|Study Period:||2016 - 2026|
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||Asia Pacific|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The blow molding resin market is projected to register a CAGR of over 5% during the forecast period, 2021-2026.
The market is hampered by the COVID-19 pandemic, as lockdowns, social distances, and trade sanctions have triggered massive disruptions to global supply chain networks. The construction industry has witnessed a decline due to the halt in activities. However, The pandemic has provided opportunities for the USD 900 billion packaging industry due to an increase in demand for packaging of essential items, groceries, e-commerce shipments, and healthcare products, which led to increasing demand for blow molding resins.
- Over the medium term, the factors driving the market growth for blow molding resins are rising demand from the packaging industry and the rising demand from the construction sector in the Asia-Pacific region.
- However, on the flip side, COVID-19 impact and limited usage of hollow forms are expected to hinder the market growth.
- Asia-Pacific is expected to dominate the global market due to rapid urbanization and industrialization, leading to a huge demand for blow molding resins from countries, such as China, Japan, and India.
Scope of the Report
Blow molding is a method of producing hollow plastic parts by forming and joining them together. It is also used in the production of glass bottles and other hollow shapes. In general, there are three main types of blow molding: extrusion blow molding, injection blow molding, and injection stretch blow molding. The Blow Molding Resin is segmented by type, end-user industry, and geography. By type, the market is segmented into Polyethylene, Polypropylene, Polyvinyl Chloride, Polyethylene Terephthalate, and Others. By end-user industry, the market is segmented into packaging, transportation, construction, electronics, and other end-user industries. The report also covers the market size and forecasts for the blow molding resin market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done based on volume (kilo metric tons).
|By End-user Industry|
|Other End-user Industries|
Key Market Trends
Growing Demand from Packaging Segment
- Blow molding resins, such as polyethylene, polyethylene terephthalate, etc., are widely used to manufacture bottles and containers for a vast range of applications, ranging from shampoo bottles to industrial drums.
- Such resins, due to their transparency, stiffness, excellent melt strength, processability, and environmental stress-crack resistivity, are widely used to manufacture blow molded products, which are further used in several packaging applications.
- The global packaging industry has been rising at a steady pace through the years owing to changing consumer preferences, the rising e-commerce sector, expanding FMCG products, and majorly owing to the rising disposable income among people.
- The packaging industry in China is expected to witness tremendous growth, and it may record a CAGR of nearly 6.8% to reach CNY 2 trillion by 2025. This positive momentum in the packaging industry is expected to ignite the market demand.
- Bottle production is rising at a rapid pace in almost all nations due to the hectic lifestyles among consumers, which have fueled the demand for on-the-go beverages. According to industry estimates, bottles and containers consist of 53% of high-density polyethylene (HDPE) products and 38% of total HDPE products.
- Therefore, the growing packaging industry is expected to fuel the demand for blow molding resin, globally, through the years to come.
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Asia Pacific to Dominate the Market
- Asia Pacific is expected to dominate the global market owing to huge demand from countries, such as China and India.
- The India Packaging Market is the fifth largest sector and was valued at USD 50.5 billion in 2019, and it is expected to reach USD 204.81 billion by 2025, registering a CAGR of 26.7% during the period of 2020-2025, according to the Packaging Industry Association of India (PIAI).
- Additionally, The construction sector in the country is among the fastest-growing sector in the world, largely driven by the investments embarked on by the country’s infrastructure sector. Initiatives such as the ‘Housing for All’ and ‘Smart City Mission’ are expected to drive the construction sector in the country and thereby increase the demand for blow molded products in the industry.
- China, too is the leading manufacturer of automotive and electronics globally. Though the country’s ongoing trade war with the United States has hampered the electronics production in the country at present, the country continues to rank among the top nations in the global market. Automotive production has witnessed a dip in the country through 2019 and 2020, according to OICA. This, in turn, has negatively affected the market.
- Currently, China has numerous airport construction projects, which are either in the development or planning stage. These include Beijing Capital International Airport, Chengdu Shuangliu International Airport, Guangzhou Baiyun International Airport, etc. Additionally, the government rolled out massive construction plans for the movement of 250 million people to its new megacities, over the next 10 years.
- The Indonesian government planned to invest about USD 450 billion in the construction sector, by 2021, which is expected to drive residential construction in the country.
- Thus, all the abovementioned factors are expected to show a significant impact on the market in the coming years.
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The global blow molding resin market is fragmented in nature with the presence of a significant number of players in the global market. Some of the major companies dominating the market include are Exxon Mobil Corporation, Eastman Chemical Company, SABIC, Solvay, and Chevron Phillips Chemical Company LLC, among others.
- In March 2021, ExxonMobil developed a new Paxon HDPE grade, SP5504, which offers a paradigm shift in the properties normally associated with the currently available unimodal HDPE resins. Offering a step-change in ESCR (Environmental Stress Cracking Resistance) performance without compromising stiffness, impact, top load performance, or processability, Paxon SP5504 is ideal for household and industrial chemical (HIC) bottles and containers for products, like bleach, wipes, and agricultural chemicals.
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1.1 Rising Demand from the Packaging Industry
4.1.2 Growing Construction Sector in Asia Pacific
4.2.1 Impact of COVID-19 Pandemic
4.2.2 Usage Limitation to Hollow Forms
4.3 Industry Value Chain Analysis
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Type
5.1.3 Polyvinyl Chloride
5.1.4 Polyethylene Terephthalate
5.1.5 Other Types
5.2 By End-user Industry
5.2.5 Other End-user Industries
5.3 By Geography
5.3.1 Asia Pacific
22.214.171.124 South Korea
126.96.36.199 Rest of Asia Pacific
5.3.2 North America
188.8.131.52 United States
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
5.3.4 South America
18.104.22.168 Rest of South America
5.3.5 Middle-East and Africa
22.214.171.124 Saudi Arabia
126.96.36.199 South Africa
188.8.131.52 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Chevron Phillips Chemical Company LLC
6.4.3 Eastman Chemical Company
6.4.4 Exxon Mobil Corporation
6.4.5 Formosa Plastics Corporation
6.4.7 LyondellBasell Industries Holdings BV
6.4.8 Qenos Pty Ltd
6.4.11 Versalis SpA
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Blow Molding Resin Market market is studied from 2016 - 2026.
What is the growth rate of Blow Molding Resin Market?
The Blow Molding Resin Market is growing at a CAGR of >5% over the next 5 years.
Which region has highest growth rate in Blow Molding Resin Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Blow Molding Resin Market?
Asia Pacific holds highest share in 2020.
Who are the key players in Blow Molding Resin Market?
Exxon Mobil Corporation , Eastman Chemical Company, SABIC, Solvay, Chevron Phillips Chemical Company LLC are the major companies operating in Blow Molding Resin Market.