September 13, 2022 07:30 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
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NEWARK, Del, Sept. 13, 2022 (GLOBE NEWSWIRE) -- The global blow molded plastic market is projected to reach a value of US$ 32,678.3 Mn in 2032, with the market growing at a healthy CAGR of 7.4% over the forecast period of 2022 to 2032. Valued at an estimated US$ 14,688.4 Mn in 2022, the blow molded plastic market is fueled by the advancing usage of blow molded bottles in multiple industry verticals all over the world.
The manufacturing process of blow molding is generally used to produce hollow plastic parts like light bottles, jars, and jugs. These blow molded parts are made from different thermoplastic materials like polypropylene, polyvinyl chloride, polyethylene, polyethylene terephthalate, polystyrene, and acrylonitrile butadiene styrene among others.
Blow molded plastic is very cost-effective- the production and manufacturing process involved require low capital investment. Hence, the low cost associated with the production and manufacturing process is one of the primary factor spearheading the growth of the blow molded plastic market. The seven layers of the blow molded plastic container assist in achieving rigidity, stability, and compatibility which, in turn, promote market growth. Moreover, the target market is pushed towards growth due to its large-scale usage in various sectors. Blow molded plastic is largely used for the packaging of medicines and preventing damage to the quality of the medicines. Thus, an increase in pharmaceutical products has resulted in an increase in the adoption of blow molded plastic bottles. The food and beverage sector presumably accounts for around 70% of the global blow molded container market. This is due to the changes in consumer preferences for convenient packaging solutions. All of these factors promote a positive market environment for the blow molded plastic market during the forecast period.
However, the target market may face certain obstacles to the market growth. The growing presence of alternatives along with the implementation of strict regulations may negatively impact the growth of the market in the global space.
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“Increasing usage of blow molded plastic in pharmaceuticals, food and beverages and other sectors is expected to propel the market growth of blow molded plastic over the forecast period,” says an FMI analyst.
Alpha Packaging, Amcor Limited, APEX Plastics, Berry Plastics Corp., First American Plastic, Graham Packaging Co., HTI Plastics, Milacron, Plastipak Holdings, and Sidel, among others are some of the major players in the blow molded plastic market that are profiled in the full version of the report.
Major market players are focusing on tactics like mergers, acquisitions, partnerships and collaborations. These organizations also engage in patents and other promotional events to attain a competitive advantage.
More Insights into Blow Molded Plastic Market Report
In its latest report, FMI offers an unbiased analysis of the global blow molded plastic market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and range, the market is segmented on the basis of polymer (Polyethylene (PE), Polyethylene Terephthalate (PET), Polypropylene (PP), Polyvinyl Chloride (PVC), Polystyrene (PS), Acrylonitrile Butadiene Styrene (ABS), Others), application (automotive and transportation, packaging, consumables and electronics, buildings and construction, others), and region.
According to the latest FMI reports, based on region, the blow molded plastic market in North America is expected to dominate the global space. Currently holding around 27% of the market share, the regional market growth is supplemented by the swiftly expanding beverage sector along with the product upgradation provided by the leading players present in this market.
The blow molded plastic market in Europe currently holds 22% of the global market share. The region is predicted to undergo impressive market growth during the forecast period. Heightened use of lightweight, rigid material for packaging bottles and the technological enhancements made in the food and beverage industry are augmenting the market growth in this region as more and more consumers are looking for easy, convenient and single-use packaging solutions.
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Have a Look at Latest Related Reports of Packaging Domain
PET Blow Molder Market : The North American PET blow molder market is estimated at US$ 49 Mn in 2022 and is projected to reach US$ 57.3 Mn by 2026, at a CAGR of 4.0% from 2022 to 2026
Post-Consumer Recycled Plastic Packaging Market : Packaging products made of eco-friendly material are gaining popularity as market players are adapting to sustainable packaging methods.
Flexible Plastic Packaging Market : The global sales of flexible plastic packaging are expected to exhibit 4.9% year-on-year growth rate in 2021 with sales reaching over 33.6 million tons.
Stretch Blow Molding Machines Market : The global stretch blow molding machines market is predicted to hold a market value of US$ 984 Mn by 2027, experiencing a slow growth of CAGR of 3.1% during the forecast period.
Clear Plastic Boxes Market : In recent years, flexible packaging has shown a dynamic shift in the packaging market across the globe. Flexible films manufacturers are supporting the demand for technological innovation in the packaging materials.
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