The blow molded plastic market is forecast to experience a growth of 7.4% over the estimated period, as per FMI’s analysis. The industry’s size is predicted to reach a market value of US$ 15.7 billion in 2023.
Surging demand from the packaging industry is helping the blow molded plastic industry flourish. Several end users like pharmaceuticals, personal care products, pharmaceuticals, and e-commerce are witnessing a spectacular demand, consequently enriching the demand for blow molded plastics. These plastics are in high demand for packaging purposes owing to their better performance, durability, and affordability.
Growth in the healthcare sector has significantly benefitted the blow molded plastic industry. This can be attributed to plastic packaging being conducive to hygiene practices and less susceptible to damage and seepages than glass packaging. Cylinders, bottles, syringes, and medical containers are examples of healthcare supplies.
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Some general forms of applications of blow molded packaging include drinking water bottles and soft drinks. The demand for these plastics is also increasing to pack food due to their durability and lightweight.
New developments in blow molded technologies are projected to catalyze considerable growth in the upcoming years. The recent production processes are expected to be more time-saving, energy-efficient, and eco-friendly. Moreover, several government authorities are reinforcing the reuse and recycling policies to avert landfills and pollution. This is expected to generate new opportunities for the market.
The market growth might be deterred by the growth in environmental concerns related to the use of non-recyclable plastic products. As a result, demand for recyclable and eco-friendly products increased. Many companies are coming up with advanced technologies, which can help decrease plastic weight. However, many companies still need to manage the change in customer demand.
Key Players in the Market are
- Alpha Packaging
- Amcor Limited
- APEX Plastics
- Berry Plastics Corp.
- First American Plastic
- Graham Packaging Co.
- HTI Plastics
- Milacron
- Plastipak Holdings
- Sidel
Top Highlights from the FMI’s Analysis of the Blow Molded Plastic Market
- North America and Europe currently hold the maximum market share.
- The Asia Pacific is expected to witness the incoming of several businesses in the upcoming years.
- The Australian market is anticipated to emerge as the new opportunity hotbed in the forecast period.
- Manufacturers in Latin America are expected to shift their focus toward Mexico due to profitable prospects transpiring in the country.
New Developments in the Blow Molded Plastic Industry
- Mauser Packaging Solutions stated in March 2022 that it had received the United Nations accreditation for the compound intermediate bulk vessel composed of post-customer resin.
- Heartland Polymers, a Canadian firm, ordered its polypropylene (PP) plant at the Heartland Petrochemical Complex in Alberta, Canada, in July 2022, with an arranged production power of 525,000 tons per year of polypropylene.
- The National Research Council of Canada (NRC) commemorated 30 years of its association with the upgradation of blow molding design processes.
- NOVA Chemicals Corporation introduced a new channel of business operating in recyclable and low-emission solutions in February 2023.
- LyondellBasell, in June 2021, declared the successful startup of Ulsan PP Co., Ltd.’s polypropylene production facility, with a volume of 400 kilotons/ annum (KTA), in South Korea. Ulsan PP Co., Ltd. is a strategic partnership between SK Advanced and PolyMirae Company Ltd. This strategic move supports the reach of LyondellBasell into polypropylene production and offers the firm, strong support to expand in the adjacent industries.
- INEOS inked three petrochemical contracts with Sinopec in July 2022 to boost its presence in China.
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Key Segments in the Blow Molded Plastic Market
By Polymer:
- Polyethylene (PE)
- Polyethylene Terephthalate (PET)
- Polypropylene (PP)
- Polyvinyl Chloride (PVC)
- Polystyrene (PS)
- Acrylonitrile Butadiene Styrene (ABS)
- Others
By Application:
- Packaging
- Automotive & Transportation
- Consumables & Electronics
- Building & Construction
- Others
By Region:
- North America
- Latin America
- Asia Pacific
- The Middle East and Africa
- Europe
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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