Global PET stretch blow molding machine market to hit $1.36 billion by 2027, study says
The global market continues to be dominated by Europe, the study says, but the APAC region is expected to have the fastest CAGR from 2020 to 2027.
The global market for PET stretch blow molding machines will reach US$1.36 billion by 2027, a new report says, growing at a compound annual growth rate (CAGR) of 3.5% from 2020 to 2027.
According to Research and Markets’ latest market study, the PET stretch blow molding machine market was valued at US 1.03 billion in 2019.
Geographically, the global market is dominated by Europe, the study says, owing to the presence of several leading enterprises along with well-regulated industries. “Furthermore, increasing adoption of IoT solutions, large consumer industry, and stringent regulatory guidelines for packaging of consumer goods have substantially favored the adoption of PET stretch blow molding machines in the region over the past few years,” the study adds. “The region dominated the global market in terms of market share by accounting for 36.5% of the market in 2019. Moreover, the region is expected to continue its market dominance during the next few years, holding 35.6% of the total market share by 2027.”
But when it comes to market growth, the study says, the Asia-Pacific region (APAC) is expected to witness the fastest CAGR of 4.6% from 2020 to 2027 and provide numerous profitable business opportunities for the market players during the forecast period. “Factors such as fast-growing industrial sector coupled with surge in consumer industry related goods and services among the market players has greatly influenced the growth of the market across the APAC region,” the study says. “The rising requirement from the food and beverage industry owing to fast growing population and increasing disposable income in Asian countries, such as China and India, have boosted the demand for packaged goods, thereby surging the need for blow molding machines in the region.”
The study also notes the impact of the COVID-19 pandemic on the PET stretch blow molding machine market. “A survey was conducted by the IK Industrievereinigung Kunststoffverpackungen, a German association for plastics packaging and films, and found that, though the manufacturers of system-relevant packaging for food, pharmaceutical, and medical products are, in some instances, attaining the limits of their capacity, suppliers to the automotive industry are particularly challenged with a substantial drop in demand,” Research and Markets officials said.
The Research and Markets study also noted that, although the PET stretch blow molding machine market was negatively impacted during the lockdown announced in different parts of the world, manufacturing of essential commodities worldwide kept running during the global pandemic. “At present, several countries have already started the complete opening of factories, including China,” the study says.
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