PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1397128
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1397128
Plastic Blow Molding Machine Market size was valued at USD 2,812 Million in 2022, expanding at a CAGR of 4.1% from 2023 to 2030.
A blow molding machine made of plastic is a manufacturing tool used in the blow molding process to create hollow plastic objects. The process of blow molding involves inflating a thermoplastic material (often in the form of a parison or preform) inside a mold to make hollow objects, mainly containers. The shaping, stretching, and chilling of the plastic material to produce the intended end result are made easier by the plastic blow molding machine, which is a key component of this process.
The need for packaging is growing due to the development of e-commerce businesses, which is driving up demand for packaging equipment. Additionally, micro-flute packaging is better insulating and lightweight, making it perfect for transit packing. The continuous spread of e-commerce and its influence on supply chain functions have decreased order fulfilment and delivery cycle times and speeds. These advancements raise the need for highly effective packaging materials, which in turn raises the need for blow molding equipment. Thus, throughout the forecast period, these factors will propel market expansion.
The Global Plastic Blow Molding Machine Market is segmented based on Technology, End-use, and Region.
Based on the technology, the market is bifurcated into Extrusion, Injection Stretch and Injection. The Injection segment is expected to capture a substantial revenue share during the forecast period. When compared to other methods, plastic injection blow molding technology offers several benefits. It offers precise neck shaping, the best finish, waste-free manufacturing, crystal-clear pharmaceutical containers, small weight tolerance, and a high degree of dimensional precision.
Based on the end-use, the industry is segmented into Automotive, Packaging, Construction, Medical, Electronics, Consumer Goods and Others. The Packaging segment is expected to hold the largest market share during the forecast period. In the upcoming years, it is anticipated that the growing need for drinking water and packaged food will drive up demand for containers. This will in turn support the expansion of plastic blow molding machines.
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. The Asia Pacific is expected to dominate the market during the forecast period. In the Asia Pacific area, blow-molded plastics are predicted to be in high demand due to rising infrastructure investment and rising vehicle demand in nations like China, India, Indonesia, and Malaysia. Furthermore, the region's market is expanding due to the growing demand from the packaging industry. Mahika Packaging, a Mumbai-based company, for instance, declared in December 2021 that it will treble its tube-making capacity in FY 2022-2023. The business provides its goods to meet the packaging requirements of the pharmaceutical and cosmetics sectors. Thus, this is expected to drive the market growth in the region.
The sector is characterized by intense competition from both domestic and foreign firms. Manufacturers of plastic blow molding machines employ a range of methods to expand their market share and satisfy the ever-changing technical needs of end-user sectors, including consumer goods, packaging, automotive, electronics, and medical.
In March 2023, to increase the size of its current location, Jagmohan Pla-Mach Pvt. Ltd. purchased 50,000 square feet of extra property. The business extended its Asagaon, India, location to the Mumbai-Nashik Highway. The extra floor space will be utilized to expand the range of products offered and enhance the productivity of high-velocity, fast auto deflashing blow molding machines and injection blow molding machines for both monolayer and multilayer segments.