May 19, 2021
According to the research report titled ‘Global Blow Molded Plastics Market Size study, by Technology (Injection Blow Molding, Extrusion Blow Molding, Stretch Blow Molding, Compound Blow Molding), by Product (Polypropylene (PP), Acrylonitrile Butadiene Styrene (ABS), Polyethylene (PE), Polystyrene (PS), Polyvinyl Chloride (PVC), Polyethylene Terephthalate (PET) and Others), by Application (Packaging, Consumables & Electronics, Automotive & Transport, Building & Construction, Medical and Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global blow molded plastics market was valued at USD 77.9 billion in 2019 and is expected to expand at 2.8% CAGR over 2020-2027, amassing USD 97.2 billion by the end of the forecast timeframe.
Growing food & beverage industry along with surging demand from packaging sector are the key factors stimulating global blow molded plastics market growth, cites the study.
According to Statista, the food & beverage industry in Brazil accrued USD 61.48 billion in 2010 and USD 130.15 billion in 2019. As per the National Investment Promotion & Facilitation Agency, India's processed food market was worth USD 322 billion in 2016 and is expected to expand with a CAGR of 14.6%, amassing nearly USD 543 billion by 2020.
Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/3357884/
Similarly, the US Department of Agriculture (USDA) estimates that the Canadian food & beverage processing sector was worth USD 87 billion in 2018, with the government of Canada aiming to raise exports of agri-food by 26% (to USD 65 billion) by 2025. Hence, the aforesaid factors are anticipated to add significant traction to worldwide blow molded plastics industry progression.
For those unfamiliar, blow molding plastics are produced through a molding process that involves heating a thermoplastic resin and then cooling the molded plastic to solidify it. They are used in the production of bottles, toys, air ducts in automobiles, household goods, chemical & gasoline tanks, and others.
Considering the restraints, concerns over the plastic waste and recycling is hindering the remuneration scope of the industry.
Coming to the regional terrain, Asia Pacific currently holds major portion of global blow molded plastics market share, creditable to positive outlook of economic conditions and rise in the number of domestic manufacturers with strong technical capabilities at lower costs in comparison to mature countries in North America and Europe.