Blow Molding Resins Market | Driving Factors, Industry Analysis, Investment Feasibility and Trends, Forecast -2023

Blow Molding Resins Market | High demand from packaging industry across the globe is set to drive the global market
Global Blow Molding Resins Market Information: By Molding Process (Extrusion, Injection Blow Molding), Type (PE, PP, PET, ABS, PC, and Others), End-Use Industry (Packaging, Automotive, Consumer Goods, and Others), Region- Forecast Till 2023

The Global Blow Molding Resins Market is segmented by a Molding Process, Type, End-Use Industry and Region.

On the Basis of the Molding Process, the market is segmented into extrusion, injection blow molding, and injection stretch blow molding. Among these processes, the extrusion has primarily used the technique to produce a large variety of hollow parts or objects with thin walls. This can be attributed to the low tool and die cost, fast production rates, and its capability of manufacturing different types of plastic products with different shapes, sizes, and neck openings. Products of different shapes such as T-section, U-section, L-section, square, and circular section can be produced by employing this technique. Bottles, industrial parts, automotive parts, watering cans, toys, appliance components are some of the products manufactured through extrusion. Injection blow molding is expected to be the fastest emerging as it enables the production in shorter time, although it is highly expensive and consumes a lot of space.

A broad range of resins is available in the market such as polyethylene, polypropylene, polyethylene terephthalate, acrylonitrile butadiene styrene, polyvinyl chloride, nylon/ polyamides, polycarbonate, and others. The polyethylene is the dominating the market due to its use in a wide range of products, depending upon its density. HDPE is used for shampoo and motor oil containers, fuel tanks, industrial drums, and others. It is chemically inert, translucent, easily colored, recyclable, and molder-friendly. With the same properties, LDPE is used for plastic bags, squeeze bottles, among others. The demand for PET is mainly driven by its use in bottling applications for mineral water and other beverages. Moreover, recent R&D for a bio-based PET is likely to offer substantial opportunities in the global market. The use of ABS in automotive decreases the overall weight of the vehicle by 10%, which is the major factor propelling the product demand. On the other hand, polypropylene has lower density and is usually used in elevated temperature for medical parts that need autoclave sterilization, which is expected to boost the product demand over the review period.

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Among the End-Use Industry Segment, the packaging is leading the Global Blow Molding Resins Market. The shifting trend towards the usage of plastic products instead of conventional materials such as wood and metal for packaging is likely to fuel the demand over the forecast period. This is primarily due to their recyclability and biodegradability, which is one of the major concerns. The rise in trade of lightweight and durable automotive and consumer electronics is expected to fuel the product demand during the review period.

Competitive Analysis

Some of the manufacturers operating in the Global Blow Molding Resins Market are BASF SE (Germany), Eastman Chemical Company (U.S.), LyondellBasell Industries Holdings B.V. (Netherlands), DowDuPont (U.S.), SABIC (Saudi Arabia), Exxon Mobil Corporation (U.S.), Solvay (Belgium), INEOS (Switzerland), China Petrochemical Corporation (China), Formosa Plastics Group (Taiwan), Chevron Corporation (U.S.), Versalis S.p.A. (Italy),  Lanxess (Germany), Reliance Industries Limited (India), and LG Chem (South Korea).

Regional Analysis

Regionally, the Global Blow Molding Resins Market is segmented into five regions namely Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.

Asia Pacific dominated the Global Blow Molding Resins Market in 2017 on account of the high demand for blow molding resins from major end-use industries such as packaging, automotive, construction, electronics, and others.

Europe accounted for the second largest market share in 2017 owing to the production and exportation of lightweight automotive parts in the region.

North America is expected to witness a considerable growth due to high demand from the food & beverage packaging industry.

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