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The global blow molded plastics market size was USD 77.07 billion in 2019, and it is projected to reach USD 100.13 billion by 2027, exhibiting a CAGR of 2.8% during the forecast period.
Blow molded plastics are made by molding processes through which the hollow plastic products are formed. A major quest for the most manufacturers is to reduce the weight of their containers, but the opportunities for making this change is very low. Nonetheless, manufacturers are working on improving their technologies, machines, and process control and thus this remain major growth aspect for both consumers and manufacturers.
Measures Taken to Curb the Spread of global COVID-19 pandemic to Hamper the Market Growth in Long run
The market for blow molded plastics is expected to witness a marginally higher growth than expected in the year 2020 owing to high demand for medical & healthcare products as well as for containers used in FMCG products and consumer goods. The volatility in the crude oil prices has negatively affected the prices of feedstock. The demand for plastic from the packaging industry is expected to remain strong even if the lockdown restrictions are lifted as precautionary measures are of utmost importance for the safety of consumers.
The building and construction and automotive industries are among the worst hit sectors due to the pandemic and slow recovery is expected in these sectors. This is mainly because of other macroeconomic factors such as job lay-offs and debt crisis. This slow recovery is anticipated to hamper the market growth in the long run. Moreover, the changing political landscape and rising trade conflicts between prominent nations such as the US and China is likely to suppress the market growth over the forecast period.
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Weight Reduction of PET Bottles is the Key Trend in the Market
Several manufacturers are focusing on the reduction of weight of PET bottles by limiting the raw material used or by reusing the plastics. The manufacturers are mainly focusing on the weight reduction, the usage of r-PET and the recyclability.
For instance, two new methods have been introduced by Redupet for development. The two technologies are Mint-Tec and snap fit technology. Mint-Tec is used to mint the shape and significantly reduce the wall thickness of the perform base and snap fit technology is used majorly for food & beverages packaging. The feature includes a bottom container can be snap into base of larger top bottles.
Growing Demand for Lightweight Packaging to Drive the Market
Blow molded plastics are extensively used in the packaging applications as it does not react with the food or chemicals. The most common form of applications of these products are soft drinks bottles and drinking water bottles. The increasing demand for packaged food owing to its lightweight and excellent stiffness will accelerate the blow molding industry growth.
Additionally, latest innovations in blow molded technologies is expected to have a positive impact on the market growth, as the new production processes will be more energy-efficient, time-saving and environment-friendly. Also, various government bodies are supporting the recycling and reuse policies to avoid the pollution and landfills, which is expected to create growth opportunities in the blow molded type of plastics.
Growing Concerns About the Plastic Waste and Recycling is Affecting the Market Growth
The consumers are becoming aware of environmental concerns caused by the usage of non-recyclable plastic products to and thus they are more likely to demand eco-friendly and recyclable products. Their purchasing habits are directly affected by the sustainability of the product packaging. Thus the companies such as W. Muller are coming with the new technologies which can help to reduce the plastic weights, but still many of the manufacturers are coping with the changes and are finding it difficult to meet the changing needs.
Polyethylene Segment is Expected to Emerge Dominant During the Forecast Period
The polyethylene held the largest blow molded plastics market share in the global market in 2019. Polyethylene is further classified into high-density polyethylene (HDPE) and low-density polyethylene (LDPE). HDPE is the most commonly used material as it is mold-friendly, easily colored, translucent, and also chemically inert. HDPE is extensively used in consumer products such as shampoo bottles, household cleaning products, toys and others, whereas LDPE is mainly used in squeezed bottles, caps & closers and others.
The polyethylene terephthalate (PET) is preferred for the manufacturing of bottles. Drinking water bottles is the primary application of polyethylene terephthalate, as it is rigid, transparent and lightweight. PET bottles are recyclable, and hence, the major beverage companies such as Coca-Cola and Nestle are taking various measures to recycle PET bottles.
Polypropylene resin is a prominent material used in the production of blow molded plastic products such as food containers, milk jugs, ice trays, and many others. For blow molding, polypropylene is primarily used due to its properties such as moisture barrier, stability at high temperature, chemical resistance, and transparency.
