Key Players:
Some of the Efficient Manufacturers Operational in the Global Blow Molding Resins Market are named as BASF SE (Germany), Eastman Chemical Company (U.S.), LyondellBasell Industries Holdings B.V. (Netherlands), DowDuPont (U.S.), SABIC (Saudi Arabia), Exxon Mobil Corporation (U.S.), Solvay (Belgium), INEOS (Switzerland), China Petrochemical Corporation (China), Formosa Plastics Group (Taiwan), Chevron Corporation (U.S.), Versalis S.p.A. (Italy), Lanxess (Germany), Reliance Industries Limited (India), and LG Chem (South Korea).
Industry News:
3rd Jule 2019: Milacron Holdings Corp. completes $51M sale of Uniloy blow molding business to two private equity businesses, and Milacron announced the price that is nearly $51.9 million.
Market Drivers & Trends:
Global Blow Molding Resins Market is chiefly driven by factors such as escalating demand from the packaging industry as these have extreme features such as flexibility, durability, and low cost as well as superior properties of scratch and chemical resistance. As these posses, such immense features, the Blow Molding Resins are extensively used in food packaging & beverage bottling, including bakery products, dry foods, meat & cheese, pet food, snacks, carbonated drinks, and others.
The rising demand for ready-to-eat processed food that has longer perishability owing to the fast-paced lifestyle has amplified the application in the food & beverage packaging, which in turn has augmented the market growth remarkably. Besides, the excessive use of resins in cosmetics & personal care products and health & hygiene packaging for having the properties above is projected to fuel the market growth during the assessment period.
On the other hand, factors such as increasing use of Blow Molding Resins in making lightweight vehicles is another primary driver of the global market growth. Also, the high demand for light-weight vehicles due to the stringent emission regulations with the concern of environmental health is anticipated to stimulate the product demand over the review period. It has also been studied that the high penetration of blow molding products in primary industries of food & beverage, automotive, consumer goods, and many others have undoubtedly shifted the focus of key players towards market development, which has impacted the market growth incredibly.
However, on the flip side, the unpredictability in the prices of crude oil could be a negative impact on the Global Blow Molding Resins Market growth during the forecast period.
Market Segmentation:
Global Blow Molding Resins Market has been segmented by the Molding Process, Type and End-Use Industry.
In terms of the Molding Process, Global Blow Molding Resins Market has been segmented as extrusion, injection blow molding, and injection stretch blow molding.
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In terms of the Type, the market has been segmented as polyethylene, polypropylene, polyethylene terephthalate, acrylonitrile butadiene styrene, polyvinyl chloride, nylon/ polyamides, polycarbonate, and many others.
In terms of the End-Use Industry, the market has been segmented into packaging, automotive, consumer goods, building & construction, electronics, and others.
Regional Outlook:
Global Blow Molding Resins Market is covered across critical regions of Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
The Asia Pacific led the Global Blow Molding Resins Market in 2017 in support of high demand for Blow Molding Resins in major end-use industries such as packaging, automotive, construction, electronics, and others. The high manufacture and sales of lightweight automotive have also been likely to drive the regional market in this region. Also, the rapid urbanization and industrialization, coupled with high per capita income are expected to drive the market growth over the forecast period.
Europe recorded to be the second-largest market in 2017 due to the production and export of lightweight automotive parts. Substantial investments in healthcare also offered a hygienic environment to the citizens, which is another factor driving the demand in this region in the current time.
Whereas, North America is expected to witness considerable growth in support of high demand from the food & beverage packaging industry. Apart from this, the flourishing construction industry, coupled with the high demand for cosmetics & personal care products in the region, is expected to stimulate the market growth to a great extent in the years to come. Moreover, the Latin American market is also expected to grow significantly owing to the mounting automotive, packaging, and cosmetic industry in the region. The Middle East & Africa is possible to nurture substantially due to increasing demand from construction and infrastructural activities in the GCC countries.
Market Overview:
The Blow Molding Resins Market assures to grow as the most leading market as it has been playing a crucial role in impressing positive impacts on the economy across the world. Market Research Future has published a new report stating that Global Blow Molding Resins Market is proliferating remarkably and will continue with the same pace of growth during the forecast period by 2023.
Blow Molding is considered a process which is done for forming hollow products by mounting a hot plastic mass against the internal surfaces of a mold. Therefore, the products developed by Blow Molding exhibit chemical, scratch, and abrasion resistance along with the high gloss. Due to these factors, the Blow Molding Resins Market is on the verge of exponential expansion over the forecast period.
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