Packaging application segment of the blow molding resins market is projected to grow the highest CAGR

Blow molding resins market was valued at USD 35.15 Billion in 2016 and is projected to reach USD 51.95 Billion by 2022, at a CAGR of 7.2% during the forecast period. The growth of the blow molding resins market can be attributed to the increasing consumption of blow molding resins in the packaging, food & beverages, and pharmaceutical industries. Blow molded products possess excellent stiffness and Environmental Stress Cracking Resistance (ESCR), high load melt strength, and excellent rigidity. Such properties enable the use of these resins for blow molding applications. Ask for free sample pages @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=8448983 Based on the application, the blow molding resins market has been segmented into packaging, automotive & transportation, construction & infrastructure, and others. The packaging segment is projected to be fastest-growing application segment during the forecast period. The growth of the segment is attributed to the increasing use of blow molded products to package pharmaceutical, food & beverages, cosmetics, and industrial products, such as chemicals, acids, and lubricants. Automotive & transportation is projected to be the second largest market for blow molding resins during the forecast period. High demand for blow molding resins to produce automobile parts, such as panes and railings, bumper supports, fenders, mudguards, door locking systems, consoles, garnish pillars, cockpit systems, and fuel tanks are expected to fuel the growth of the segment. The target audiences for the blow molding resins market are as follows:
  • Manufacturers of Blow Molding Resins
  • Blow Molding Resin Compounders(those who prepare plastic formulations by mixing or/and blending polymers and additives into process ready pellets)
  • Blow Molding Resin Converters (those who convert plastic resins and compounds into finished products)
  • End-use Industries, such as Pharmaceutical, Food & Beverages, Personal Care, and Chemical, among others
Based on region, the blow molding resins market has been segmented into Asia Pacific, North America, Europe, South America, and Middle East and Africa. The Asia Pacific blow molding resins market is projected to grow at the highest CAGR during the forecast period. The growth of the Asia Pacific blow molding resins market can be attributed to the presence of the leading blow molding resins producers in the region. Moreover, the growing demand for blow molding resins in packaging applications, such as pharmaceutical and food & beverage products in countries, such as China, Japan, and India also contribute to the growth of the Asia Pacific blow molding resins market.