The global blow
molding plastics market size is projected to reach USD 100.13
billion
by the end of 2027. The increasing applications of the product in the packaging
industry will have a huge impact on the growth of the global market. The
presence of several large scale companies in this sector will emerge in favor
of the growth of the global market. According to a report published by Fortune
Business Insights, titled “Blow Molded
Plastics Market Size, Share & Industry Analysis, By Resin (Polyethylene
Terephthalate (PET), Polyethylene (PE), Polypropylene (PP), Polyvinyl Chloride
(PVC), Polystyrene (PS), Acrylonitrile butadiene styrene (ABS)), By Molding
Method (Extrusion Blow Molding, Injection Blow Molding, Stretch Blow Molding,
Rotational Blow Molding), By Application, and Regional Forecast, 2020-2027,”
the market was worth USD 77.07 billion in 2019 and will exhibit a CAGR of 2.8%
during the forecast period, 2020-2027.
Source:
https://www.fortunebusinessinsights.com/industry-reports/blow-molded-plastics-market-101772
Blow molding is a cost-effective way
of manufacturing plastics wherein a heated plastic is molded into a cavity that
eventually forms a hollow material or object. The high efficiency of this
product, coupled with its low cost, makes it a preferred choice among
manufacturers. The massive investments in upgrading manufacturing methods and
increasing efforts in product R&D will have a huge impact on the growth of
the overall market in the coming years.
The presence of several large scale
manufacturers across the world, driven by the rising demand and applications of
the product will bode well for the growth of the market in the coming years.
Additionally, the increasing applications of blow molded plastics across
diverse industry verticals will create several growth opportunities.
Although
Product Demand is High, Covid-19 Pandemic to affect Manufacturing Sectors
The recent coronavirus outbreak has
created a sense of panic across the world. Although the impact on the pandemic
on the blow moulded plastics is nowhere close to what a few other industries
have witnessed, there are still a few drawbacks. The efforts taken to curb the
spread of the disease have had a negative impact on the market in recent years.
Accounting to the rapid spread of the disease, manufacturing sectors have been
shut down due to lack of manpower and human labor. As a result, there is a huge
demand-supply gap in the global market. The slow recovery rate will affect the
growth of the market in the foreseeable future.
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