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The global blow molding resins market is driving tremendous traction currently. Factors fostering the market demand include the massive consumption of blow molding resins in the food & beverage packaging industry and the consumer electronics industry. Owing to their superior properties such as high resistance to scratch & chemicals, flexibility, durability, and low cost, blow molding resins are widely used in food packaging & beverage bottling applications.
Moreover, the excessive use of these resins in health & hygiene product packaging is escalating the market demand to further height. According to Market Research Future (MRFR), the Blow Molding Resins Market is estimated to create a substantial revenue pocket by 2024, registering a significant CAGR over the assessment period (2019–2024). Growing usages of blow molding resins in the making of lightweight vehicles is another primary growth driver for the global market.
Rising demand for ready-to-eat processed food with longer shelf life led by the heady lifestyle has augmented the demand for sustainable packaging solutions in the F&B industry. High demand for lightweight vehicles led by the stringent emission regulations concerning environmental health is fuelling the growth of the market. Besides, the growing demand for compact & portable electronic instruments and electrical appliances is fostering the market growth.
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On the other hand, price volatility and the demand-supply gap in the raw materials required for the production of blow molding resins act as a significant growth barrier to the growth of the market. Nevertheless, the burgeoning marine electronics industry would support market growth throughout the forecast period, creating a substantial demand for blow molding resins.
Global Blow Molding Resins Market — Segmentations
The analysis has been segmented into four main dynamics to widen the scope of understanding,
By Molding Process : Extrusion, Injection Blow Molding, and injection stretch blow molding.
By Type :Polyethylene(PE),Polypropylene(PP),Polyethylene Terephthalate(PET), Crylonitrile Butadiene Styrene(ABS), Polyvinyl Chloride(PC), Nylon/ Polyamides, Polycarbonate, and others.
By End-Use Industry : Packaging, Automotive, Consumer Goods, Building & Construction, Electronics, and others.
By Regions : Americas, Europe, Asia-Pacific, Middle East & Africa, and Rest-of-the-World.
Global Blow Molding Resins Market — Geographical Analysis
The Asia Pacific region leads the global blow molding resins market. The largest market share attributes to the high consumption of these resins in major end-use industries such as packaging, automotive, construction, electronics, and others. Besides, the increasing production and sales of lightweight automotive in the region foster the growth of the market. Moreover, rapid urbanization and industrialization, alongside the rising per capita income, drive the demand for blow molding resins.
Increase in demand for portable consumer electronics and the presence of prominent electronics companies such as Samsung Group, Sony Corporation, and Hitachi Ltd., propel the regional market growth. Also, the construction and consumer goods manufacturing sectors in the region create a huge demand for these resins. Heading with the expanding production capacities, the APAC blow molding resins market is expected to retain its dominance throughout the forecast period.
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Europe stands second in the global blow molding resins market due to the high production and export of lightweight automotive parts in the region. Besides, heavy investments in healthcare are driving the demand for blow molding resins in this region, offering a hygienic environment to the citizens. The region witnesses a great demand for blow molding resin technologies across the growing end-user industries. The blow molding resins market in Europe is projected to account for a substantial market share during the assessment period.
In North America, the blow molding resins market is growing at a rapid pace. High demand from the food & beverage packaging industry in the region helps the market to witness considerable growth. Moreover, the flourishing construction industry and cosmetics & personal care products industry in the region drives the demand for blow molding resins hugely.
Besides, factors such as the growth in the automotive, marine industries, and the electronics industry across the region drive the regional market growth brilliantly. Additionally, the augmenting penetration of end-user industries in the region, especially in the US impacts the market growth, positively. Continuing with the same trends, the North American blow molding resins market is anticipated to register a colossal CAGR over the next five years.
Global Blow Molding Resins Market — Competitive Landscape
Highly competitive, the Blow Molding Resins market appears to be fragmented with the big and small players alongside the new entrants forming a competitive landscape. Through strategic initiatives such as mergers & acquisitions, collaboration, expansion, and product/technology launch, these players try to gain competitive advantage. Heavy investments are transpired in R&D to develop a completely different technology compared to their competition.
Players leading the global blow molding resins market include Eastman Chemical Company (US), BASF SE (Germany), LyondellBasell Industries Holdings BV (Netherlands), SABIC (Saudi Arabia), DowDuPont (US), Exxon Mobil Corporation (US), INEOS (Switzerland), Solvay (Belgium), China Petrochemical Corporation (China), Chevron Corporation (US), Formosa Plastics Group (Taiwan), Versalis S.p.A. (Italy), Reliance Industries Limited (India), Lanxess (Germany), and LG Chem (South Korea), among others.
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December 16, 2019 — — MOL Plc. (MOL Group Hungary), a multinational oil & gas company, announced the development of a new grade of random copolymer polypropylene (PP) tailored explicitly for extrusion blow molding (EBM). The new molding naming Tipplen R 665 XClear offers excellent optical properties in terms of transparency and gloss. Meaning the new PP can compete with PVC or PET when it comes to transparency in EBM applications.
Tipplen R 665 XClear works on all types of EBM machines, including single-station shuttle, double-station shuttle, and long-stroke EBM machines. And it is suitable for use in all kinds of bottles — from detergents to cosmetics to food applications. Tipplen R 665 XClear resin eliminates the “milky” appearance generally associated with PP in blow molding and enables PP to replace more expensive, less functional, or difficult to process materials.
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end-users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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