Blow Molded Plastics Market Size, Share & Trends Analysis Report By Technology, By Product, By Application And Segment Forecasts, 2020 - 2027

10 July 2020

Reportlinker.com announces the release of the report "Blow Molded Plastics Market Size, Share & Trends Analysis Report By Technology, By Product, By Application And Segment Forecasts, 2020 - 2027" - https://www.reportlinker.com/p05822967/?utm_source=GNW

Blow Molded Plastics Market Growth & Trends

The global blow molded plastics market size is anticipated to reach USD 96.2 billion by 2027., expanding at a CAGR of 2.8% over the forecast period. The growth can be attributed to increasing product demand from application industries. In the past few years, there has been a significant advancement in technologies and equipment for manufacturing blow molded plastics, which has enabled manufacturers to cater to specific requirements for several application industries such as automotive, building and construction, packaging, and others.

Polyethylene Terephthalate (PET) has several applications in packaging industry including the use of PET for manufacturing bottles intended for the packaging of food and beverage products.This is expected to drive its demand over the forecast period.

In this global COVID-19 pandemic, the demand for Polypropylene (PP) and PET is expected to grow on account of rising demand for face masks, protective gowns, and packaging bottles for hand sanitizers.

Extrusion blow molded plastics was the largest and the fastest growing technology segment in 2019.The extrusion blow molding technology is a revolutionary form of blow molding process as it has revolutionized the plastic manufacturing sector.

One of the main advantages of this process is that it enables the manufacturers to increase output along with the efficiency of providing customized products.Moreover, cheaper mold cost compared to other processes makes it a cost-effective technology.

Hence, it is expected to be the largest technology segment as it is used to manufacture plastic products for several end-use industries.

Blow Molded Plastics Market Report Highlights
• Polyethylene (PE) was the largest product segment in 2019. PE compounds are dominantly used across various industries and have been an integral material for packaging industry
• Acrylonitrile Butadiene Styrene (ABS) to emerge as the fastest growing product segment owing to increasing demand from the automobile industry. It is used for manufacturing enclosures for electrical and electronic assemblies, automotive trim components, and protective headgears
• Asia Pacific accounted for 33.51% of the overall revenue share in 2019. China is anticipated to witness a CAGR of 3.8% during the forecast period
• Favorable federal regulations by agencies such as Environmental Protection Agency (EPA), California Air Resources Board (CARB), and Scottish Environmental Protection Agency (SEPA) regarding carbon emissions along with EU initiatives to develop blow molding applications for manufacturing light and fuel-efficient cars are likely to boost global market growth
Read the full report: https://www.reportlinker.com/p05822967/?utm_source=GNW

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Source: globenewswire.com