GVR Report cover Blow Molded Plastics Market Size, Share & Trends Report

Blow Molded Plastics Market Size, Share & Trends Analysis Report By Product (PP, ABS, PE, PVC), By Technology (Extrusion, Injection), By Application (Packaging, Automotive & Transport), And Segment Forecasts, 2021 - 2028

  • Published Date: Mar, 2021
  • Base Year for Estimate: 2020
  • Report ID: GVR-1-68038-574-8
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2019
  • Number of Pages: 158

Report Overview

The global blow molded plastics market size was valued at USD 75.7 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 3.3% from 2021 to 2028. Growing demand from the key application sectors including construction, automotive, and packaging, particularly in BRICS (Brazil, Russia, India, China, and South Africa), is expected to drive the market over the forecast period. Amid the global Covid-19 pandemic, the demand for various pharmaceutical products, disinfectants, and sanitizers has increased. This, in turn, is driving the demand for blow molded plastics in medical applications. The segment is expected to grow at a higher rate than the consumables & electronics and building & construction segments.

The U.S. blow molded plastics market size, by product, 2016 - 2028 (USD Billion)

There has been a surge of capacity addition in high-growth regions, such as the Middle East and Asia Pacific, over the last few years. These regions are creating a consistent demand for these types of plastics in addition to helping in reducing the overall manufacturing cost.

Manufacturers are demanding machines that can deliver higher accuracy, greater cost efficiency, and maximum flexibility to offset the significantly rising cost of production from several demanding application sectors, such as packaging, automobile, medical, electronics, and construction.

The market in Europe is expected to witness slow growth owing to various factors, such as stalled industrial output caused by the Covid-19 pandemic, rising unemployment, and debt crisis. However, a positive scenario across Eastern Europe, in terms of consumerism and manufacturing, is expected to drive the market.

Furthermore, the regional market is characterized by the presence of various stringent environmental regulations imposed by regulatory bodies, such as the European Chemicals Agency (ECHA) and European Commission among other federal-level agencies.

Technology Insights

The extrusion blow molding technology segment led the market and accounted for a 37.0% share of the global revenue in 2020. The extrusion process is comparatively cheaper than other processes and hence majorly utilized in bulk manufacturing of packaging products, bottles, and cans.

The cost of extrusion blow mold is lower than the injection blow mold due to the lower pressure requirement in the former. The machinery costs are also lower for the extrusion process, which is an added advantage. Moreover, molding of external threads is easy and cheap with this process. Hence, it is also expected to be the fastest-growing technology segment over the forecast period.

Injection blow molding offers the advantage to manufacture more complex products in several designs and shapes that otherwise would be impossible or difficult with other technologies and the cost of the end products would be considerably higher as well. This process enables companies to increase their production output in a relatively shorter time along with flexibility, in terms of design and materials that can be used. However, heavy machinery design, which occupies greater space, and high costs associated with it may hinder the segment growth.

Stretch blow molding technology is used for the production of high-clarity and -quality bottles and has limited use in the industry. The demand for compound blow molding technique is majorly driven by the automobile industry as this is used for manufacturing extremely high-performance customized auto components. The rising need for lightweight specialized auto parts in both the OEM and aftermarkets is estimated to steer future demand.

Product Insights

The Polyethylene (PE) product segment led the market and accounted for more than 20.0% share of the global revenue in 2020. This significant share is attributed to the increased use of PE compounds in the packaging and electrical & electronics industries. Major applications of PE compounds include different grades of bottles used for packaging a wide range of products, such as food and chemical products.

Apart from the packaging industry, construction is one of the leading applications for PE compounds. Polyethylene is used for prototype development on Computer Numerical Control (CNC) machines and 3D printers. High-density Polyethylene (HDPE) offers easy processing at low cost, a good moisture barrier, and holds the ability to produce opaque and hollow packaging products. Low-density Polyethylene (LDPE) is often preferred, based on the field of application, due to low cost of production, heat-seal ability, high clarity, high elongation, and softness.

The demand for Polyethylene Terephthalate (PET) in packaging is expected to gain traction over the forecast period. Recent developments in PET bottle disposal and recycling have offset the limitations caused by regulations. Moreover, the development of bio-based PET is expected to provide the much-needed scope for internal substitution, thereby driving its demand in various applications. It is widely used in the plastic bottling of soft drinks and for specialty bottling, such as bottling of beer. It is an ideal material for flexible food packaging and thermal insulation owing to some of its properties. It is also often used as a substrate in thin-film solar cells.

Application Insights

The packaging application segment led the market and accounted for more than 39% share of the global revenue in 2020 owing to increased use of packaging products as a result of high consumerism in emerging economies. The packaging industry is driven by the rising demand for personal protective kits, face masks, face shields, and others along with high consumerism in emerging economies. The growth of the packaging industry is projected to boost the demand for plastic compounds, such as PE and PET in the future.

Various regulatory bodies have stipulated guidelines regarding packaging materials in food contact applications. Bisphenol A (BPA), which is often employed to produce plastics and epoxy resins, has been under great regulatory scrutiny, particularly due to its presence in plastics used in packagings, such as PVC and polycarbonate. Polypropylene (PP) is primarily used in flexible packaging of certain food & confectionery items, clothing, tobacco, and others.

