The global blow molded plastics market size was valued at USD 75.7 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 3.3% from 2021 to 2028. Growing demand from the key application sectors including construction, automotive, and packaging, particularly in BRICS (Brazil, Russia, India, China, and South Africa), is expected to drive the market over the forecast period. Amid the global Covid-19 pandemic, the demand for various pharmaceutical products, disinfectants, and sanitizers has increased. This, in turn, is driving the demand for blow molded plastics in medical applications.
Manufacturers are demanding machines that can deliver higher accuracy, greater cost efficiency, and maximum flexibility to offset the significantly rising cost of production from several demanding application sectors, such as packaging, automobile, medical, electronics, and construction.
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The market in Europe is expected to witness slow growth owing to various factors, such as stalled industrial output caused by the Covid-19 pandemic, rising unemployment, and debt crisis. However, a positive scenario across Eastern Europe, in terms of consumerism and manufacturing, is expected to drive the market.
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Product Segment Analysis:
Application Segment Analysis:
Most of the key players operating in the market have integrated their raw material production and distribution operations to maintain product quality and expand their regional presence. This provides companies a competitive advantage in the form of cost benefits, thus increasing the profit margins. Companies are undertaking R&D activities to develop new industrial plastics to sustain market competition and meet the changing end-user requirements. Companies are also focusing on mergers & acquisitions to expand their geographical presence.
Regional Segment Analysis: North America, Europe, Asia Pacific, Latin America, and Mideast and Africa.
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There has been a surge of capacity addition in high-growth regions, such as the Middle East and Asia Pacific, over the last few years. These regions are creating a consistent demand for these types of plastics in addition to helping in reducing the overall manufacturing cost.
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