Large Blow Molded Products Market: Introduction
The global large blow molded products market was valued over US$ 4.79 Bn in 2020 and is expected to reach US$ 7.77 Bn by 2031, expanding at a CAGR of 4.6% during the forecast period of 2021 to 2031. Large blow molded products are produced by forming hollow plastic parts. Large blow molded products such as automotive air ducts, jerry cans, and hollow industrial preform parts are made by using the blow molded process. Large blow molding offers advantages compared to other injection molding processes. Many industries use one of the three blow molding types to create common every day products, while others use the process to create unique low volume products.
Most of the large blow molded products are made from a wide range of materials, including Polyethylene (PE), High Density Polyethylene, Polypropylene (PP), Polycarbonate (PC), Polystyrene (PS), and Polyethylene Terephthalate (PET). Large blow molded products possess properties such as stiffness and less breakage. Large blow molded products also have good rigidity.
Large blow molded products are primarily used in industries such as automotive, food & beverages, chemicals, petrochemicals, pharmaceutical, household, and construction. Large blow molded hollow plastic containers such as coolers, watering cans, construction barrels, and barriers are commonly used products in many industries. Large blow molded products are widely used in the automotive industry. The blow molding process is useful for designing and mass production of auto parts, as it is simple and cost effective. Commonly used blow molded automotive parts include automotive ductwork, liquid reservoirs, mudguards, and fenders.
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Key Drivers of Large Blow Molded Products Market
The growth of the chemical industry has positively impacted the large blow molded products market due to the increase in the demand for specialty chemicals and other chemical products. The rise in the demand for FMCG, pharmaceutical, and personal care products in developing countries has boosted the demand for specialty chemicals. Products such as HDPE carboys, HDPE jerry cans, and 220 liter HMHDPE L-ring drums are widely used in the chemical industry. The demand for storage barrels of oils and bulk containers is high in countries such as China, India, Indonesia, Vietnam, and Malaysia due to the establishment of new plants of specialty chemicals in these countries. This is boosting the large blow molded products market in these countries.
Large blow molded products play a vital role in packaging of products in chemical and oil industries. HDPE blow molded kettle for edible oil is a high potential market for rural population. Lubricants and petrochemical products are stored in blow molded containers. Multi-layered PET is used to store contaminated lubricants and petrochemicals.
The increase in application of the large blow molded products in the packaging industry is likely to boost the global blow molded products market. Asia Pacific is expected to be an emerging region of the global large blow molded products market in the near future. The rise in the demand for large blow molded products in Asia Pacific is anticipated to propel the demand for packaging in the food & beverages industry in the region. This is estimated to augment the large blow molded products market in Asia Pacific.
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Restraints of Large Blow Molded Plastics Market
The volatility of raw material prices is expected to restrain the large blow molded products market during the forecast period. Polyethylene is a key raw material used in the manufacture of large blow molded products. These polymers are derived from petrochemicals. Thus, the price of large blow molded products depends on the global prices of petrochemical.
The unpredictability of the oil & gas industry affects the production of petrochemicals. This, in turn, leads to fluctuation in prices of polyethylene derivatives such as HDPE, LDPE, and LLDPE. This is projected to hamper the global large blow molded products market in the near future.
The increase in competition from geographies other than the Middle East; and emergence of alternatives, such as shell gas, have affected the demand-supply scenario of oil & gas products across the globe.
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Thus, strategies adopted by key players of petrochemicals have created price volatility in derivatives of petrochemicals. On the other hand, the large blow molded products market is price sensitive, as large blow molded products are widely adopted in consumer products. Thus, the volatility of prices of raw materials is anticipated to hamper the global large blow molded products market during the forecast period.
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