As per a recently published report by Future Market Insights (FMI), sales of PET stretch blow molding machines are anticipated to reach US$ 760.0 Mn in 2023 and exhibit a considerable CAGR of 2.9% from 2023 to 2033. The market is likely to be valued at US$ 978.4 Mn by the end of 2033.
The beauty and cosmetics industry has substantially grown in the last two to three years. Use and application of skincare and haircare products are increasing, and customer base of these products is rising day by day.
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Sales of beauty and skin care products have multiplied in recent times. Growth of the e-commerce segment has also supported beauty care product sales by delivering directly to the consumer.
Involvement of social media these days is also helping the skincare and haircare market to grow by directly relating to consumers. Social media has successfully increased awareness about various skincare and haircare products, which is set to spur the application of these products.
Also, there are many new brands entering the market of beauty and personal care and they are flourishing. The most favored packaging for skincare and haircare products is plastic bottles as they can be molded into any required shape.
Apart from that, these are the most economical and eco-friendly packaging solutions that can be customized as per the requirements. Thus, increased application and sales of skincare and haircare products are boosting sales of the PET stretch blow molding machines across the globe.
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Key Takeaways from PET Stretch Blow Molding Machines:
- The global PET stretch blow molding machines market exhibited at a CAGR of 4% and reached US$ 675.3 Mn recorded in 2017.
- Germany PET stretch blow molding machines market is projected to be valued at US$ 48.0 Mn by the end of 2023.
- Based on end use industry, the personal care & cosmetics segment is anticipated to create an incremental growth opportunity of US$ 72.4 Mn during the evaluation period.
- By technology type, single step PET stretch blow molding machines are projected to secure 62% of the global market share by 2033.
- India PET stretch blow molding machines market is likely to capture a share of nearly 45% by the end of 2025.
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“Increased manufacturing output, automation in the industrial sector, and elevated demand for PET bottle packaging are major factors positively affecting the PET stretch blow molding machines market,” says an FMI analyst.
Growing Demand for Medicines among Both Millennials and Elderly to Generate High Sales of PET Stretch Blow Molding Machines
One of the major applications of PET bottles is in the pharmaceutical industry for packaging medicines. Low-cost PET bottles are widely used by pharma companies for packaging various tablets, as well as syrups.
Pharmaceutical companies are adopting PET bottle packaging for different pharma products as it is a cost-effective solution and lightweight in nature. The pharmaceutical sector is growing rapidly at a fast pace. Importance of the pharmaceutical market has increased and huge opportunities are nowadays available in the pharma sector.
Demand for medicines is set to surge and thus the scope of PET stretch blow molding machines is huge in the sector. Pharmaceutical manufacturing companies are creating the biggest market for PET stretch molding machines.
The pandemic has shifted the concentration of people on their health, which has created more demand for medicines. Also, growing health issues among millennials have generated a hefty demand for PET stretch blow molding machines.
Regular health concerns of elderly people have been booming the demand for medical facilities. Thus, increasing demand for medicines is projected to surge the demand for PET stretch blow molding machines.
Competition Landscape: PET Stretch Blow Molding Machines Market
Krones AG, KHS GmbH, Sidel, Sacmi Imola S.C., Nissei ASB Machine Co., Ltd., KHS GmbH, and SIPA S.p.A. are some of the key players operating in the global PET stretch blow molding machines market. Also, a few other noticeable players in the market include PET All Manufacturing Inc., SMF Maschinenfabrik Germany, Zhejiang Huangyan Lingma Plastic Machinery Co., Ltd, Chumpower Machinery Corp., and Aoki Technical Laboratory, Inc. among others.
Get Exclusive Insights into the PET Stretch Blow Molding Machines Market Report
Future Market Insights, in its new report, offers an unbiased and thorough analysis of the global PET stretch blow moulding machines market, analysing historical demand from 2017-2022 and forecast statistics for 2023-2033. The study reveals market growth projections for the PET stretch blow moulding machines market based on the technology type (single step and two step), orientation type (linear and rotary), and end use industry (food, beverages, pharmaceutical, personal care & cosmetic, and others) across seven regions.
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