Blow molding resins market growing 6.7% annually, study says
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The packaging segment will have maximum market share, the new report from Technavio Research forecasts.
The blow molding resin market is expected to grow by US$17.88 billion between 2021 and 2026, according to a new study from Technavio Research. The market is anticipated to observe year-over-year growth of 6.45% and accelerate at a compound annual growth rate (CAGR) of 6.73% during the forecast period.
The growing demand for packaged beverages will be driving the growth of the market, the Technavio study said. “Changing consumer lifestyles coupled with the rising disposable incomes have increased the demand for on-the-go beverage products,” it said. “This is evident in emerging economies such as Brazil, China, India, South Africa, and Vietnam.” Also, the study said, the rising consumption of bottled water is significantly contributing to the sales of packaged beverages. “Beverage companies use plastic packaging solutions such as PET, polystyrene, and PP for the packaging of fluid or liquids,” the study noted. “Thus, with the growing demand for packaged beverages, the demand for blow molding resins will increase during the forecast period.”
In addition, factors such as the rising adoption of PET as a packaging solution and the increasing demand for blow molding resins from automotive and transportation will further drive the growth of the blow molding resin. However, growing global demand for pouch packaging solutions might hamper the market growth.
The rising popularity of automation in molding techniques is another factor supporting the blow molding resin market share growth, the study said. “Automation is required for performing repetitive tasks with high accuracy and precision,” it said. “Technological advances and the use of innovative processes are driving the need for automation in the manufacturing units of vendors in the market.” Automation provides many benefits in the field of molding techniques for plastics. Automation reduces human interference in the blow molding process, increasing the efficiency and production output. “The growing popularity of automation in molding techniques is expected to boost the growth of the global blow molding resin market during the forecast period,” it said.
Other key takeaways of the report:
- Forty-nine per cent of the market’s growth will originate from APAC during the forecast period. China, South Korea, and Japan are the key markets for blow molding resin in APAC. Market growth in this region will be faster than the growth of the market in other regions.
- The increasing industrial activities, growing e-commerce, the rising demand for consumer-packaged goods, and rapid urbanization will facilitate the blow molding resin market growth in APAC over the forecast period. “This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans,” the report said.
- The outbreak of COVID-19 hindered the growth of the regional blow molding resin market in 2020. “Countries such as China, India, Nepal, Pakistan, South Korea, Malaysia, Sri Lanka, and the Philippines were under either partial or full lockdowns due to the pandemic in 2020,” the report said. “However, the e-commerce market flourished in the region during the pandemic, which, in turn, recouped the demand for personal care and food and beverage. In addition, the regional food and beverage sector remained resilient to the effect of COVID-19 in 2020.”