The global blow molded plastics market is predicted to reach USD 105.75 Billion by 2026, exhibiting a CAGR of 4.7% during the forecast period, the market was valued at USD 73.66 Billion in 2018.
According to the report, published by Fortune Business Insights™ in a report, 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) and Others), By Molding Method ( Extrusion Blow Molding, Injection Blow Molding, Stretch Blow Molding, Rotational Blow Molding and Others), By Application (Transportation, Packaging, Building & Construction, Electrical & Electronics, Consumer Products and Others), and Regional Forecast, 2019-2026”.
Some of the major applications of blow molded plastics are transportation, packaging, building & construction, electrical & electronics, consumer products, and others. Blow molded plastics are majorly used in the packaging industry as it possesses numerous properties, such as heat resistance and lightweight. It is the perfect material for packaging. The packaging segment accounted for 48.98% in 2018 and is expected to grow significantly. The blow molded plastics also have considerable demand in the building and construction industry due to applications such as pipes and fittings, wires, and others. The increasing applications of blow molded plastics will boost the blow molded plastics trends in the forthcoming years.
The report offers valuable insights into all the prevalent trends of global Blow Molded Plastics Market size. It shares an all-encompassing synopsis of all the segments and provides analytical statistics on the different regions of the market. It is created after extensive research followed by complete analysis to support companies, stakeholders, financers and potential investors. It is designed to provide a vibrant illustration of the market size. In addition, it also includes the latest advancement and development, product launches, acquisitions, collaborations & partnerships, and others.
List of Best Companies in the blow-molded plastics market Include;
- Apex Plastics
- Inpress Plastics Ltd.
- International Automotive Components Group
- Garrtech, Inc.
- Berry Global, Inc.
- Pet All Manufacturing, Inc.
- Magna International, Inc.
- Berry Global, Inc.
- Comar, LLC
- Rutland Plastics Ltd.
- The Plastic Forming Company, Inc.
- Agri-Industrial Plastics
- Creative Blow Mold Tooling
- North American Plastics, Ltd.
- INEOS Group
Acquisition of MHT Holding AG by Krones will Facilitate Speedy Growth
The growing government support for recycling and reusing plastic to eradicate pollution and landfills will enable the growth of the market. This factor will create lucrative opportunities for plastic manufacturers and recyclers in the coming future. Furthermore, in November 2018 Krones, a filling and packaging equipment manufacturer, which also includes blow molded machines acquired MHT Holding AG, a mold and hot runner supplier for PET performs, based in Germany. This acquisition was made to expand the company’s PET value chain to meet the increasing demand from customers. The acquisition between the companies is expected to aid the healthy growth of the market in the foreseeable future.
Moreover, the acquisition of Quality Plastics, LLC by IntraPac International Corporation, is expected to uplift the Blow Molded Plastics Market share during the forecast period. For instance, IntraPac International Corporation, a manufacturer of rigid packaging solutions, acquired Quality Plastics, LLC, a manufacturer of custom extrusion to containers, based in Arizona. With this acquisition, IntraPac will further expand its manufacturing footprint on the West Coast and expand its product offering into high-density polyethylene bottles segment.
Increasing Demand for Ready-To-Eat Packaged Food to Support Growth in Europe
North America generated a revenue of USD 13.57 Billion and is expected to grow profoundly during the forecast period owing to the presence of key players in the region. Blow Molded Plastics Market in Europe is projected to witness high growth in the forthcoming years. The increasing demand for ready-to-eat packaged food and beverages will contribute positively to the growth of the market.
Besides, the growing utilization of blow molded plastics for drinking water and juices bottles is another factor driving the market in Europe. Latin America and the Middle East & Africa is expected to exhibit a slower growth rate market value compared to other regions due to the fewer production capacities for blow molded plastics in the area, coupled with low population.
Browse More Trending Topics from Fortune Business Insights™ :
Coronavirus Outbreak: Window Films Market Fights Back with Well-defined Business Strategies
Injection Molded Plastics Market Growth Challenges Created by COVID-19 Outbreak; Fortune Business Insights™ Reveals Insights for 2019 – 2026
Dolomite Powder Market 2020 Updates Related to Growth and Revenue Changes Created by COVID-19 | Finds Fortune Business Insights™
Calcium Oxide Market Growth Challenges in Created by COVID-19 Outbreak; Fortune Business Insights™ Reveals Insights for 2019 – 2026
Polyurethane (PU) Market Upcoming Trends – What will be the Short-term Impact of COVID-19 on Industry Revenue and Growth