The global blow molding tools market size is expected to reach USD 17.33 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 3.5% from 2022 to 2030. Rising demand for blow molded plastics in the medical sector and the increasing importance of plastic recycling are anticipated to augment the market growth over the forecast period.
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The medical industry is one of the key end users of blow molding tools across the world. The spread of COVID-19 worldwide fueled the demand for plastic containers such as vials, syringes, and bottles used to store medicines and sanitizers, thereby augmenting the market growth. For instance, in February 2020, Fischer SA de CV started operations at a new USD 10 million plants, which is equipped with blow molder and injection molding tools.
Furthermore, growing concern over plastic waste has made the food and beverage industry shift towards recycled plastics. This initiative by the industry is projected to boost market growth during the forecast period. For instance, in September 2021, Nestle partnered with the U.K.-based Yes Recycling, to recycle flexible plastics used in food packaging.
The packaging application segment is anticipated to dominate the global market over the forecast period. Packaging is witnessing demand from industries such as food and beverage and cosmetics, which is further boosting the segment growth. For instance, in September 2021, GEKA Gmbh, a beauty application solutions provider, expanded the size of its facility to 22,000 square meters. The facility includes advanced manufacturing technologies and sustainable injection molding capability for packing its products.
The extrusion blow molding method accounted for the largest revenue share of over 50.0% in 2021. Growing demand for paper-based bottles in concern with the environmental aspect is providing new avenues for the growth of the extrusion blow molding market. For instance, in November 2020, CBS Products launched its new line of household cleaning products in molded pulp paper bottles, which include an inner liner that is extrusion blown of 80% PCR HDPE.
Asia Pacific held the largest revenue share of more than 35.0% in 2021. The coronavirus outbreak propelled the production of sanitizers in the region, which compelled manufacturers of blow molds to expand their capacity, to cater to the growing packaging needs of the pharmaceutical industry. For example, in September 2021, Mold-Tek Packaging Ltd. announced to invest of INR 200 crores (~USD 26.6 million) in capacity expansion over the next 3 years.
Blow Molding Tools Market Report Highlights:
- By the method, the extrusion segment is anticipated to register the fastest growth rate over the forecast period. The extrusion method is used for the production of medium to large complex geometric hollow parts
- By application, the packaging segment held the largest share of over 35.0%, in terms of revenue, in 2021. Blow molded plastics are extensively used for packaging in a wide range of industries including cosmetics, food and beverages, and pharmaceuticals
- Asia Pacific is projected to register a lucrative growth rate over the forecast period. Rising consumption of packaged food and beverages and increasing investments in setting up recycling plants are propelling the market growth in the region
- COVID-19 has positively influenced the market as the demand for blow molded plastics increased with the production of sanitizers, cleaning products, and packaged food and beverages
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