The worldwide blow molding resins market has been expected to increase at a CAGR of 6.73 %, with a value of USD 17.88 billion from 2021-203
Blow molding is utilized in the blow molding process. It is a process to form hollow products via expanding the parts made of plastic against the mold’s internal surface with the use of resins. Thus, the products that are developed have abrasion, scratch and chemical resistance and high gloss. Besides the products that are blow molded exhibit rigidity, high load melt strength, resistance to environmental stress cracking and stiffness. These alluring properties will improve the utilization of resin for the blow molding applications. This process is largely employed in the construction, automotive and packaging industry. It is used in the production of containers, cans and bottles which are utilized in chemical industries, personal care, food and beverages and pharmaceutical industries.
There are many factors that is driving the growth of the blow molding resins market. Some of these factors as per the Market Research Future (MRFR) report include growth in packaging industry, demand for vehicles that are lightweight, rapid industrialization and increasing use in personal care products and cosmetics and bottling and food packaging industry. On the other hand, factors such as volatility in raw material and crude oil prices coupled with rising concerns for pollution concerning disposal of such products may restrict the growth of the blow molding resins market over the predicted years.
Market Research Future report offers an all-inclusive segmental analysis of the blow molding resins market on the basis of molding process, type and end-use industry.
Based on molding process, it is segmented into injection stretch blow molding, injection blow molding and extrusion. Of these, extrusion will have the maximum market share over the predicted years.
Based on type, the blow molding resins market is segmented into polycarbonate, nylon/polyamides, polyvinyl chloride, acrylonitrile butadiene styrene, polyethylene terephthalate, polypropylene and polyethylene. Of these, polyethylene will dominate the market owing to its use in an array of products resting on its density.
Based on end-use industry, it is segmented into electronics, building and construction, consumer goods, automotive and packaging. Of these, packaging will have the maximum share in the blow molding resins market.
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Based on region, the blow molding resins market covers growth opportunities and the latest trends across Asia Pacific, North America, Europe and the Middle East and Africa. Of these, APAC is likely to have a lucrative share owing to the increasing need for blow molding resins from the leading end-use industries namely electronics, construction, automotive, packaging and others. The blow molding resins market in Europe holds the second largest share due to the production of lightweight automotive parts and its export in this region. The blow molding resins market in North America is anticipated to see considerable growth owing to soaring demand from the food and beverage packaging industry.
The global blow molding resins market is competitive and highly fragmented with the key players adopting various strategies namely acquisitions, partnerships, joint ventures, agreements, expansions, new product launches and others to boost up their footprint in the blow molding resins market.
Leading players profiled in the blow molding resins market include LG Chem (South Korea), Reliance Industries Limited (India), Lanxess (Germany), Versalis S.p.A. (Italy), Chevron Corporation (U.S.), Formosa Plastics Group (Taiwan), China Petrochemical Corporation (China), INEOS (Switzerland), Solvay (Belgium), Exxon Mobil Corporation (U.S.), SABIC (Saudi Arabia), DowDuPont (U.S.), LyondellBasell Industries Holdings B.V. (Netherlands), Eastman Chemical Company (U.S.), and BASF SE (Germany).
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