Blow Molding Machine Market: Introduction
In terms of value, the global blow molding machine market is expected to reach US$ 65.1 Bn by 2030, expanding at a CAGR of ~4% during the forecast period. The extrusion type segment held a major share of the global blow molding machine market in 2019. Low tool and die costs, rapid production, and ability to mold complex parts make extrusion blow molding machine ideal for usage in the manufacture of a wide range of plastic parts. In terms of raw material, the polyethylene segment accounted for a significant share of the global blow molding machine market in 2019. Ease of molding, availability, high stiffness, environmental stress cracking resistance (ESCR), and load melt strength, and excellent rigidity make polyethylene an ideal raw material for usage in the manufacture of various blow molding parts. The packaging end-use industry accounted for the maximum share of the global blow molding machine market in 2019. It was followed by transportation and building & construction segments.
North America held a leading share of the global blow molding machine market in 2019. Some of the factors influencing the market in the region are rise in disposable income of consumers and growth in usage of plastics in the packaging sector.
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Major Drivers of Blow Molding Machine Market
The increase in the usage of plastics in the electrical & electronics industry is propelling the demand for blow molding machines across the globe. Substantial expansion of the electrical & electronics sector owing to increase in demand for mobile phones and computers & their accessories is expected to drive the plastic industry during the forecast period. For instance, Global System for Mobile Communications (GSMA) reported that the number of mobile users is anticipated to increase from 5.1 billion in 2018 to 5.8 billion by 2025, expanding at a CAGR of 1.9%. This, in turn, is likely to boost the consumption of plastic in the electrical & electronics sector.
Plastics employed in the electrical & electronics sector are categorized into thermoplastics and thermosets. Thermoplastics, such as polyethylene, are used as common materials in the industry, as they can be molten and remolded repeatedly. Plastic plays an important role in the electrical & electronics industry. Plastic components such as plastic fasteners, plastic insulating components, and plastic design elements help make electrical goods lighter and safer. Plastics also enhance the esthetic appearance. These factors are expected to drive the demand for blow molding machines in the electrical & electronics sector during the forecast period.
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North America Dominated Blow Molding Machine Market
North America dominated the global blow molding machine market in 2019. This can be primarily ascribed to the presence of a large number of manufacturers in the U.S. and rising demand for export of blow molding machines to other regions such as Latin America and Middle East & Africa. The packaging industry in North America is highly lucrative, owing to the growth in population in the region. This is driving the demand for food products, including juices, milk, and carbonated drinks, thereby boosting the production of bottles, jars, and containers across the region. In turn, this is likely to propel the blow molding machine market in North America in the near future.
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Prominent Developments in Blow Molding Machine Market
In November 2019, Bekum Maschinenfabrik GmbH announced that it is in the process of expanding its existing manufacturing facility at Bekum America Corporation. The expansion would help add 40,000 square feet of manufacturing and 7,400 square feet of office space to the company’s existing facility of 115,000 square feet. The company aims to meet the rising demand for its products in the U.S. through the expansion.
In September 2019, Jomar Corp., a leading global manufacturer of injection blow molding (IBM) machine for the pharmaceutical, healthcare, and household products industries, announced the launch of a new IBM machine, which is available at an “entry-level” price for first-time processors of IBM bottles. The new entry-level Model 25 would replace the Jomar Model 20.
Competition Landscape of Blow Molding Machine Market
The dynamics of the global blow molding machine market are dependent on long-term contracts, goodwill of companies, and product portfolio. Internationally organized players and manufacturers of blow molding machines with integrated operations possess competitive advantages due to the expertise in manufacture and sale of blow molding machines.
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Major players operating in the global blow molding machine market are 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, NISSEI ASB MACHINE CO.,LTD., and Jagmohan Pla-Mach Pvt. Ltd.
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