Blow Molding Plastics Market will grow substantially with a highest CAGR by 2023
Blow Molding Plastics Market:
Blow Molding is the process which includes heating molding a thermoplastic resin and solidifying the molded plastic by cooling. Extrusion molding, injection molding, stretch blow molding, and reheat and blow molding are the basic types of blow molding. The commonly Blow Molded Plastics are polyolefins (HDPE, LDPE, Polypropylene), PVC and PET. Polyolefins are easy to process and possess good electrical properties, moisture, resistance and low cost. PVC has a smooth surface, high stiffness with low wall thickness, high chemical resistance, and also easy labelling. PET plastics are recyclable, lightweight, strong and impact resistant, colorless and transparent. These Blowing Molded Plastics have a wide range of applications in the manufacturing of bottles, toys, air ducts in automobile, chemical & gasoline tanks, household goods.
The demand for Global Blow Molding Plastics Market is anticipated to grow to higher CAGR. Polyethylene compounds have the highest share in the market in terms of volume. In contrast, polyethylene takes a long time to break down or decompose. This is an environmental concern where its usage has been declined in the past few years. PET market segment is anticipated to see a growth in this forecast period because of its recyclability it is getting demand in the food packaging industry. Global Agriculture Market is increasing at higher CAGR and usage of agriculture films for better yield and productivity is anticipated to increase in this forecast period because the agricultural films are made up of LDPE and HDPE.
Top Global Key Players: The Top Global Key Players operating in the Blow Molding Plastics Market are: The Dow Chemical Company, Exxon Mobil Corporation, Magna International Inc., IAC Group, Berry Global Inc., Rutland Plastics Ltd., Comar LLC, Inpress Plastics Ltd., The Plastic Forming Company, and others.
Market Segmentation: The Global Blow Molding Plastics Market is segmented on the basis of type, application and by region. Based on the type the market is divided into HDPE, LDPE, PE, PP, PVC, and PET. On the basis of application the market is dived into Food Processing, Construction, Furniture & Design, Agriculture, and others. On the basis of region, the market is divided into five key regions. They are Asia Pacific, North America, Europe, Middle East & Africa, and Latin America.
Regional Analysis: Geographically, Blow Molding Plastic Market is spanned across Five Regions in the world namely: Asia Pacific, North America, Europe, Latin America, the Middle East & Africa.
Among these, Due to the rising middle class consumers in the Asia Pacific is driving the usage of plastic for recycling plastic compounds and environmental friendly compounds which are used for packaging is the major driver for the increase in polyethylene compounds in terms of volume. In addition, usage of molded plastics in construction sector such as decoration, electrical wiring, flooring, wall covering and water proofing is anticipated to see a growth in this region. Asia Pacific holds more than 30% share in the global blow molded plastics.
In North America, the automotive industry is booming and they are looking materials which are light weight and durable. Polyolefin fills the gap for producing light weight vehicles in the automotive industry and it is anticipated to see a growth in this forecast for this region. Increase in the usage of PET packaging drives the Blow Molded Plastics Market in Europe. Since, Europe has a higher consumer awareness and improved lifestyle, which allows them to focus on the renewable raw material to manufacture plastics in food packaging, furniture and automotive industries.
In the Middle East and Africa, 2016 was an arduous year for oil exporting countries because of failure of the oil marketers to rebalance market crude prices and political crisis in the Qatar region. It is anticipated that governments are cutting down the financial budgets for new projects.
In Latin America, the industries have concentrated on recycling the existing plastic materials in the region. It is anticipated that new imports growth rate into this region would be declining but the used plastics imports from outside this region are anticipated to increase.
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