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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.

HYDERABAD, TELANGANA, INDIA, February 13, 2023 /EINPresswire.com/ -- Blow molding resins can be categorized into various types, including acrylonitrile butadiene styrene, polypropylene, polystyrene, polyurethane, and more. They are primarily used in a wide range of industries including construction, automotive, packaging, electrical & electronics and other industries. The expansion of blow molding resins is primarily driven by their usage in the automotive industry. For instance, according to the International Organization of Motor Vehicle Manufacturers (OICA), the total global automobile production reached 80.2 billion units in 2021, an increase of 3% as compared to 77.7 billion units in 2020. An increase in automotive production along with the growth of the electronics industry is expected to drive the growth of the blow molding resins market size in the upcoming years.

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Key takeaways:

This IndustryARC report on the Blow molding resins market highlights the following areas -

1. Injection blow molding method held a significant share in the Blow Molding Resins Market in 2021. Its wide range of characteristics and higher efficiency made it stand out in comparison to other types of processing methods in the market.

2. Packaging industry held the largest share in the Blow Molding Resins Market in 2021, owing to the increasing demand for blow molding resins for use in plastic films, sheets, bags, containers and more used for packaging.

3. Asia-Pacific dominated the Blow Molding Resins Market in 2021, owing to its increasing demand from the packaging sector in the region. According to a recent study published on Interpack, Asia accounted for the highest world share of packaging sales in 2020, an increase of 7.4% in comparison to 2019, thus, indicating an increase in consumption of packaging in the region.

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Segmental Analysis:

1. Blow Molding Resins Market Segment Analysis – by End-use Industry : The packaging industry held the largest Blow Molding Resins Market share of over 25% in 2021, owing to its increasing demand from the packaging sectors across the world. For instance, according to PMMI (The Association for Packaging and Processing), the North American beverage packaging industry is expected to increase by 4.5% from 2018 to 2028, with the United States leading the beverage packaging sector.

2. Blow Molding Resins Market Segment Analysis – by Geography : Asia-Pacific held a dominant Blow Molding Resins Market share of around 49% in the year 2021. The consumption of blow molding resins is particularly high in this region due to its increasing demand from the packaging sector. For instance, according to a recent study published on Interpack, the consumption of food packaging in China is expected to increase up to 447,066 million in 2023.

Competitive landscape:

The top 5 players in the Blow Molding Resins industry are:

1. Chevron Phillips Chemical Company LLC
2. Dow
3. Eastman Chemical Company
4. Exxon Mobil Corporation
5. Formosa Plastics Corporation

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