The global blow molded plastic market size was valued at USD 16,523.52 million in 2021 and is anticipated to grow at a CAGR of 3.44%, generating USD 22,402.64 million during the forecast period (2022–2030). Blow molding is a process for converting thermoplastics into simple to intricate and complex hollow objects. It is a manufacturing process for forming and joining together hollow plastic parts. This process begins with softening plastic by heating and developing it into a parison. The parison is then clamped into a mold, and the air is blown into it. The air pressure then pushes the plastic out to match the mold. Once the plastic has cooled and hardened, the mold opens, and the part is ejected. Water channels within the mold assist in cooling.
The process principle comes from the idea of glassblowing. Enoch Ferngren and William Kopitke produced a blow molding machine, which was sold to Hartford Empire Company in 1938. Blow molding plastics are generally used to manufacture bottles in industries like food and beverages, pharmaceuticals, personal care, household chemicals, and engine oil storage.
The increasing need to substitute glass, metals, wood, natural rubber, and artificial materials, such as concrete, is driving the global blow molded plastic market. Various products like olefins, polystyrene, and other plastics are rapidly replacing most materials in automotive, construction and infrastructure, medical and healthcare, and consumer goods applications. Awareness of carbon emissions is due to metals’ replacement with lightweight plastics, especially in automobiles and industrial machinery. Low-density plastics help to increase fuel efficiency and improve machinery performance, thereby decreasing carbon emissions. Weight reduction associated with plastic applications is contributing to the increasing demand for substitution of glass and metal in packaging applications, thereby owing to an overall decrease in carbon emissions.
Policies framed by various governing bodies to reduce carbon emissions through weight reduction are expected to strengthen the market further. Similar initiatives combined with evolving technologies will boost the demand for plastics in automotive applications. This is expected to drive the demand for blow-molded plastic in various components.
In regions like Asia-Pacific and Central and South America, industries such as construction, packaging, and automotive are the primary markets for blow molded plastics owing to the growing demand for plastic products and services. The use of plastics in the construction industry provides durability and cost-effectiveness. With increasing investments in new infrastructure and rising domestic demand, the ASEAN region continues to develop rapidly in terms of economic growth. With diminishing reliance on exports, countries are expected to focus on trade and investment in their domestic markets. This is projected to be facilitated by relatively easy access to finance and a robust local labor market. The trend is expected to strengthen over the long term as domestic demand is likely to be fueled further by the growing middle class and rising real income rates.
The driving force for the development of bio-based polymers is the increasing concerns related to toxic issues pertaining to petrochemicals along with depleting crude oil reserves. Governing regulations restricting the consumption of petrochemical-derived polymers in specific applications are expected to further incentivize the production of bio-based polymers. Polymers derived from bio-based sources such as polybutylene succinate, polylactic acid, and polyhydroxyalkanoate exhibit exceptional biodegradability compared to petrochemical derivatives. These products are widely accepted in biomedical and agricultural applications.
PLA is gaining acceptance as a mulching film in agriculture due to its biodegradability and superior mechanical properties. Polyhydroxyalkanoate is also gaining acceptance in biomedical and pharmaceutical applications owing to its low toxicity and biodegradability. Due to its low toxicity, Polybutylene Succinate is expected to gain significance as a substitute for Polyethylene and Polypropylene in medical packaging. Bio-based Polyethylene Terephthalate bottles are being used to substitute carbonated soft drink packaging.
Issues such as disposability and degradation of Polyethylene Terephthalate bottles have pushed environmental agencies and governments to implement stringent regulations and legislation. Bio-based polymers industry is anticipated to grow exponentially with heavy investments by companies in R&D and evolving bio-based technologies, which have been successfully implemented at commercial levels. Given these factors, the demand for eco-friendly alternatives is reducing the demand for molded plastics, hampering the global market of molded plastics.
Manufacturers are in search of machines that can provide higher accuracy, greater cost efficiency, and maximum flexibility to offset the significantly rising cost of production from several applications such as packaging, automobile, medical, electronics, and construction. Innovation in blow-molding machines such as EBLOW (the newest EBLOW 37), which is an energy-efficient blow molding equipment developed mainly for producing canisters, has helped the packaging industry.
Recent developments include dual-shot blow molding, mono-sandwich, water blow technique, and gas blow technique. To increase the FDI flow in China and India, Government support in tax benefits and financial benefits has helped develop the blow molded plastics market. Also, these regions have low-cost labor, which helps in reducing the overall manufacturing cost for producers. These technical improvements in production technology raise the demand for blow molded plastic.
Increasing production of blow molded plastics is expected to reduce the availability of crude oil as raw material in the coming years. Volatility in the prices of key raw materials and growing environmental concerns regarding their disposal are expected to hinder the market growth. The industry has shifted its focus toward developing blow molded plastics using bio-based plastics to overcome these challenges. Many manufacturers are forming joint ventures and collaborating with biotechnology companies to synergize their functions for manufacturing bio-based plastics.
