Blow Molded Plastics Market Growth Along with Business scenario and Forecast by 2027 |
Ngày đăng: 03-03-2023 |
Ngày cập nhật: 03-03-2023
The global blow molded plastics market size is projected to reach USD 100.13 billion by the end of 2027. The increasing applications of the product in the packaging industry will have a huge impact on the growth of the global market. The presence of several large scale companies in this sector will emerge in favor of the growth of the global market. According to a report published by Fortune Business Insights, the market was worth USD 77.07 billion in 2019 and will exhibit a CAGR of 2.8% during the forecast period, 2020-2027.
Source:
https://www.fortunebusinessinsights.com/industry-reports/blow-molded-plastics-market-101772
Blow molding is a cost-effective way of manufacturing plastics wherein a heated plastic is molded into a cavity that eventually forms a hollow material or object. The high efficiency of this product, coupled with its low cost, makes it a preferred choice among manufacturers. The massive investments in upgrading manufacturing methods and increasing efforts in product R&D will have a huge impact on the growth of the overall market in the coming years. The presence of several large scale manufacturers across the world, driven by the rising demand and applications of the product will bode well for the growth of the market in the coming years. Additionally, the increasing applications of blow molded plastics across diverse industry verticals will create several growth opportunities.
Although Product Demand is High, Covid-19 Pandemic to affect Manufacturing Sectors
The recent coronavirus outbreak has created a sense of panic across the world. Although the impact on the pandemic on the blow moulded plastics is nowhere close to what a few other industries have witnessed, there are still a few drawbacks. The efforts taken to curb the spread of the disease have had a negative impact on the market in recent years. Accounting to the rapid spread of the disease, manufacturing sectors have been shut down due to lack of manpower and human labor. As a result, there is a huge demand-supply gap in the global market. The slow recovery rate will affect the growth of the market in the foreseeable future.