Extrusion Blow Molding Method to Generate Highest Revenue Owing to its Low Cost
The extrusion blow molding method is most widely used method in blow molded plastics as it is considered as cheapest type of blow molding. In 2019, extrusion blow molding held 32.89% share in the global market. Extrusion blow molded technology is commonly used to manufacture bottles using various plastics resins such as HDPE, PVC, PP and others.
With the help of the injection blow mold and molding process, various products are manufactured such as tubs, bottles, oil jugs, and others. Rotational blow molding is being used as an alternative to stretch blow molding for making large size hollow shape containers. Custom molds and design manufacturers use it for thermoplastic polymers to manufacture large parts such as tubs and tanks with lower production quantities.
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Packaging Segment is Anticipated to Exhibit a Significant CAGR During the Forecast Period
The packaging segment held the largest share in the global market in 2019. These plastics have high tensile strength and thus are used in various packaging applications. Most of the containers and bottles are produced by using blow molding techniques. The safety of plastics in various packaging applications such as food & beverages, pharmaceuticals, and medical will have a positive impact on the growth of the market.
The demand for this product in building & construction applications is increasing owing to its properties such as protection against water, comfort, protection, durability, lightweight and energy conservation. These plastics are used in sewage pipes, wires and cables in buildings, as plastics are flame retardant and flexible.
Blow molded plastics are used in applications in the transportation industry including automotive parts. Automotive parts are mainly manufactured by extrusion blow molding method. The panel, railing, bumper support, mudguards and door locking systems are the primary example of components made up of blow molding method.
Asia Pacific Blow Molded Plastics Market Size, 2016-2027 (USD Billion)
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Asia Pacific is anticipated to remain the key region in this market during the forecast period owing to the increasing product applications in the packaging industry. The market in Asia Pacific is driven by factors such as rising demand for packed food and demand for hygienic food due to rising health concerns in this region.
Asia-Pacific is the largest producer as well as consumer of blow molded plastics with China leading the market growth. Asia Pacific is expected to witness the highest CAGR in the market across the globe. China, Japan, and India are key countries contributing to the market share in the region owing to the demand for healthy food with good packaging in these countries.
Europe is projected to witness significant growth in the market over the forecast period. The increasing demand for ready-to-eat packaged food and beverages will contribute to the growth of market in the region. Additionally, the use of these products for drinking water and juices bottles is another key factor boosting the market in Europe. Additionally, Latin America and the Middle East & Africa are expected to exhibit lower CAGR in the market value compared to the other regions due to the fewer production capacities for blow molded plastics in the region, coupled with low population.
Market Players like Apex Plastics and Berry Global, Inc. are Expected to Strengthen the Market Position by Offering Innovative Blow Molded Plastic Solutions
The global market is relatively fragmented but the top 3 companies the dominate the global market on the back of high capacity production lines, distribution channels and quality products. The manufacturers in China produce comparatively low quality of the product and thus most of the produce is consumed domestically. Further, large scale companies such as Apex Plastics, Berry Global and others are focusing on innovations. For instance, the Unilever and the P & G are trying to understand the trends among the customers and they are trying to meet the demand of the consumers.
The blow molded plastics market research report provides a detailed analysis of the market and focuses on crucial aspects such as leading companies, application, types, molding methods and distribution channels.
An Infographic Representation of Blow Molded Plastics Market
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Also, the report offers insights into market trends and highlights vital industry developments. In addition to the factors mentioned above, the report encompasses various factors that have contributed to the growth of the market over recent years.
Value (USD Billion/USD Million) and Volume (Million ton/Kilo ton)
By Molding Method
Fortune Business Insights says that the global market size was valued at USD 77.07 Billion in 2019 and is projected to reach USD 100.13 Billion by 2027.
The market will exhibit a steady growth at a CAGR of 2.8% in the forecast period (2020-2027).
Polyethylene segment is expected to be the leading resin for market during the forecast period.
Increasing demand for packaging industry is driving the market growth.
Asia Pacific is expected to hold the highest market share in the market.
Packaging products applications that is expected to drive the adoption of these products.
Rising demand from packaging industry is expected to drive the market.
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