KEY FINDINGS The global blow molded plastics market is predicted to record a CAGR of 4.36% in terms of revenue and 3.46% in terms of volume during the forecast period, 2021-2028. The increasing automotive applications, the growing demand for dairy products, and the flourishing packaging industry, are among the factors set to fuel market growth.
MARKET INSIGHTS Blow molding is a manufacturing process that entails the inflation of plastic tube to get the desired shape, resulting in the production of a hollow plastic product.Several types of plastic pellets are used in the process.
Blow-molded plastics are easy to store and ship. There is an increasing demand for consumer goods, beverages, and processed food, in Latin America, the Asia Pacific, and developed European markets.This is one of the major factors fueling the packaging industry market growth.
It is also benefited by the rising demand from the food and pharmaceutical sectors.Plastics are gaining prominence in packaging due to their temperature resistance, ability to withstand wear & tear, durability, and corrosion resistance.
Moreover, there is an increasing demand for blow molded plastics in packaging applications like industrial shipping pails, caps & closures, crates, and totes.Also, the rising prominence of manufacturing bottles, cans, and canisters of several shapes & sizes for packaging applications supplements the packaging industry market growth.
Thus, the thriving packaging market is projected to influence the growth of the market studied. However, increasing environmental concerns can impede the market growth.
REGIONAL INSIGHTS The global blow molded plastics market is geographically segmented into Europe, North America, Asia Pacific, and rest of world, for growth assessment.Of these, the Asia Pacific is projected to harbor the largest market share and record the highest CAGR, in terms of volume and revenue, during the forecast period.
The growing automotive and packaging industries are raising the demand for blow molded plastics in the region.
COMPETITIVE INSIGHTS The intense competitive rivalry is attributed to the huge opportunities provided by the market to vendors of all sizes, notwithstanding their capabilities. Some of the leading companies in the market are Inpress Plastic Ltd, Berry Global Inc, Pet All Manufacturing Inc, International Automotive Components Group, Magna International Inc, etc.
Our report offerings include: • Explore key findings of the overall market • Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges) • Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions • Market Segmentation cater to a thorough assessment of key segments with their market estimations • Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share • Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc. • Competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc. • Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments
Companies mentioned 1. MAGNA INTERNATIONAL INC 2. INTERNATIONAL AUTOMOTIVE COMPONENTS GROUP 3. BERRY GLOBAL INC 4. PET ALL MANUFACTURING INC 5. INPRESS PLASTIC LTD 6. THE DOW CHEMICAL COMPANY 7. COMAR LLC 8. RUTLAND PLASTICS LTD 9. THE PLASTIC FORMING COMPANY 10. AGRI-INDUSTRIAL PLASTICS 11. GARRTECH INC 12. CREATIVE BLOW MOLDING TOOLING 13. NORTH AMERICAN PLASTICS LTD 14. MACHINERY CENTER INC 15. LYONDELL BASELL INDUSTRIES NV 16. EXXON MOBIL CORPORATION
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