A majority of the companies are anticipated to target Asia-Pacific, Central and South America, and the Middle East and Africa for regional expansion leading to the growth in construction and automotive industries in these regions. Also, long-term customer relationships, vertical integration, and economies of scale in manufacturing help the players achieve a leading market position.
The pandemic situation across the globe has negatively affected manufacturing industries, which is expected to impact the growth of the global blow molded plastics market. End-use industries such as automotive, consumer electronics, furniture and bedding, and construction are witnessing a sharp decline in demand and production owing to the reduction in discretionary spending, increase in spending on essential items such as food and medical products, factory shutdowns, limitations on supply and transport, and a slowdown in infrastructure development activities across the globe. This is anticipated to hamper the global blow molded plastics market.
An increasing number of COVID-19 cases is expected to result in an increased demand for medical devices, thereby positively influencing the growth of the blow molded plastics market. The outbreak of COVID-19, especially in China, India, and other Asian countries, has primarily hampered the market growth owing to the lockdown and restrictions imposed by various governing bodies. Moreover, disruption in the value chain, cancellation of orders, shortage of workforce and raw materials, and rapidly waning demand from application industries have disturbed the production capacity of the players in the market.
Many companies undergo expansion by increasing their capacity or acquiring other smaller companies or technology of a company. Collaboration, acquisition, and merging can be expected on a global scale.
The global blow molded plastic market share is categorized by raw materials, technology trends, and applications.
Based on the raw materials used, Polyethylene Terephthalate (PET) and Polyvinyl Chloride (PVC) are the major shareholders in the global blow molded plastic market. Their market revenue was valued at USD 14,134.5 million and USD 12,877.5 million in 2021. The use of PVC in construction, packaging, and consumer goods industries is boosting the market for PVC-based blow molded plastics. The increasing product demand due to the rise in population, changing lifestyles, and the emergence of domestic beverage manufacturers positively impact PET-based blow molded plastics. The global market for PET is projected to generate USD 20,468.68 million in 2030, growing at a CAGR of 4.2% by 2030.
Based on the technology trends, blow molded plastics are segmented as extrusion blow molding, injection blow molding, compound blow molding, and stretch blow molding. Extrusion blow molding is the highest market shareholder, valued at USD 29,982.8 million in 2021. Extrusion blow mold requires low pressure, low-cost machinery, easy and cheap external threads, and reduced labor cost, which are the advantages that boost this technology. The global market for extrusion blow molding technology is projected to generate USD 42,674.87 million in 2030, growing at a CAGR of 4.0%.
Application-wise, the packaging is the largest market holder. It was valued at USD 31,784.6 million in 2021. Automotive and transport is anticipated to be the second-largest market holder. The packaging industry is driven by the increasing demand for personal protective kits, face masks, face shields, and others, along with high consumers in developing economies. The global market for the packaging industry is projected to generate USD 44,078.37 million in 2030, growing at a CAGR of 3.7%.
The blow molded plastic market share is segmented into North America, Europe, Asia-Pacific, Central and South America, and the Middle East and Africa. Asia-Pacific is anticipated to hold the largest market share of USD 40,937.46 million by 2030, growing at a CAGR of 4.5%. It was valued at USD 27,547.0 million in 2021. Asia-Pacific is the largest producer and consumer of automobiles, consumer goods, and packaging materials that pave the way for the blow molded plastics market in the region.
Asia-Pacific is also one of the largest consumers and producers of electronic products such as equipment, wires, and electrical boxes, leading to high demand for blow molded plastics. China is the most significant contributor to the market compared to other countries, valued at USD 12,324.5 million in 2021. Japan and India gradually grew their market with market revenue of USD 4,539.7 million and USD 4,151.3 million, respectively, in 2021.
Europe is the second contributor to the blow molded plastic market, with revenue of USD 22,161.8 million in 2021. The high demand in construction, automotive, consumer products and electronics, and medical sectors are the factors for the soaring market. Germany and Italy have more market revenue compared to UK and France. The market revenue of Germany and Italy were valued at USD 5,810.8 million and USD 3,612.4 million in 2021, respectively.
The blow molded plastics market in North America is expected to witness slow growth as the cross-border trade among the economies got affected because of the COVID-19 pandemic, with the value of USD 16,655.0 million in 2021. The US has the major market in this region, with a revenue of USD 11,780.5 million in 2021.
Central and South America and the Middle East and Africa have the lowest market share. In 2021, the market revenue in Central and South America was valued at USD 6,933.1 million, with Brazil being their major contributor. The market value of the Middle East and Africa was USD 7,320.1 million in 2021, with Saudi Arabia being their major contributor.