It is projected to register a CAGR of 4. 5% during the forecast period. The global blow molded plastics industry is expected to witness significant growth over the forecast period owing to increasing product demand from end-use industries.
New York, Oct. 16, 2019 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Blow Molded Plastics Market Size, Share and Trends Analysis Report, By Technology, By Product, By Application And Segment Forecasts, 2019 - 2025" - https://www.reportlinker.com/p05822967/?utm_source=GNW
In the past few years, there has been a significant growth in technologies and equipment for manufacturing blow molded plastics, which has enabled manufacturers to cater to specific requirements for several application sectors.
The industry has experienced solid development over the past years.However, several structural issues continue to plague the industry participants present in the entire value chain.
Machinery manufacturers also compete heavily with price flections in, as is the case in most other machinery manufacturing industries.
These types of plastics are quickly replacing conventional substances such as glass, wood and engineered plastics in several application segments owing to their lubricity, flexibility, increased strength and stiffness, and various product characteristics (flame-retardant, UV stability, availability in numerous colors, and antioxidant).This trend is anticipated to drive global blow molded plastics market growth over the forecast period.
Reduced costs and light weight of plastic compounds further contribute to the rising product demand in various industrial applications, mainly in construction and automotive sectors.
Extrusion blow molded plastics was the largest and the fastest growing technology segment in 2018.The extrusion blow molding technology is a revolutionary form of blow molding process as it has revolutionized the plastic manufacturing sector.
One of the main advantages of this process is that it enables the manufacturers to increase output along with the efficiency of providing customized products.Moreover, cheaper mold cost compared to other processes makes it a cost-effective technology.
Hence, it is expected to be the largest technology segment in the next eight years as it is used to manufacture plastic products for several end-use industries.
Further key findings from the repot suggest:
• The global blow molded plastics demand was USD 75.28 billion in 2018 and is estimated to grow at a CAGR of 3.6% from 2017 to 2025
• Polyethylene was the largest product segment in 2018. PE compounds are dominantly used across various industries and have been an integral material for packaging industry. Apart from the packaging sector, the UHMWPE finds application in manufacturing high performance medical devices
• Acrylonitrile butadiene styrene (ABS) to emerge as the fastest growing product segment owing to increasing demand form the automobile industry
• Asia Pacific accounted for 33.2% of the overall revenue in 2018. China blow molded plastics market to witness a growth of 5.7% to reach a net worth of USD 16.36 billion by 2025
• Major resin manufacturers currently operating in the market include Dow Chemical Company, SABIC, ExxonMobil, LyondellBasell and Sinopec. They account for less than 40% of the overall global annual output
• Favorable federal regulations by agencies such as EPA, NHSTA, CARB, and SEPA regarding carbon emissions along with EU initiatives to develop blow molding applications for manufacturing light and fuel-efficient cars are likely to boost global market growth
Read the full report: https://www.reportlinker.com/p05822967/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
Intl: +1 339-368-6001