Blow Molded Containers Market to Gain Significant Impetus with Advanced Technologies, Says Fact.MR
Published : 14 Oct 2019 Industry: Consumer Goods
The global food & beverage industry accounts for the lion’s share in the blow molded containers market. The industry has shown fast pace growth in the recent years owing to rise in population and increase in per capita consumer spending, thereby driving expansion in the blow molded containers market. Concerning revenue, the global blow molded containers market is projected to expand at a CAGR of ~ 6% during the forecast period. This notable growth in the blow molded containers market is mainly influenced by its widespread usage in the food & beverage industry. Moreover, blow molded containers is gaining traction in pharmaceutical & medical packaging applications, which further fuels the market growth throughout the forecast period. Furthermore, key players are increasing their business footprint rapidly, which creates lucrative opportunities for the market.
Fact.MR study also found that companies involved in the blow molded containers market are rigorously investing in the research & development activities and product innovation to expand their product lines. Manufacturers are also expanding their business via organic growth strategies by collaborating with giant industry players and raw material suppliers. Prominent players in the market are mainly focused on the expansion of their production facilities and achieve a global presence. New product launches and technological advancements have also increased in the market, owing to demand for sustainability and mandatory regulations on plastic usage. Moreover, the introduction of advance technologies such as 3D printing and accumulator head blow molding technique are likely to impact the growth of the market.
According to the study, bottles & cans have accounted for approximately 80% of the global blow molded containers market. The rising popularity of single-serve beverages is likely to contribute to the overall demand for bottles & cans. The growing demand for light weight packaging solutions in the beverage industry and increasing usage of PET bottles for hot fill applications are further driving the market. Moreover, the blow molded containers market has become an ideal choice due to the high recyclability of blow molded containers. The rising environmental concerns have led to an increase in demand for recyclable packaging solutions, which in-turn has increased the demand for plastics such as HDPE, LDPE, and PP. HDPE, being one the easiest polymers to be recycled, has a high demand. Therefore, as the world witnesses a rising demand for recyclable packaging solutions, blow molded containers are anticipated to witness increased preference and growth in demand during the forecast period.
Asia Pacific holds the majority share in the overall market and is expected to retain its status as largest consumer and producer of blow molded containers. China and India, together account for around 65% of the Asia Pacific blow molded containers market, owing to huge population and increase in per capita spending. China, on the premise of self-sufficiency, has planned the expansion of production facilities of polymer material in the coming short-term period. This expansion will bring lucrative opportunity for the local players due to massive availability of raw material at comparatively lower price than other regions. India has become a major hotspot for manufacturers and has witnessed the highest growth. Moreover, emerging economies such as India and Taiwan have already announced the ban of single-use plastics products and amendments in the laws will be applicable in the coming years. India has announced the ban on single-use plastic from October, 2019.
This study underlines key opportunities in the blow molded containers market and finds that the market would exhibit growth at a value CAGR of ~ 6% during the forecast period.