HDPE Large Blow Molded Products Market: Introduction
The global HDPE large blow molded products market was valued at US$ 2.5 Bn in 2019 and is anticipated to expand at a CAGR of 4.5% during the forecast period. The global HDPE large blow molded products market is driven by increase in the demand for HDPE large blow molded products in the global chemical & petrochemicals industry. Asia Pacific accounts for a major share of the global HDPE large blow molded products market, owing to high demand for HDPE large blow molded products among chemical manufacturers.
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Key Drivers of HDPE Large Blow Molded Products Market
Growth of the global specialty chemicals industry is a key factor driving the demand for industrial packaging products. Safe delivery of packaged materials is of key importance. Thus, packaging plays a vital role in the delivery of specialty chemicals, considering the reactive and toxic nature of a majority of these chemicals. HDPE large blow molded products offer better compatibility with materials to be packed due to high chemical inertness of HDPE polymers. Furthermore, high rigidity of HDPE products enables containers with thinner wall designs. Thus, HDPE large blow molded products are widely utilized as containers, including industrial bulk containers and other rigid packaging materials, for specialty and other chemicals.
HDPE large blow molded products possess advantages over their substitutes in industrial rigid packaging, due to low permeability of HDPE products to a wide range of solvents and excellent crack resistance of HDPE-based blow molded products. Growth of the specialty chemicals industry, primarily in Asia Pacific, is a key factor driving the global HDPE large blow molded products market. Rise in investments in infrastructure development by private and public sectors and high demand for chemicals, paints, pigments, food, beverages, petroleum products, industrial coatings, agricultural products, pharmaceuticals, minerals, packaging products, automotive products has augmented the demand for specialty chemicals, primarily in Asia Pacific.
Asia Pacific has emerged as the chemical manufacturing hub for key players after the economic slowdown of 2006–2009. Key chemical manufacturers are shifting their production facilities from China to other countries in Southeast Asia, owing to rise in transportation, labor, and production costs in China. Thus, India, Indonesia, Malaysia, Vietnam, and Thailand are anticipated to be emerging markets and strategic manufacturing centers. Thus, the expanding specialty chemicals industry in developing countries is projected to fuel the demand for high-quality packaging materials in the near future. This, in turn, is likely to boost the demand for HDPE large blow molded products in these countries during the forecast period.
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Growth of Food & Beverages Industry to Offer Lucrative Opportunities to HDPE Large Blow Molded Products Market
Increase in the demand for chemicals is anticipated to boost the demand for HDPE large blow molded products. Key players are focusing on the development of food and beverage packaging applications due to rapid expansion of the global food & beverages industry. Thus, manufacturers need to focus on the development of HDPE large blow molded products and new applications of HDPE large blow molded products. HDPE possesses excellent recycling ability. Hence, HDPE products are gaining popularity among end users, primarily in developed countries.
Some players have developed the blow molding technology for internal production. These players market their technology to manufacturers. For instance, Mauser Packaging Solution has commercialized its production technology. Thus, development of cost-saving blow molding production technology can be an advantageous diversification strategy for manufacturers of HDPE large blow molded products.
Volatility in Prices of Raw Materials to Hamper HDPE Large Blow Molded Products Market
Increase in competition from geographies other than the Middle East and emergence of alternatives, such as shell gas, have affected the demand–supply scenario of oil and gas products across the globe. Thus, strategies adopted by key players of petrochemicals have created price volatility in derivatives of petrochemicals. Volatility in prices of oil and gas affects the production of petrochemicals. This, in turn, leads to fluctuation in prices of polyethylene derivatives such as HDPE, LDPE, and LLDPE. Thus, these factors hamper the global HDPE large blow molded products market.
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Asia Pacific Dominates HDPE Large Blow Molded Products Market
Based on region, the global HDPE large blow molded products market has been divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In terms of both volume and value, Asia Pacific dominated the global HDPE large blow molded products market in 2019. Increase in the demand for chemicals in the region is driving the HDPE large blow molded products market in Asia Pacific. China and Japan hold a major share of the market in the region, owing to promising presence of chemical manufacturers in these countries. Key players prefer investing in Asia Pacific, as the region witnesses presence of a large number of chemical manufacturers and abundant availability of labor. North America is another significant consumer of HDPE large blow molded products, with the presence of a large number of players and manufacturing facilities in the region.
Consolidated Nature of HDPE Large Blow Molded Products Market
The competition in the global HDPE large blow molded products market is sustained, due to varying market shares of major, well-established players. Tier-1 companies include major players such as Time Technoplast Ltd., Greif Inc., and SCHÜTZ GmbH & Co. KGaA. These companies have considerable presence in the global HDPE large blow molded products market. These companies constituted 45%–55% share of the global HDPE large blow molded products market in 2019. Tier-2 companies comprise Jindal Plast and Univation Technologies, LLC. These companies have strong a foothold in local markets. These companies accounted for 15%–20% share of the global HDPE large blow molded products market in 2019.
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