The global blow molded plastics market is expected to reach USD 191.6 billion by 2025, according to a new report by Grand View Research, Inc. The global blow molded plastics industry is expected to witness significant growth over the forecast period owing to increasing product demand from end-use industries. In the past few years, there has been a significant growth in technologies and equipment for manufacturing blow molded plastics, which has enabled manufacturers to cater to specific requirements for several application sectors.
The industry has experienced solid development over the past years. However, several structural issues continue to plague the industry participants present in the entire value chain. Machinery manufacturers also compete heavily with price flections in, as is the case in most other machinery manufacturing industries.
These types of plastics are quickly replacing conventional substances such as glass, wood and engineered plastics in several application segments owing to their lubricity, flexibility, increased strength and stiffness, and various product characteristics (flame-retardant, UV stability, availability in numerous colors, and antioxidant). This trend is anticipated to drive global market growth over the forecast period. Reduced costs and light weight of plastic compounds further contribute to the rising product demand in various industrial applications, mainly in construction and automotive sectors.
Extrusion blow molded plastics was the largest and the fastest growing technology segment in 2016. The extrusion blow molding technology is a revolutionary form of blow molding process as it has revolutionized the plastic manufacturing sector. One of the main advantages of this process is that it enables the manufacturers to increase output along with the efficiency of providing customized products. Moreover, cheaper mold cost compared to other processes makes it a cost-effective technology. Hence, it is expected to be the largest technology segment in the next eight years as it is used to manufacture plastic products for several end-use industries.
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Further key findings from the report suggest:
The global blow molded plastics demand was 68.13 million tons in 2016 and is estimated to grow at a CAGR of 3.6% from 2017 to 2025
Polyethylene was the largest product segment in 2016. PE compounds are dominantly used across various industries and have been an integral material for packaging industry. Apart from the packaging sector, the UHMWPE finds application in manufacturing high performance medical devices
Acrylonitrile butadiene styrene (ABS) to emerge as the fastest growing product segment owing to increasing demand form the automobile industry
Asia Pacific accounted for over 30% of the overall volume in 2016. China blow molded plastics market to witness a growth of 6.1% to reach a net worth of USD 30.62 billion by 2025.
Major resin manufacturers currently operating in the market include Dow Chemical Company, Sabic, ExxonMobil, LyondellBasell and Sinopec. They account for less than 40% of the overall global annual output
Favorable federal regulations by agencies such as EPA, NHSTA, CARB, and SEPA regarding carbon emissions along with EU initiatives to develop blow molding applications for manufacturing light and fuel-efficient cars are likely to boost global market growth
Grand View Research has segmented the global blow molded plastics market on the basis of application:
Technology Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
Injection blow molding
Extrusion blow molding
Stretch blow molding
Compound blow molding
Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
Acrylonitrile butadiene styrene (ABS)
Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
Consumables & Electronics
Automotive & Transport
Building & Construction
Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
Central & South America
Middle East & Africa
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