Blow Molding Resins Market was valued at US 46.67 Billion dollars in 2022 and is projected to succeed at US 59.95 Billion dollars by 2028, at a CAGR of 7.2% from 2023-2028
The rise in demand for blow molding resins within the packaging applications of the pharmaceutical, chemicals, food & beverages, and personal care industries is anticipated to boost the expansion of the blow molding resins market during the estimated period. Blow molding could form hollow products by expanding a hot plastic mass against the interior surfaces of a mold.
The blow molding resins market is majorly driven by their increasing demand from the packaging industry because of their flexibility, durability, and low cost, including their superior properties of scratch and chemical resistance. It's widely used for applications like food packaging & beverage bottling, including bakery products, dry foods, meat & cheese, pet food, snacks, carbonated drinks, etc. Rising demand for ready-to-eat processed food with higher perishability because of the fast-paced lifestyle has increased the demand for food & beverage packaging. Furthermore, the excessive use of those resins in cosmetics & care products and health & hygiene packaging due to the aforementioned properties is projected to further fuel market growth.
The extensive use of blow molding resins in making lightweight vehicles is another significant driver of the global market. Due to the stringent emission regulations concerning environmental health, high demand for lightweight vehicles is predicted to fuel the product demand over the review period.
However, limitations to offshore applications and high maintenance costs are a number of restraining factors that will affect the expansion of the market. Volatility in the prices of petroleum will act as a restrain and will challenge the expansion of the blow molding resins market within the estimated period mentioned above.
The rapid rise in demand from emerging economies is expected to create an opportunity for the market to grow. Increasing demand for crude oil across the globe is anticipated to drive the growth of the market. Ease of operation onshore and low installation costs are factors driving the growth of the blow molding resin market. Blow molding resins have a wide range of applications in the automotive and transportation industry. Thus, the growing demand for lightweight vehicles is likely to support the growth of the market.
The global pandemic spread has resulted in significant losses in terms of production and revenue generation, especially in the blow molding resins market. The production of polymeric resins has been significantly affected owing to the spread of the coronavirus. Decrease in demand and variation in production of polymeric resins have led to a decrease in blow molding resins prices. This is likely to adversely affect the market in the near future
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REPORT METRIC |
DETAILS |
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Market Size Available |
2022-2028 |
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Base Year |
2022 |
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Forecast Period |
2023-2028 |
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CAGR |
7.2% |
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Segments Covered |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America: U.S and Canada Europe: Germany, France, Italy, U.K, Spain, Russia, Rest of Europe APAC: China, Japan, South Korea, India, Australia, South East Asia, Rest of Asia Pacific Latin America: Brazil, Mexico Middle East & Africa: Saudi Arab, South Africa, UAE |
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Market Leaders Profiled |
1) LyondellBasell (Netherlands) 2) INEOS (Switzerland) 3) Dow DuPont (US) 4) Exxon Mobil (US) 5) Solvay (Belgium) 6) Shin–Etsu Chemical Co. Ltd (Japan) 7) Reliance Industries (India) 8) SABIC (Saudi Arabia) 9) Eastman (US) |
Polyethylene
Polypropylene
Polyvinyl Terephthalate
Polyvinyl Chloride
Among the mentioned types the market is estimated to witness a high growth rate in the polyethylene segment for the forecast period. Some of the excellent properties of polyethylene such as high load melt strength, high stiffness, exceptional rigidity, and environmental stress cracking resistance are the cause for the estimated high growth rate of this segment. Mostly high-density polyethylene is used for the process of blow molding.
The demand from the food & beverages, personal care, chemical, and pharmaceutical industries for packaged goods is a global market in the packaging segment.
North America
Latin America
Europe
Asia Pacific
Middle East & Africa
The Asia Pacific region is projected to have the highest market share in the global market for blow molding resins in the year 2020. The fast growth is mainly due to the fast-emerging economies like India, Japan, and China which could potentially rule over the global market in different sectors. Also, the regional advantages offered by this region such as cheap labor and ease of resource availability are other reasons for the key market participants to invest in this region. This makes the companies have higher profits as the production costs are minimized.
Europe is second in the lead for the global market in terms of both volume and value, followed by North America. The well-established significant companies in these regions are centered in North America. In other words, they have their headquarters in North America/ Europe and manufacturing centers in the Asia Pacific region. On the other hand, the Middle East & Africa, and Latin America regions, being in the low developing countries due to the contribution of low GDP countries, have fewer chances for industry growth. Hence, the Metallized film Market in these regions is slow-growing in nature.
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