Blow Molding Machine Market: Introduction
The global blow molding machine market was valued at US$ 4.2 Bn in 2018. It is anticipated to expand at a CAGR of ~4% from 2019 to 2027. Rise in the demand for blow molding machine in the building & construction sector is driving the global blow molding machine market. Asia Pacific accounted for a major share of the global blow molding machine market in 2018. In terms of demand, China held a dominant share of the market in Asia Pacific in 2018. The blow molding machine market in Asia Pacific is expected to expand at a CAGR of 4% during the forecast period.
Key Drivers of Blow Molding Machine Market
Blow molding machines are extensively used in a wide range of end-use industries, including packaging, transportation, building & construction, and electrical & electronics. These machines are primarily employed to produce hollow plastic parts such as containers, bottles, plastic drums, and storage tanks in the required shape and size. Some attributes of the blow molding machine include low tooling cost and high production rate. Furthermore, these machines can also be used for mass production, owing to their high production rates. Thus, blow molding machines are extensively utilized in the packaging and consumables sectors owing to these properties.
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Rapid urbanization in both developing and developed regions is leading to busier lifestyles during workdays, longer commutes, and more competitive activities, which is leading to a surge in the demand for products such as packed food and drinks. Moreover, rise in health awareness is driving consumers to buy more fruits and vegetables, supplements, and chemical/additive-free products. This increase in demand is likely to drive the need for packaging, as more consumers want pre-packaged items free from additives.
Furthermore, an increase in demand for consumable products such as shampoo bottles, conditioner bottles, lotion bottles, and moisturizers, worldwide, is likely to drive the demand for blow molded plastics in the near future. Additionally, excellent stability, durability, lightweight, and functionality of blow molded products are likely to drive the demand for blow molding machine in the near future.
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Asia Pacific to Dominate Blow Molding Machine Market
Based on revenue, Asia Pacific led the global blow molding machine market in 2018. Demand for weight reduction in plastic containers, while enhancing stability, functionality, and durability, is gradually gaining momentum in various applications such as food packaging products, detergent, and industrial solvents. Moreover, increase in population and disposable income of people across Asia Pacific is likely to drive the demand for industrial containers, automotive parts, electronic appliance components, toys, and several other plastic components in the near future. The market in the region is dominated by a large number of blow molding machine manufacturers, primarily based in China. The majority of manufacturers operating across North America and Europe are extensively engaged in the launch of new product line of blow molding machines for the global plastic machinery market.
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For instance, in 2017, Jomar Corp., a U.S.-based producer of blow molding machines, announced the launch of a new injection blow molding machine known as TechnoDrive 65 IBM. The market in Latin America and Middle East & Africa is expected to expand at a sluggish pace from 2019 to 2027, owing to presence of a few manufacturers of blow molding machine in these regions. Moreover, these regions rely on import of blow molding machines, in order to cater to the rising demand for milk bottles, lotion and shampoo bottles, edible oil bottles, liquid detergent containers, salt bottles, construction barrels and barriers; seating, splice covers, enclosures for switches, terminals, routers, signal boosters in these regions.
Prominent Players Operating in Global Market
The global blow molding machine market is highly competitive and fragmented in nature. Key players operating in the global blow molding machine market include The Japan Steel Works, Ltd., Jomar Corp., PARKER PLASTIC MACHINERY CO., LTD, Jiangsu Victor Machinery CO.,Ltd, GOLFANG Mfg. & Development Co., Ltd., SUMA Plastic Machinery Co., ltd, SuZhou Bestar Blow Molding Technology Co.,Ltd., Universal Machinery & Services, BLOW ENTERPRISES, and NISSEI ASB MACHINE CO.,LTD.