The global blow molds market is set to gain impetus from their ability to manufacture plastic in higher quantities. Hence, various plastic producers worldwide are demanding for these products. Fortune Business Insights™ provided this information in an upcoming report, titled, “Blow Molds Market Size, Share & Industry Analysis, By Product type (HDPE, PET, PVC, Polypropylene, Others), By Application (Food and Beverage, Personal Care Products, Medical Industry, Automobile Industry, Household and Cleaning Products, Industrial and Agricultural Chemicals, Other) and Regional Forecast, 2021-2028.” The report further mentions that blow molds are used to produce vacuous plastic parts, such as storage tanks, bottles, plastic drums, and containers.
Several renowned chemical companies are facing severe economic headwinds because of the emergence of the COVID-19 pandemic. The demand from the automotive industry has declined rapidly backed by the rising shift of customers towards purchasing only essential goods. Unless a vaccine is found, we are unable to say till when this grave situation will persist. Our reports will help you pave the way towards success.
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How Did We Conduct Our Research?
The report involved four notable activities in projecting the current market size. Exhaustive secondary research was conducted to gather data about the parent and peer markets. Our next step included primary research to authenticate these sizing, assumptions, and findings with numerous industry experts. We have also used bottom-up and top-down approaches to calculate the market size.
Drivers & Restraints-
Development of Fully Electric Blow Molding Machinery to Propel Growth
The rising technological developments, such as the development of fully electric blow molding machinery around the globe, would fuel the overall blow molds market growth in the coming years. Besides, new machinery and equipment deliver high energy efficiency, repeatability, speed, and precision. These can be easily achieved through blow molding. However, rising environmental issues associated with the disposal and processing of this product, as well as fluctuations in the prices of raw materials may hamper demand.
Regional Analysis-
Emergence of Manufacturers Offering Affordable Products to Boost Growth in Asia Pacific
Geographically, Asia-Pacific is expected to dominate in the coming years by generating the highest blow molds market share. This growth is attributable to the emergence of several domestic manufacturers with strong technological capabilities in the region. They are offering cost-effective blow molds, unlike the other renowned manufacturers located in North America and Europe. Also, the presence of a favorable economic environment in the region is likely to aid growth. China is considered to be the largest manufacturing hub of blow molds. It is experiencing a high demand from numerous end-use industries for these molding compounds.
In North America, a diverse end-user environment, advanced manufacturing bases, and strong market knowledge of manufacturers are anticipated to bolster growth. Europe, on the other hand, is set to grow steadily fueled by the rising applications of blow molds in packaging, industrial machinery, and automotive industries. In Latin America, the presence of only a handful of manufacturers would lower growth. Lastly, the Middle East and Africa is expected to show sluggish growth because of the implementation of strict rules by government agencies.
Competitive Landscape-
Key Players Aim to Gain a Competitive Edge by Launching Unique Products
The market for blow molds contains many renowned companies that are striving to gain a competitive edge in the market by introducing state-of-the-art products. Some of the others are also engaging in the strategy of joint ventures and collaborations to enhance their positions. Below is one of the latest industry developments:
- November 2018: Kiefer Mold Technologies, a tool making specialist based in Germany unveiled its unique products made out of the company’s molds. With the help of mold-stamping thermoforming tools, customers can install screws in containers. The film can be developed with barrier layers (EVOH) and can be used in cosmetics, chemistry, and food industries.
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A list of the reputed blow molds manufacturers operating in the global market:
- Kiefer Mold Technologies
- GDXL
- Heise Industries Inc.
- Creative Blow Mold Tooling
- Valencia Plastics Inc.
- Cado Company
- PET Technologies
- Monroe Mold
- Yankang Machine
- Rocheleau Tool
- Other prominent companies
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