Driven by bottled beverages using PET resin, the market is expected to grow at an annual rate of 6.73% between 2021 and 2026
The blow molding resins market could grow to $17.88 billion between 2021 and 2026, according to the latest Technavio study. The market is anticipated to see a year-on-year growth of 6.45% and accelerate to a compound annual growth rate (CAGR) of 6.73% during the forecast period.
The growing demand for packaged beverages, mainly PET bottles, is behind this market growth. Changing consumer lifestyles, along with rising disposable incomes, have increased demand for beverages on the go, especially in emerging economies such as Brazil, China, India, South Africa and Vietnam.
Bottled water consumption grows
The growing consumption of bottled water is also contributing significantly to the sales of packaged beverages that use plastics such as PET, Polystyrene (PS) and Polypropylene (PP) for the packaging of fluid products.
In addition, factors such as the growing adoption of PET as a packaging solution and the growing demand for blow molding resins from the automotive and transportation sectors further drive the market expansion.
These are some conclusions of the study:
- Packaging accounted for the largest market share in 2021.
- The key segments driving the expansion are food and beverage packaging, household products and personal care.
- APAC will hold the lion’s share of the market, commanding 49% of the global market share.
- Factors such as increasing industrial activities, rise in e-commerce, growing demand for consumer packaged goods, and rapid urbanization are driving the growth of the blow molding resins market in APAC.
- China, South Korea and Japan are the key markets for blow molding resin in APAC.
- The United States, Canada and Germany will also emerge as important markets during the forecast period.
- Technological advances, including blow molders’ increasing use of advanced automation processes, are improving efficiency and production.
Flexible packaging: the only challenge
The only identifiable potential limitation to growth is the growing demand for pouch packaging solutions globally, a much lighter format that is ideal for single serve applications. Bag packaging solutions also offer exceptional printability and the ability to meet the requirements for single-service applications.
Changing consumer lifestyles and changing consumer preference for flexible packaging solutions that offer ease of storage, handling, transportation and use have also increased the demand for bag packaging solutions, with “increasing demand of packaged beverage products that will strengthen the need for bag packaging solutions.” -packaging solutions.”
According to the Technavio report published in August 2021, the flexible plastic packaging market is forecast to grow $40.13 billion during 2021-2025 while accelerating at a CAGR of 4.78%.
