In the latest report by Future Market Insights, on global moulded plastic market it has been projected that market to grow over the CAGR of 3% in the forecast years. The industry is estimated to flourish over the long term.
Growing demand from the key end users such as automotive, construction and packaging from the BRICS is expected to bolster the blow moulded plastic sales.
Blow moulded plastics market is driven by the aspect of innovation and technological progression as it will facilitate the increase in production of bottles. The trend in the industry is created by HDPE and PET material as they are the non-biodegradable bio plastics that are expected to gain the transition in the upcoming 10 years.
These materials are less energy over the petroleum-based plastics. Initiatives such as waste reduction and enhanced recycling help to promote the usage of bio plastics.
With the projected implementation of new legislation linked to environmental sustainability, eco-sustainable bottles will continue to support green behaviors as the world shifts toward environmental friendliness and sustainability.
The recent coronavirus outbreak has sparked fear all around the world. Despite the fact that the impact of the pandemic on blow moulded plastic packaging is nothing compared to what a few other industries have experienced, there are still certain hindrances.
Due to the widespread disease, there was a shutdown of various industries due to lack of manpower and human labour. Due to its low cost of manufacture, heat-seal ability, high clarity, high elongation, and softness, low-density polyethylene (LDPE) is frequently favored, depending on the field of application.
In the latest report by Future Market Insights, the prominent region included are North America, Latin America, Europe, East Asia, South Asia & Oceania and the Middle East and Africa.
The Asia Pacific hold a prominent share of the market which is nearly 40% of the global market share. China is the major chunk holder in the region followed by Japan and India. The end-use sectors that consume blow-molded plastic packaging compounds have seen great expansion in China, which is a key manufacturing hub.
Europe and North America are the matured economics having the slow growth as the trade among the economics got affected due to the COVID -19. Another reason for slow growth is the ban on the use of plastic material in eight states of North America like New York and California.
Due to several issues, including slowed industrial output caused by the Covid-19 outbreak, increased unemployment, and the debt crisis, the European market is anticipated to develop slowly. However, the market is likely to be driven by a favourable scenario in Eastern Europe in terms of consumerism and manufacturing.
Polyethylene is the dominating segment accounting for 20% of the market share under the raw material segments. This significant amount is contributed by packaging and electronic and electrical industries. The polyethylene compounds are used for the manufacturing of various grades bottles utilized to package a wide range of items, including food and chemical products.
Aside from the packaging sector, one of the most common uses for PE compounds is construction. Computer Numerical Control (CNC) machines and 3D printers employ polyethylene for prototype development. HDPE is high-density polyethylene (HDPE) that is easy to manufacture at a cheap cost, has an excellent moisture barrier, and can be used to make both opaque and hollow packaging.
Due to its low cost of manufacture, heat-seal ability, high clarity, high elongation, and softness, low-density polyethylene (LDPE) is frequently favored, depending on the field of application.
The prominent players of blow moulded plastic market are
To maintain product quality and extend their regional presence, the majority of the market's major players have integrated their raw material manufacturing and distribution activities. This gives businesses a competitive advantage in the form of price savings, which boosts profitability.
Manufacturers are opting for organic and inorganic growth strategies such as a merger, acquisition, product launch to secure a stable position in the market. For example in the year 2020, Berry Global, Inc. has completed the acquisition of RPC Group for the reduction of operational cost and integration of the value chain.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies
Explore Similar Insights
Blow Moulded Plastic Packaging Market
Thank you!
You will receive an email from our Business Development Manager. Please be sure to check your SPAM/JUNK folder too.
