The blow molding machine market size was $4.7 billion in 2020, and is estimated to reach $6.9 billion by 2030, growing at a CAGR of 3.8% from 2021 to 2030.
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Injection blow molding, extrusion blow molding, and injection stretch blow molding are commonly observed types of blow molding machines. The injection stretch blow molding segment accounted for the highest market share in 2020, owing to increase in demand for packaging media like bottles and plastic containers. According to application, market is segmented into packaging, automotive, construction, and others. As per the raw material, market is fragmented into polyethylene (PE), polypropylene (PP), polyvinyl chloride (PVC), polyethylene terephthalate (pet), and others. The market is mainly driven by increase in packaging applications by pharmaceutical and food & beverages industry. However, use of substitute technology for plastic molding constraints the growth of the blow molding machine market.
In 2020, Asia-Pacific dominated the global blow molding machines market, in terms of revenue, followed by North America and Europe. Moreover, the market in Asia-Pacific increases with high CAGR of 4.3%, owing to growth in use of blow molding machines for automotive industry components.
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The advancements in blow molding machine technologies have significantly decreased the production cost and reduced the wastage during the production. The blow molding machines are extensively used for many applications across the industries, such as automotive, packaging, construction, and pharmaceutical. This is owing to availability of blow molding machines various sizes and capacities. In addition, advancement in computer-based technologies enables the machines to be more productive while maintaining the production and labor costs low. These factors positively influence the blow molding machine market growth.
The blow molding machines market witnessed significant growth in past few years, owing to surge in spending on packaging mediums and other plastic components.
Rise in automotive sector, especially in high income countries such as the U.S, Canada, UK, and Germany fuels the demand for blow molding machine. Furthermore, increase in investment in pharmaceutical industry in the countries, such as China and India increases the demand for packaging products, such as bottles and other packaging materials thereby increasing the demand for blow molding machines. Furthermore, many manufacturers of blow molding machine offer entry-level blow molding machines for small businesses. In addition, advancements of technologies enable the blow molding machines to produce less waste and be energy-efficient. These factors help blow molding machine manufacturers to expand the range of products, due to their high demand.
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Moreover, integration of computer-based technologies plays a key role in development of efficient and automated blow molding machines that require minimal operator input, thereby, providing lucrative opportunities for the growth for the market
Furthermore, on the basis of material type, the others segment is anticipated to grow rapidly, during the forecast period, owing to launch of more powerful blow molding machines and increase in demand for solid plastic packaging containers.
For instance, in July 2019, Meccanoplastica launched new K2019 machinery: Jet 85 all-electric injection blow molding machine. The newly launched machine has three stations and can produce containers in round as well as square shape.
However, during the pandemic lockdown, various manufacturers in the blow molding machine market halted their business in countries, such as China, the U.S., and India. This halt directly impacted sales of blow molding machines manufacturing companies. In addition, lack of manpower and raw materials constricted the supply of blow molding machine components, which negatively influenced the growth of the market. However, reopening of production facilities and introducing vaccines for coronavirus disease are anticipated to re-open the blow molding machine companies.
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The key companies profiled in the blow molding machine market forecast include Blow Enterprises, Chia Ming Machinery Co., (Chia Ming) Ltd, GOLFANG Mfg. & Development Co., Ltd., Jagmohan Pla-Mach Pvt. Ltd., Jiangsu Victor Machinery Co., Ltd., Jomar Corporation, Nissei Asb Machine Co., Ltd, Polymechplast Machines Ltd., Sumitomo Heavy Industries, Ltd., and The Japan Steel Works, Ltd.
KEY FINDINGS OF THE STUDY
The report provides an extensive analysis of the current and emerging blow molding machine market trends and dynamics.
Depending on type, the injection stretch blow molding segment dominated the blow molding machine market share, in terms of revenue in 2020 and the injection blow molding segment is projected to grow at a significant CAGR during the forecast period.
By end user, packaging segment registered highest revenue in2020.
Asia-Pacific is projected to register highest growth rate in the coming years.
The key players within the blow molding machines market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the blow molding machine market.
The report provides an extensive analysis of the current trends and emerging opportunities of the market.
In-depth blow molding machine market analysis is conducted by constructing estimations for the key segments between 2021 and 2030.
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