Low labor cost & bulk production advantage, high demand for molded plastic products, material flexibility & low waste production fuel the growth of the global blow molding machine market. Based on application, the packaging segment generated the highest share in 2020. By region, on the other hand, the market across Asia-Pacific would showcase the fastest CAGR by 2030.
Portland, OR, July 04, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global blow molding machine market was estimated at $4.65 billion in 2020 and is expected to hit $6.87 billion by 2030, registering a CAGR of 3.8% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.
Low labor cost & bulk production advantage, high demand for molded plastic products, material flexibility & low waste production fuel the growth of the global blow molding machine market. On the other hand, high initial tooling & machinery costs and potential threats of substitutes hinder the growth to some extent. Nevertheless, top-end advancements in technology are expected to create multiple opportunities in the industry.
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Covid-19 Scenario-
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There was a sturdy incline in demand for blow molding machines, due to surge in production of sanitizers and other cleaning agents, which impacted the global blow molding machine market positively.
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This trend is most likely to continue post-pandemic as well.
The global bold molding machine market is analyzed across type, raw material, application, and region. Based on type, the injection stretch blow molding segment contributed to nearly half of the total market revenue in 2020, and is projected to lead the trail by 2030. The injection blow molding segment, however, would exhibit the fastest CAGR of 4.0% during the forecast period.
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Based on application, the packaging segment generated the highest share in 2020, accounting for more than two-fifths of the global market. The construction segment, on the other hand, would portray the fastest CAGR of 4.1% from 2021 to 2030.
Based on region, the market across Asia-Pacific held the major share in 2020, garnering more than half of the global market. The same segment would also manifest the fastest CAGR of 4.3% throughout the forecast period.
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