The blow molded plastics market is expected to grow at a CAGR of over 4% during the period 2019–2025.
Arizton’s recent market research report on blow molded plastics market provides comprehensive industry analysis, trend forecasts, and competitive analysis. The study includes insights by Plastic Type (Polyethylene Terephthalate (PET), Polyethylene (PE), Polyvinyl Chloride (PVC), Polypropylene (PP), and others), Technology Type (extrusion blow, injection blow, and stretch blow), End-user Type (packaging, automotive & transportation, building & construction, and Industrial and Others), and Geography (APAC, Europe, Middle East & Africa, North America, and Latin America).
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The massive growth and usage of plastic has fueled concerns about the environment and prompted government agencies to constitute legislations over the use and disposal of plastic packaging. Plastic polymers currently used in the packaging sector are petrochemical-based and cannot disintegrate or be recycled effectively. Most packaging waste ends up in landfills or oceans, with only a small percentage of plastic packaging used for energy recovery, and an even smaller percentage being recycled.
The damage caused to the environment is estimated at around $15 billion. Hence, government bodies in several countries across the globe are framing legislations to decrease packaging waste and induce recycling and biodegradability. The leading drivers and trends driving the growth of the blow molding plastics market are discussed below:
Increased Demand from Dairy Sector
Milk and dairy-based industries are expected to be more organized during the forecast period. The spur in dairy products in China and India is also generating volume demand for packaging products. The increasing income level is expected to increase the demand for dairy products, which would increase dairy production by around 2% on the YOY basis. The price of milk across the world has increased significantly and are currently at record high; this trend is expected to continue. Argentina, New Zealand, Australia, the US, Uruguay, and many countries of Western and Eastern Europe are milk-surplus countries, while milk-deficit countries include China, Mexico, Algeria, Russia, the Philippines, and others. Since the majority of the population live in developing countries, the demand is the highest in the APAC region. The urbanization of developing countries is adding to the demand for packaged dairy products. The use of aseptic packaging is also on the rise as it provides a higher shelf life. The demand for dairy packaging is likely to influence the blow molding plastics market.
Read: Liquid Silicone Rubber Market - Global Outlook and Forecast 2020-2025
Rise of Bio-based PET
Technology is playing an important factor in the packaging industry, with new innovative packaging technology in terms of forms, fill, and sealing. The process at each of these stages has an impact on the environment either by the packed content or the package itself. Bio-based PET has increased in production capacity and is expected to replace synthetic PET in many countries. Bio-PETs are expected to establish a significant market share over the next 10 years. The application for rigid bioplastic packaging is expected to grow, driven by technological improvements in barrier protection of bioplastics. The packaging for milk, fruit juices, wine, and other beverages manufacturers is expected to be early adopters of rigid bioplastics. In terms of geography, the growth is expected to be driven by Europe and North America. Currently, APAC is the regional leader in conventional rigid plastic packaging, followed by Europe and North America, with all the three regions having a growth rate of more than 5% YoY. Food & beverages are the major end-user segment of blow molding plastics. Although the APAC region is a major source of bioplastics and synthetic plastics on a global scale, the demand for bioplastics is low.
Increase in Recycling Regulations
Regulations for the usage of certain packaging materials and the disposal of the same are growing across the world. Developed countries are leading the charge with many new rules framed in the form of directives and/or regulations binding on the stakeholders in the packaging industry, which largely uses fossil fuel-based plastic raw materials. Major brands are facing pressure for the usage of highly non-recyclable and other single-use plastics. The market for recycled plastics also depends on the availability of recycling facilities across regions. Recycling facilities are not available uniformly, which is a major drawback for blow molding plastics market growth. The implementation of correct disposal processes and consequent structures is important for the growth of bioplastic packaging, which is currently lacking in 3 of the 5 major regions (APAC, Latin America, and MEA), with very limited infrastructure in Europe and North America. However, a large category of packaging vendors and brands is small and medium enterprises, which face difficulty to shift to alternate eco-friendly packaging materials. Also, a major part of the packaging industry is still unorganized in the APAC region, where the packaging consumption and packaging waste generation is high.
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Algeco Scotsman, ATCO, Bouygues Construction, and Red Sea Housing are identified as prominent vendors in the global blow molded plastics market.
The complete overview of the latest market research report on the global blow molded plastics market by Arizton is now available.
The report offers a detailed study of major trends, drivers, challenges and provides market sizing and forecast for major geographical regions and key countries.
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