Group, Inc., Creative Blow Mold Tooling, Rutland Plastics Ltd., and others.
Recent Development in the Market
- Apex Plastics declared the acquisition of Juice Merchandising Corporation (JMC) and revealed the expansion of their PET bottle line to other sizes including 59,32, and 16 ounces (oz). The bottles are provided with superior tamper-proof closure and the partnership of Apex with JMC for manufacturing of its juice bottles is long-lasting and successful.
- Comar LLC expanded the firm to the international level and declared the procurement of Automatic Plastics Ltd. which was an injection molded products manufacturer on a contract basis for the medical device and pharmaceutics industries. Together the main aim of the companies is to expand globally providing Comar with a remarkable foundation to distribute to its international consumers.
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