The global Blow Molded Plastics Market size is anticipated to reach USD 98.7 billion by 2028, according to a new report by Grand View Research, Inc., growing at a CAGR of 3.3% over the forecast period. The global industry is expected to witness significant growth over the forecast period owing to increasing product demand from various application industries. In the past few years, there has been a significant growth in technologies and equipment for manufacturing these plastics, which has enabled manufacturers to cater to specific requirements of several application industries, such as automotive, building & construction, packaging, and others.
Polyethylene Terephthalate (PET) has
several applications in the packaging industry including in manufacturing
bottles intended for the packaging of food & beverage products. This is
expected to drive its demand over the forecast period. During the Covid-19
pandemic, the demand for Polypropylene (PP) and PET is expected to
grow on account of the increased usage of face masks, protective gowns, and
packaging bottles for hand sanitizers.
Extrusion blow molded plastics was the
largest and the fastest-growing technology segment in 2020. This technology is
a revolutionary form of the blow molding process. One of the main advantages of
this process is that it enables the manufacturers to increase output along with
the efficiency of providing customized products. Moreover, lower mold cost as
compared to other processes makes it a cost-effective technology.
Related Press Release @ Blow Molded
Plastics Market Report
Blow Molded
Plastics Market Report Highlights
- The global market was valued at USD 75.7 billion in
2020 and is estimated to grow at a CAGR of 3.3% from 2021 to 2028
- Polyethylene (PE) was the largest product segment in
2020. PE compounds are dominantly used across various industries and have
been an integral material for the packaging industry
- Acrylonitrile Butadiene Styrene (ABS) is estimated
to emerge as the fastest-growing product segment from 2021 to 2028
- This growth can be credited to the increasing demand
for ABS from the automobile industry for the manufacturing of enclosures
for electrical and electronic assemblies, automotive trim components, and
protective headgears
- Asia Pacific accounted for over 33% of the overall
revenue share in 2020. China led the market in the Asia Pacific region
- Favorable federal regulations by agencies, such as
the Environmental Protection Agency (EPA), California Air Resources Board
(CARB), and Scottish Environmental Protection Agency (SEPA), regarding
carbon emissions along with the EU initiatives to develop blow molding
applications for manufacturing lightweight and fuel-efficient cars are
likely to boost the growth of the global market
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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Grand View Research, Inc
Phone: 1-415- 349-0058
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Email: sales@grandviewresearch.com
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