Blow Molded Plastic Market is projected to reach USD 22.40 Billion by 2030, growing at a CAGR of 3.44%: Straits Research

New York, United States, July 07, 2022 (GLOBE NEWSWIRE) -- Blow molding is the processing of the thermoplastics into complex hollow objects. The process involves the use of heat, air pressure, and water. The process principle comes from the idea of glassblowing . Enoch Ferngren and William Kopitke produced a blow molding machine which was sold to Hartford Empire Company in 1938. Increasing demand, globally, for plastics as raw material and components of various manufacturing industries like packaging, consumables, electronics, construction, medicine, etc., are leading to the growth of the blow molded plastic market. Asia-Pacific is the largest producer and consumer of automobiles, consumer goods, and packaging materials that pave the way for the Blow Molded Plastic Market in the region. Asia-Pacific is also one of the largest consumers and producers of electronic products such as equipment, wires, and electrical boxes, leading to high demand for Blow Molded Plastic in the region. Get a Free Sample Copy of This Report @ Key Insights: Based on the technology trends , Blow Molded Plastic are segmented as extrusion blow molding, injection blow molding, compound blow molding, and stretch blow molding. The global market for extrusion blow molding technology is projected to generate USD 42,674.87 million in 2030, growing at a CAGR of 4.0% by 2030. Application-wise , packaging is the largest market holder among other applications like medical, automotive and transport, and consumables and electronics. The packaging industry is projected to generate USD 44,078.37 million in 2030, growing at a CAGR of 3.7% during the forecast period. Geographically , the market is divided into North America, Europe, Asia-Pacific, Central and South America, and the Middle East and Africa. The Asia-Pacific market is expected to be valued at USD 40,937.46 million in 2030, growing at a CAGR of 4.5% during the forecast period. Raw Material Substitutes and Construction Economy to Soar the Market Owing to the growth of the global market, Blow Molded Plastic are increasingly becoming a substitute for raw materials like glass, metal, rubber, wood, etc., especially in automobiles and industrial machinery. Awareness of carbon emissions is due to metals' replacement with lightweight plastics. Low-density plastics help to increase fuel efficiency and improve machinery performance, owing to a decrease in carbon emissions. Government initiatives combined with modern technologies will boost the demand for plastics in automotive applications. This is predicted to drive the demand for blow molded plastic in various components in various industries. Owing to the growing demand for plastic products and services, industries such as construction, packaging, and automotive are the primary markets for Blow Molded Plastic in regions like Asia-Pacific and Central and South America. The use of plastics in the construction industry provides durability and cost-effectiveness. Countries are expected to focus on trade and investment in their domestic markets, owing to diminishing reliance on exports. This is projected to be facilitated by relatively easy access to finance and a robust local labor market. Buy Now Full Report @ Impact of COVID-19 COVID-19 outbreak across the globe has severely affected manufacturing industries, leading to a negative impact on the growth of the global plastics market. A sharp decline in demand is witnessed in end-use industries like consumer electronics, furniture, and automotive, owing to increased spending on essential items like food and medical products. Factory shutdowns, limitations on supply and transport, and ... Full story available on