Blow Molded Plastic Market is predicted to advance at a CAGR of 7.4% from 2022 to 2032
The distinct blow moulding manufacturing process, which is typically used to make hollow plastic parts, is what gave rise to the worldwide blow moulded plastic industry. Throughout the forecast period, the market for blow-molded plastic is anticipated to grow at a moderate rate of 7.4%.
In 2022, the blow-molded plastic market is expected to be worth US$14,688.4 million. By the year 2032, it is expected that the market for blow-molded plastic would reach a peak of US$ 32,678.3 million. The specialists at Future Market Insights have calculated a historical CAGR of 6.9% for the relevant market.
Polypropylene, polyvinyl chloride, polyethylene, polyethylene terephthalate, polystyrene, and acrylonitrile butadiene styrene are just a few of the thermoplastic polymers used to create the blow-molded components.
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Factors Curbing the Proliferation of the Blow Molded Plastic Market
Although a plethora of market driving factors has been identified, it is also estimated that certain factors are likely to impact the market growth in a negative way and slow down the pace of advancement for the blow molded plastic market in the coming years.
- The presence of potential substitutes in the market is likely to curb hinder the growth of the blow molded plastic market.
- Trends and regulatory policies differ from region to region and are expected to impact the overall blow molded plastic market globally.
To offer more practical and long-lasting low-cost packaging solutions to end customers across many industrial verticals, the new market entrants in blow moulded plastic are continuously engaging in numerous collaborations and heavily investing in R&D activities.
Best Startups to Watch Between 2022 and 2032
Holdings by Silgan
For shelf-stable foods and other consumer goods products, the company provides hard packaging on a global scale. A division of the business by the name of Silgan Plastics creates and provides a variety of cutting-edge packaging options for the food and beverage, household, personal care, industrial chemicals, and healthcare industries.
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In June 2021, Sidel (France) has brought together two developers of PET bottle molds to form a new entity known as Competek, also in France. One of the entities is PET Engineering from Italy, which was acquired in 2018 by Sidel; while the other company is COMEP (France), which was acquired in 2019. Together, these entities develop over 1500 PET bottle molds as well as 100 preform molds every year, using a series of blow molding plastics.
In 2020, INEOS Olefins and Polymers USA announced that it had agreed on principle terms with Sasol Chemicals North America LLC to acquire its 50% membership interest in Gemini HDPE LLC for USD 404 million. Gemini HDPE LLC is a toll manufacturer of bimodal high-density polyethylene products serving rapidly growing pipe and film markets.
In June 2019, LyondellBasell and Neste Corp., an oil refiner, made commercial-scale quantities of bio-based polypropylene and low-density polyethylene. The joint project used Neste Corp.’s renewable hydrocarbons, which are derived from sustainable bio-based raw materials, such as waste and residue oils. The materials are approved for food packaging and are marketed under the Circulen and Circulen Plus brands.
Key players proliferating in the market are
- Alpha Packaging
- Amcor Limited
- APEX Plastics
- Berry Plastics Corp.
- First American Plastic
- Graham Packaging Co.
- HTI Plastics
- Plastipak Holdings
Key Segments in the Blow Molded Plastic Market
- Polyethylene (PE)
- Polyethylene Terephthalate (PET)
- Polypropylene (PP)
- Polyvinyl Chloride (PVC)
- Polystyrene (PS)
- Acrylonitrile Butadiene Styrene (ABS)
- Automotive & Transportation
- Consumables & Electronics
- Building & Construction
- North America
- Latin America
- Asia Pacific
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