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The Rise of Blow-Molded Plastics in Consumer Goods
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According to The Business Research Company's, The blow-molded plastics market size has grown steadily in recent years. It will grow from $93.63 billion in 2023 to $97.83 billion in 2024 at a compound annual growth rate (CAGR) of 4.5%. The growth in the historic period can be attributed to rise in the packaging industry, expanding automotive and transportation industry, rise in demand for consumer goods, government regulations, rise in consumer awareness of environmental issues.
The blow-molded plastics market size is expected to see strong growth in the next few years. It will grow to $121.93 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to expansion of the food and beverage industry, growing e-commerce and online retail, expansion of the construction industry, emphasis on circular economy, economic growth. Major trends in the forecast period include sustainable materials, customization and design innovation, lightweighting and material efficiency, 3d printing and digital manufacturing, smart packaging.
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Market Drivers and Trends:
Increased usage of face masks, protective gowns, and packaging bottles for hand sanitizers is expected to propel the growth of the blow-molded plastics market going forward. Due to the COVID-19 outbreak, the demand for and sale of facemasks, hand sanitizers, and face shields have gained momentum. People are purchasing hand sanitizers in little bottles that are convenient to carry in their wallets or handbags. Blow molding is a technique for making hollow things such as bottles, face masks, and other packaging from hot liquid plastic. For instance, according to the All Food and Drug License Holders Foundation (AFDLHF), an Indian association that represents 7,000 pharmaceutical suppliers, the total market for masks in India has grown to Rs 4.5 billion ($60 million) in the first two months of 2020, from about Rs 2 billion ($26.7 million) annually in 2019. Therefore, the increased usage of face masks, protective gowns, and packaging bottles for hand sanitizers will drive the growth of the blow-molded plastics market.
Increased efforts in product R&D are a key trend gaining popularity in the blow-molded plastics market. Companies are investing in R&D to produce new industrial plastics to keep up with market competitiveness and meet evolving end-user demands. For instance, in August 2021, Comar, a US-based manufacturer and designer of innovative plastic solutions, announced the completion of Rancho 2.0 Project in Rancho Cucamonga, US. The new 230,000-square-foot facility will be Current Good Manufacturing Practice (cGMP)-compliant, ISO 13485-certified, and FDA-registered, with dedicated injection blow molding, injection stretch blow molding, and injection molding cells. The new facility will include a full-service mold prototyping lab as well as a specialized mold sample and development machine, allowing customers to quickly move from concept through design, prototype, and full production.
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Major Key Players of the Market:
LyondellBasell Industries Holdings B.V., Berry Global Inc., PET All Manufacturing Inc., Inpress Plastics Ltd., The Dow Chemical Company, Comar LLC, Rutland Plastics Ltd., The Plastic Forming Company Inc., Agri-Industrial Plastics Company, Garrtech Inc., North American Plastics Ltd., Creative Blow Mold Tooling Inc., Exxon Mobil Corporation, APEX Plastics Pvt. Ltd., Magna International Inc., International Automotive Components Group Ltd., Custom-Pak Inc., Gemini Group Global Corp., Du Pont De Nemours and Company, Confer Plastics Inc., Blow Molded Solutions LLC, Blue Ridge Industries Inc., GSH Industries Inc., Midwest Plastics Inc., Molded Devices Inc., Mr. Nozzle Inc., Hi-Rel Plastics & Molding Inc., N.E.W. Plastics Corporation, Plastic Technologies Inc.
Blow-Molded Plastics Market 2024 Key Insights:
• The blow-molded plastics market size is expected to see strong growth in the next few years. It will grow to $121.93 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%.
• Covid-19 Pandemic Drives Surge In Blow-Molded Plastics Market A Focus On Face Masks, Hand Sanitizer Bottles, And Protective Gowns
• Increased Product R&D Initiatives Transforming The Blow-Molded Plastics Market Case Study Of Comar's Rancho 2.0 Project
• Asia-Pacific was the largest region in the blow-molded plastics market in 2023
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