Rising Demand for Packaged Food and Beverages to Drive Blow Molding Resins Market
The growing demand from the packaging industry is likely to drive the blow molding resins market at a handsome growth rate over the forecast period from 2022 to 2030, according to the latest research report from Market Research Future (MRFR). The growing demand for lightweight automobiles is also likely to be a key driver for the global blow molding resins market over the forecast period.
Competitive Analysis:
Leading players in the global Blow Molding Resins Market include LG Chem, Reliance Industries Ltd., Lanxess, Versalis SpA, Chevron Corporation, Formosa Plastics Group, China Petrochemical Corporation, INEOS, Solvay, ExxonMobil Corporation, SABIC, DowDuPont, LyondellBasell Industrial Holdings BV, Eastman Chemical Company, and BASF SE.
Segmentation:
The global blow molding resins market is segmented on the basis of the molding process, type, end-use industry, and region.
On the basis of the molding process, the global blow molding resins market is segmented into extrusion, injection blow molding, and injection stretch blow molding.
On the basis of the end-use industry, the market is segmented into packaging, automotive, consumer goods, building construction, electronics, and others. Packaging holds the dominant share in the global blow molding resins market and is likely to remain the major revenue generator over the forecast period due to the growing demand for packaging products that can be utilized efficiently and at low costs.
Regional Analysis:
The global blow molding resins market is expected to be dominated by Asia Pacific over the forecast period due to the growing demand from various end use industries such as packaging, automotive, consumer goods, etc. The blow molding resins market in Asia Pacific is likely to be mainly driven by the growing demand from the ecommerce sector, which has driven the demand from the packaging sector, as well as the growing demand from the automotive sector and the growing demand for packaged foods and beverages in the region.
The packaging sector is likely to be a major driver for the blow molding resins market in Asia Pacific due to the growing demand from the food and beverage sector for packaging products. Packaged food and beverage products have become the norm in the food and beverage industry in recent years, necessitating a growing production of food and beverage packaging products. The need to maintain the freshness of the contents in food and beverage packaging, as well as to ensure sturdy packaging to prevent damage from physical shocks, has resulted in a growing demand from the blow molding resins market in Asia Pacific. The growing urbanization in Asia Pacific is likely to be a major driver for the blow molding resins market in this regard, as the growing demand from urban consumers is the major driver for the packaged food and beverage sector.
Europe is the second largest regional market for blow molding resins and is likely to exhibit steady growth over the forecast period due to the growing demand for blow molding resins in the automotive industry for the production of lightweight automobiles. The growing demand for lightweight automobiles in order to fit in with environmental rules and regulations governing the weight of vehicles is likely to remain a major driver for the blow molding resins market in Europe over the forecast period. Lightweight vehicles have become a key buzzword in the automotive industry in Europe, with major manufacturers leaving no stone unturned in their pursuit of lightweight designs that can reduce the overall atmospheric impact of the vehicle. This is likely to remain a major driver for the blow molding resins market in Europe over the forecast period.
The growing automotive industry in Asia Pacific is also likely to be a key driver for the blow molding resins market, as the growing demand for lightweight vehicles has driven the need for blow molding processes and materials. The flourishing personal care and cosmetic products industry in Asia Pacific is also likely to be a major driver for the blow molding resins market in the region, as blow molding resins are widely used in the manufacturing of the packages made to store cosmetics and personal care products such as lotions, gels, and creams.
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