Blow Molding Machine Market to cross $6.6 billion During the Period 2019-2026
According to the report, the global blow molding machine industry was estimated at $4.85 billion in 2018 and is expected to hit $6.67 billion by 2026, registering a CAGR of 3.8% from 2019 to 2026. The report provides an extensive analysis of the market dynamics including drivers & restraints, major winning strategies, market size & projections, competitive landscape, and major segments.
The manufacturers of blow molding machine are focusing on business expansion and new product development as key strategies to increase their blow molding machine market shares. For instance, in July 2019, Meccanoplastica launched new MiPet Combi stretch blow molding solution.
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The global blow molding machine market is analyzed by application, raw material, and region. Based on the application, the market is segmented into packaging, automotive, construction, and others. The packaging segment accounted for nearly half of the global blow molding machine market share in 2018, and is anticipated to retain its dominance from 2019 to 2026.
Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The region across Asia-Pacific accounted for nearly three-fifths of the global blow molding machine market revenue in 2018, and is projected to remain lucrative by the end of 2026.
On the other hand, the LAMEA region is expected to manifest the fastest CAGR of 4.6% throughout the estimated period.
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Key Findings of the Study:
o The report provides an extensive analysis of the current and emerging blow molding machine market trends and dynamics.
o Depending on application, the packaging segment dominated the market, in terms of revenue, in 2018 and the others segment is projected to grow at a CAGR 4.9% during the forecast period.
o By raw material, the polyethylene (PE) segment led the market in 2018.
o LAMEA is projected to register the highest growth rate in the coming years.
Key market players analyzed in the research include Elegance Industries Jomar Corporation, GOLFANG Mfg. & Development Co., Ltd., Jagmohan Pla-Mach Pvt. Ltd., Jiangsu Victor Machinery Co., Ltd., Meccanoplastica S.R.L, Chia Ming Machinery Co., Ltd., Parker Plastic Machinery Co., Ltd., Kautex Maschinenbau GmbH, and Polymechplast Machines Ltd.
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