Global blow molded plastics market share, by application, 2020 (%)

Apart from flexible packaging, it has vivid use in the rigid packaging of PP bottles for mineral water and edible oil. It is also used in automotive, consumer products, such as housewares, furniture, appliances, luggage, and other applications. Many automobile manufacturers prefer plastic vehicle parts, which help achieve low-cost production and increase the bottom-line profit margin of the companies.

Sales of these goods are highly dependent on the buying habits of the consumer and hence directly affect the overall market dynamics. Growing population, economic development, and improved purchasing power in the emerging markets are likely to boost the sales of consumer goods, thereby propelling the market growth.

Regional Insights

Asia Pacific dominated the market and accounted for over 33.0% share of the global revenue in 2020. A favorable economic situation and the emergence of several domestic manufacturers with sound technological capabilities at lower costs as compared to the mature economies in Europe and North America have assisted in the development of the regional market over the past few years. China, which is a major manufacturing hub, has witnessed tremendous growth of the end-use sectors that consume blow-molded plastic compounds. This factor is also supporting the APAC market growth.

The market in North America is expected to witness slow growth as the cross-border trade among the economies got affected on account of the Covid-19 pandemic. The market is primarily driven by the rising demand for PP and ABS in the packaging application segment for manufacturing bottles, face masks, and face shields among others.

The product demand in various application segments, including packaging, consumables & electronics, automotive & transportation, building & construction, and medical, is expected to grow after the pandemic. The North America region is one of the largest consumers of plastics owing to the high product demand from the automotive, packaging, and construction sectors.

Key Companies & Market Share Insights

Most of the key players operating in the market have integrated their raw material production and distribution operations to maintain product quality and expand their regional presence. This provides companies a competitive advantage in the form of cost benefits, thus increasing the profit margins. Companies are undertaking R&D activities to develop new industrial plastics to sustain market competition and meet the changing end-user requirements. Companies are also focusing on mergers & acquisitions to expand their geographical presence. For instance, in July 2020, Berry Global, Inc. completed the acquisition of RPC Group Plc (“RPC”) to reduce the operational cost and integration in the value chain. The global blow molded plastics market is largely dominated by several multinationals, which include:

  • Magna International, Inc.

  • International Automotive Components (IAC) Group

  • Inpress Plastics Ltd.

  • Comar, LLC

  • Rutland Plastics Ltd.

  • Gemini Group, Inc.

  • The Plastic Forming Company, Inc.

  • Agri-Industrial Plastics

  • Garrtech, Inc.

  • Creative Blow Mold Tooling

  • North American Plastics, Ltd.

  • Custom-Pak

  • APEX Plastics

  • INEOS Group

  • Berry Global, Inc.

  • Dow Inc.

  • LyondellBasell Industries Holdings B.V.

Blow Molded Plastics Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 78.5 billion

Revenue forecast in 2028

USD 98.7 billion

Growth rate

CAGR of 3.3% from 2021 to 2028

Base year for estimation

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Volume in kilotons, revenue in USD million/billion, and CAGR from 2021 to 2028

Report coverage

Volume forecast, revenue forecast, competitive landscape, growth factors, and trends

Segments covered

Product, technology, application, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country Scope

U.S.; Canada; Mexico; Germany; U.K.; France; Italy; China; India; Japan; Brazil; Saudi Arabia

Key companies profiled

Magna International, Inc.; International Automotive Components (IAC) Group; Berry Global, Inc.; Pet All Manufacturing, Inc.; Inpress Plastics Ltd.; Dow Inc.; Comar, LLC; Rutland Plastics Ltd; The Plastic Forming Company, Inc.; Agri-Industrial Plastics; Garrtech, Inc.; Creative Blow Mold Tooling; North American Plastics, Ltd.; Machinery Center, Inc.; Custom-Pak; APEX Plastics; INEOS Group; LyondellBasell Industries Holdings B.V.; ExxonMobil; Gemini Group, Inc.

Customization scope

Free report customization (equivalent to up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

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Segments Covered in the Report

This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global blow molded plastics market report on the basis of product, technology, application, and region:

  • Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2028)

    • Polypropylene (PP)

    • Acrylonitrile Butadiene Styrene (ABS)

    • Polyethylene (PE)

    • Polystyrene (PS)

    • Polyvinyl Chloride (PVC)

    • Polyethylene Terephthalate (PET)

    • Others

  • Technology Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2028)

    • Extrusion Blow Molding

    • Injection Blow Molding

    • Stretch Blow Molding

    • Compound Blow Molding

  • Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2028)

    • Packaging

    • Consumables & Electronics

    • Automotive & Transport

      • HVAC Ducts

      • Air Intake Ducts

      • Others

    • Building & Construction

    • Medical

    • Others

  • Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2028)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • U.K.

      • France

      • Italy

    • Asia Pacific

      • China

      • India

      • Japan

    • Central & South America

      • Brazil

    • Middle East & Africa

      • Saudi Arabia

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