The blow molding resins market is experiencing significant growth due to the rising demand for lightweight and cost-effective packaging solutions in various industries. Blow molding is a popular manufacturing process used to produce hollow plastic parts by inflating a heated plastic tube, called a parison, inside a mold until it takes the desired shape. Blow molding resins are the raw materials used in this process, and they play a crucial role in determining the properties and characteristics of the final product.
The report “Blow Molding Resins Market by Type (Polyethylene, Polypropylene, Polyvinyl Chloride, Polyvinyl Terephthalate), Application (Packaging, Automotive & Transportation, Construction & Infrastructure), and Region – Global Forecast”, The blow molding resins market is estimated at USD 36.67 Billion in 2017 and projected to reach USD 51.95 Billion by upcoming years, at a CAGR of 7.2%.
Browse 156 Tables and 43 Figures spread through 164 Pages and in-depth TOC on “Blow Molding Resins Market by Type (Polyethylene, Polypropylene, Polyvinyl Chloride, Polyvinyl Terephthalate), Application (Packaging, Automotive & Transportation, Construction & Infrastructure), and Region – Global Forecast”
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One of the key factors driving the growth of the blow molding resins market is the increasing demand for lightweight packaging solutions in the food and beverage industry. With changing consumer preferences and a growing emphasis on convenience, manufacturers are looking for packaging materials that are not only lightweight but also offer excellent barrier properties to extend the shelf life of products. Blow molding resins, such as polyethylene terephthalate (PET) and polypropylene (PP), are ideal choices for such applications as they offer a combination of low weight, good impact strength, and barrier properties.
The demand for blow molding resins is also being propelled by the packaging industry’s shift towards sustainable and eco-friendly solutions. With increasing awareness about environmental issues and a focus on reducing carbon footprint, there is a growing demand for packaging materials that are recyclable, reusable, and made from renewable sources. Blow molding resins derived from bio-based feedstocks, such as bio-based polyethylene and bio-based polyethylene terephthalate, are gaining traction in the market as they offer similar performance characteristics to their conventional counterparts while being more environmentally friendly.
Blow Molding Resins Market Key Players
Exxon Mobil (US), LyondellBasell (Netherlands), DowDuPont (US), SABIC (Saudi Arabia), INEOS (Switzerland), Solvay (Belgium), Formosa Plastics (Taiwan), Chevron (US), Eastman (US), China Petroleum (China), and Reliance Industries (India) are the leading blow molding resins manufacturers globally.
DowDuPont (US) is one of the leading players in the blow molding resins market. It is a US-based chemical company formed by the merger of Dow Chemical and DuPont in August 2017. The company has been focusing on new product launches and expansions to maintain its leading position in the market. For instance, in October 2016, E. I. du Pont (US) launched polyamide (PA66 and PA6) and glass-filled blow molding resins used for applications in the automotive industry. Also, in November 2014, Dow (US) expanded the production of polyethylene by revamping its production technology in Argentina. It revamped its four production units for Low Density Polyethylene (LDPE).
LyondellBasell (Netherlands) and Exxon Mobil (US) are other major players in the blow molding resins market. The company adopted the acquisitions strategy to establish its foothold in the Asia Pacific. For instance, in April 2016, the company acquired polypropylene compounder, Zylog Plastalloys Pvt. Ltd in India.
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The packaging application segment of the blow molding resins market is projected to grow at the highest CAGR
Based on the application, the blow molding resins market has been segmented into packaging, automotive & transportation, construction & infrastructure, and others. The packaging segment is projected to be fastest-growing application segment during the forecast period. The growth of the segment is attributed to the increasing use of blow molded products to package pharmaceutical, food & beverages, cosmetics, and industrial products, such as chemicals, acids, and lubricants.
Automotive & transportation is projected to be the second largest market for blow molding resins during the forecast period. High demand for blow molding resins to produce automobile parts, such as panes and railings, bumper supports, fenders, mudguards, door locking systems, consoles, garnish pillars, cockpit systems, and fuel tanks is expected to fuel the growth of the segment.
The Asia Pacific blow molding resins market is projected to grow at the highest CAGR during the forecast period
Based on region, the blow molding resins market has been segmented into Asia Pacific, North America, Europe, South America, and Middle East and Africa. The Asia Pacific blow molding resins market is projected to grow at the highest CAGR during the forecast period. The growth of the Asia Pacific blow molding resins market can be attributed to the presence of the leading blow molding resins producers in the region. Moreover, the growing demand for blow molding resins in packaging applications, such as pharmaceutical and food & beverage products in countries, such as China, Japan, and India also contribute to the growth of the Asia Pacific blow molding resins market.
