Rising Demand for Dairy Products to sustain Global Blow Molded Plastics Market Growth
"Browse 105 Market Data Tables and 50 Figures spread over 205 Pages, along with an in-depth TOC on the Global Blow Molded Plastics Market Forecast 2021-2028."
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Blow molding is a manufacturing process, wherein hollow plastic parts are joined and formed together. Injection blow molding, injection stretch blow molding, and extrusion blow molding, are the three main types of blow molding. Blow molded plastics are hollow plastic manufactured using the blow molding process. These include water, milk, and juice bottles.
Increasing Demand for Dairy Products Fuels Market Growth
Milk production is projected to increase by over 200 million tons by 2026. The per capita consumption in the developed countries is estimated to be 1% and 15% in developing countries. South Asia and EU-25 are considered to be prominent regions, since they together account for 45% of the global milk production.
The economic prospects of a region or country determine the dairy product trade. One of the largest importers of dairy products, China, recorded an increase of over 5% in its skimmed milk powder and whole milk powder imports in 2018. The milks-surplus countries include the United States, Uruguay, Australia, New Zealand, Argentina, along with several countries of Eastern and Western Europe. The Asia Pacific records the highest demand due to high population concentration. Moreover, the urbanization of developing countries adds to the growing demand for packaged dairy products. There is increasing use of aseptic packaging since it provides a higher shelf life. Also, the surge in dairy producers in India and China is resulting in increased demand for packaging products. The blow molded plastics will aid in meeting the demand for dairy packaging.
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Polyethylene (PE) to fare Largest Market Share in terms of Revenue & Volume
The polymerization of ethylene results in the production of polyethylene (PE). It is extremely rigid, given its high density, and utilized in applications like personal care and home care products. The three varieties of PE used in blow molded plastics include, LDPE, medium-density PE, and HDPE. Of these, LDPE is used as generic food storage containers and for food packaging. HDPE has the highest recycling rate.
Further, polyethylene compounds are integral to the packaging industry. The ultrahigh molecular weight polyethylene has applications in medical devices and bulletproof vests. One of the leading applications for polyethylene compounds is construction. It is also used in the prototype development on CNC (Computer Numerical Control) machines and 3D printers.
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Asia Pacific - The Dominant Region in terms of Volume & Revenue
The manufacturing precision parts market encompasses a large share of semiconductors, electronics, and automotive industries. The tax termination on imported built-up vehicles has emboldened the automotive industry. Further, private-label bottled water and other beverages have increased in the region. Such factors are expected to offer lucrative growth opportunities for the blow molded plastics market. Moreover, in countries like Malaysia, the increasing demand for food & beverage packaging, the growing usage of biodegradable plastics, and the expectant growth of aerospace and construction sectors, are set to influence the market growth.
The competitive rivalry is high in the market, with many vendors operating out of all geographic locations. The market provides substantial growth opportunities for both large and small vendors. Though the threat of new entrants is high, since the mass production of blow molded plastic products are commoditized, which further intensifies the threat of rivalry. Some of the leading entities in the market are Garrtech Inc, Exxon Mobil Corporation, Machinery Center Inc, Comar LLC, etc.
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GLOBAL BUILDING AND CONSTRUCTION PLASTICS MARKET
GLOBAL AUTOMOTIVE PLASTICS MARKET
GLOBAL BIODEGRADABLE PLASTICS MARKET
GLOBAL EXPANDED POLYSTYRENE (EPS) MARKET
GLOBAL PLASTIC COMPOUNDING MARKET
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