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Blow Molding Plastics Market to Expand In the Coming YearsBlow Molding Plastics Brief Insights:
Blow molding is one of the most important processes of manufacturing plastic products. This procedure is employed to produce hollow plastics. But it is not limited to plastics, the usage of this method can also produce glass bottles. In recent times, the demand for this procedure has shot up across various industries. Due to this, the global blow molding plastics market has gained a lot of recognition in the last few years.
Market Synopsis:
Currently, majority of the plastic industries are on the lookout for processes that help them produce superior quality products. Owing to this fact it can be confidently said that the future looks bright for the global blow molding plastics market. During the forecast period of 2018-2022, the market is expected to earn USD 190.7 billion. In terms of CAGR, the market is projected to grow at the rate of 3.5%.
There are many factors that collectively work towards achieving success for the market. One of the major growth drivers for the market is the rapid development in the packaging sector. Transformation and growth of the automobile industry further foster the growth of this market.
Top Key Players:
The key players in the Global Blow Molding Plastics Market are The Dow Company, Exxon Mobil Corporation, Magna International Inc., IAC Group, Berry Global Inc., Rutland Plastics Ltd., Comar LLC, Inpress Plastics Ltd., The Plastic Forming Company.
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Higher annual income and increased construction activities across the globe can be termed as additional growth factors for the industry. Although the market may come across certain restraints. Some of the major ones include, fluctuations in raw material prices and rising environmental concerns. However, the industry is set to overcome these hurdles as it progresses.
In general, there are three main types of blow molding processes – injection blow molding, extrusion blow molding and injection stretch blow molding. The initial step of the method involves melting down the plastic components and shaping it into a parison or preform. For the uninitiated, parison is basically a tube-like structure that has a hole at one of its ends. Through this hole, compressed air can be passed. In the second step of the process, the parison is attached to a mold and air is blown inside it. As the pressure from the air grows, the plastic is forced to take the shape of the mold. Once the plastic is back to its normal temperature, the mold is removed and the final product is derived.
Blow molding has proven to produce high quality plastics. Owing to this fact, more and more enterprises are choosing this process over others.
Industry Updates:
Nov 2018 Beaconhouse Capital Management LLC that has shown significant interest in industrial blow molding facilities has acquired the operations of The Plastics Group Inc., US, thus saving the facility from closing. The investment firm has identified the acquired facility as a foundation for continued expansion into the processing business.
Growth Strategies:
Some of the major players of this industry can be listed as The Plastic Forming Company, Magna International Inc., The Dow Company and Rutland Plastics Ltd. The major strategies used by these brands are investment in product development and new product launches.
Market Segmentation:
The worldwide blow molding plastics market has been split in four distinct parts. They can be listed as end-users, types, procedure types and geographies.
On the basis of end-users, the market is segmented into construction, agriculture, food processing, automobile and furniture & design.
On account of types, the industry is fragmented into PVC, HDPE, Polypropylene, PE, PET and LDPE.
When it comes to procedure types, the market is segregated injection molding, reheat & blow molding, extrusion molding and stretch blow molding.
Lastly, in terms of geography, the market is spread across regions like Europe, Latin America, North America, Asia Pacific, Middle East & Africa and Rest of the World.
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Detailed Regional Analysis:
The regional analysis of the market states that the market is expanding due to the growing middle-class consumers in the Asia Pacific region is motivating the usage of plastic for recycling plastic compounds and environmentally friendly compounds which are consumed for packaging is the major driver for the increase in polyethylene compounds in terms of volume. In addition, the usage of molded plastics in the construction sector such as electrical wiring, decoration, flooring, wall covering and water proofing is projected to see development in this region.
The Asia Pacific controls more than 30% of the share in the market. The thriving automotive industry in the automotive sector and they are looking materials which are light weight and durable. The surge in the management of PET packaging is inspiring the blow molded plastics market in the European region. The industries in the Latin American region, have focused on reusing the current plastic materials in the region. It is anticipated that the original imports development rate in this region would be reducing but the used plastics imports from outside this region are expected to rise.
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