Growing packaging and automotive sectors are influencing the growth of the Blow Molding Resins Market

The Blow Molding Resins Market size is projected to grow at a CAGR of 5.1% during the forecast period 2022-2027 and reach US$25.1 billion by 2027. The growth of the blow molding resins market is primarily driven by the growth of the packaging and automotive industries. Blow molding resins are mainly used in the production of plastic films, sheets, containers and more for packaging, owing to their wide range of characteristics such as high impact resistance, high durability, better crack resistance, moisture resistance and flexibility. The surging developments associated with the packaging and automotive sectors across the world have led to considerable growth in the Blow Molding Resins market. 

On the basis of the end-use industry, the Blow Molding Resins market can be segmented into packaging, automotive, electrical & electronics, construction and others. The packaging industry is evaluated to be the leading segment in the blow molding resins market in 2021. During the forecast period 2021-2027, the packaging segment is expected to grow with a CAGR of 5.5%. This can be attributed to various reasons such as the surging demand for packaging from multiple industries. According to recent insights published on Interpack in 2020, the global packaging sector is expected to grow by an annual rate of 3.5% within the next four years.

On the basis of geography, the Blow Molding Resins market can be segmented into North America, South America, Europe, APAC and EMEA. According to IndustryARC’s analysis, Asia-Pacific has emerged as the most dominant region in the market. In 2021, the Asia-Pacific region held around 49% share of the total revenue earned by the market globally. Asia-Pacific countries including China and India are comparatively ahead in terms of the growth of the packaging sector. According to the Packaging Industry Association of India, the packaging sector is considered to be one of the industries with high growth in India and is rising at 22%-25% per year. The blow molding resins market would also witness significant growth in the North American region. The U.S. and Canada are emerging as competitive countries in the Blow Molding Resins market.

Key companies holding major shares in the Blow Molding Resins market include Chevron Phillips Chemical Company LLC, Dow, Eastman Chemical Company, Exxon Mobil Corporation, Formosa Plastics Corporation, INEOS, LyondellBasell Industries Holdings BV, Qenos Pty Ltd, SABIC and Solvay. The key strategies adopted by the company include product launches among others. In April 2021, SOCAR Polymer launched its two new grades of copolymer polypropylene resins, primarily designed for use in rigid and thin-wall packaging. Moreover, in February 2021, Exxon Mobil launched its new grade of high-density polyethylene resin. The newly launched resin is designed for use in household and industrial chemical bottles and containers.