“Global Blow Molded Plastics Market Size, Share & Trends Analysis Report by Product (PP, ABS, PE), by Technology (Extrusion, Injection), by Application (Packaging, Automotive & Transport), and Segment Forecasts, 2021-2028”

The global blow molded plastics market size is anticipated to reach USD 98.7 billion by 2028, growing at a CAGR of 3.3%.

The global industry is expected to witness significant growth over the forecast period owing to increasing product demand from various application industries.

In the past few years, there has been a significant growth in technologies and equipment for manufacturing these plastics, which has enabled manufacturers to cater to specific requirements of several application industries, such as automotive, building & construction, packaging, and others.

Polyethylene Terephthalate (PET) has several applications in the packaging industry including in manufacturing bottles intended for the packaging of food & beverage products.

This is expected to drive its demand over the forecast period. During the Covid-19 pandemic, the demand for Polypropylene (pp homopolymer polypropylene) and PET is expected to grow on account of the increased usage of face masks, protective gowns, and packaging bottles for hand sanitizers.

Extrusion blow molded plastics was the largest and the fastest-growing technology segment in 2020. This technology is a revolutionary form of the blow molding process. 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, lower mold cost as compared to other processes makes it a cost-effective technology.

The global market was valued at USD 75.7 billion in 2020 and is estimated to grow at a CAGR of 3.3% from 2021 to 2028.

Polyethylene (PE) was the largest product segment in 2020. PE compounds are dominantly used across various industries and have been an integral material for the packaging industry.

Acrylonitrile Butadiene Styrene (ABS) is estimated to emerge as the fastest-growing product segment from 2021 to 2028, this growth can be credited to the increasing demand for ABS from the automobile industry for the manufacturing of enclosures for electrical and electronic assemblies, automotive trim components, and protective headgears.

Asia Pacific accounted for over 33% of the overall revenue share in 2020, China led the market in the Asia Pacific region.