PUBLISHER: Grand View Research | PRODUCT CODE: 1529746
PUBLISHER: Grand View Research | PRODUCT CODE: 1529746
The global blow molded plastics market size is anticipated to reach USD 121.82 billion by 2030, according to a new report by Grand View Research, Inc. It is projected to propel at a CAGR of 7.0% from 2024 to 2030. Increasing requirement for substitution of glass, metals, wood, natural rubber, and man-made materials, such as concrete, is driving the global blow molded plastic market. Various products such as olefins, polystyrene, PVC, PET, and other plastics are rapidly replacing most materials in automotive, construction & infrastructure, medical & healthcare, and consumer goods applications.
Amid the global COVID-19 pandemic and lockdown, the demand for plastic resins and blow molded plastics has dropped significantly, which is expected to rise gradually as the lockdown is lifted, cross-border trade is re-established, and industries begin to operate in full capacities. China, India, Malaysia, Indonesia, and others are expected to be the primary growth markets in the region. Growing manufacturing sector shall drive the demand for plastic compounds in automotive, construction, packaging, and consumables & electronics industries. In the recent past, China and India have witnessed a spike in the production of automobiles owing to transfer of technology to this sector from western markets.
Less density associated with plastics helps increase fuel efficiency and improve machinery performance, thereby reducing carbon emissions. Carbon emissions are chemical compounds produced from poorly burnt fuels like natural gas, crude oil, and coal, which enter the surrounding air. Most carbon emissions are hazardous in nature and very detrimental to the environment and all living beings.
Some of the key players operating in the blow molded plastics market are Magna International, Inc., INTERNATIONAL AUTOMOTIVE COMPONENTS GROUP, S.L. (IAC Group), Berry Global, Inc., Pet All Manufacturing, Inc., Inpress Plastics Ltd., Dow Inc., Comar, LLC, Rutland Plastics Ltd, The Plastic Forming Company, Inc., Agri-Industrial Plastics, Garrtech, Inc., Creative Blow Mold Tooling, North American Plastics, Ltd., Machinery Center, Inc., Custom-Pak Ltd., APEX Plastics, INEOS Group, LyondellBasell Industries Holdings B.V., Exxon Mobil Corporation, and Exxon Mobil Corporation.