According to a new report published by Allied Market Research, titled, " Blow Molding Machine Market by Application and Raw Material: Global Opportunity Analysis and Industry Forecast, 2019–2026," the global blow molding machine market size was valued at $4.8 billion in 2018, and is projected to reach $6.6 billion by 2026, growing at a CAGR of 3.8% from 2019 to 2026. In 2018, by application, the packaging segment accrued the largest share in the market. In addition, packaging is the substantial part of the ever-growing plastic industry. The plastic packaging materials utilized are polymers, and also their combinations. The utilization of variety of plastic materials is decided as per the shelf life of the product which is to be packed.
The manufacturers of blow molding machine are focusing on business expansion and new product development as key strategies to increase their blow molding machine market shares. For instance, in July 2019, Meccanoplastica launched new MiPet Combi stretch blow molding solution. The new product integrates filler, blower, and capping machine. In addition, it only uses 30% of the occupied space and eliminates the inconvenience of air transport.
Currently, by raw material, in 2018, the polyethylene (PE) segment garnered significant market share. The key vendors as well as local players have introduced injection stretch blow molding machines to the market. For instance, German-based Merck KGa Aoffers injection stretch blow molding machine with features such as extremely advanced technology heating system, servo motor-controlled transfer, and variable pitch system. In addition, these machines are widely used across various end-user industries such as automotive, healthcare, and others
In terms of region, Europe and Asia-Pacific collectively contributed around 78.3% of shares in the global market in 2018.
The key players profiled in the market report include Chia Ming Machinery Co., Ltd., Elegance Industries, GOLFANG Mfg. & Development Co., Ltd., Jagmohan Pla-Mach Pvt. Ltd., Jiangsu Victor Machinery Co., Ltd., Jomar Corporation, Kautex Maschinenbau GmbH, Meccanoplastica S.R.L, Parker Plastic Machinery Co., Ltd., and Polymechplast Machines Ltd.
Key Findings of the Study:
- The report provides an extensive analysis of the current and emerging blow molding machine market trends and dynamics.
- Depending on application, the packaging segment dominated the market, in terms of revenue, in 2018 and the others segment is projected to grow at a CAGR 4.9% during the forecast period.
- By raw material, the polyethylene (PE) segment led the market in 2018.
- LAMEA is projected to register the highest growth rate in the coming years.
- The key market players within the blow molding machine market are profiled in this report, and their strategies are analyzed thoroughly, which help understand the competitive outlook of the blow molding machine industry.
- The report provides an extensive analysis of the blow molding machine market trends and emerging opportunities of the market.
- In-depth blow molding machine market analysis is conducted by constructing estimations for the key segments between 2018 and 2026.
- The global blow molding machine market forecast analysis from 2018 to 2026 is included in the report.