LONDON--(EON: Enhanced Online News)--The global blow molding machinery market size is projected to grow to USD 1.755 billion by 2021, at a CAGR of close to 3% over the forecast period, according to Technavio’s latest report.
“APAC is the largest region segment of the blow molding machinery market, expected to be responsible for generating over 57% of the overall revenue by the end of the forecast period”
In this report, Technavio covers the market outlook and growth prospects of the global blow molding machinery market for 2017-2021. By end-users, the market is segmented into food packaging, construction, pharma industry, automotive, and e-commerce divisions.
Blow molding is the process of manufacturing hollow plastic parts by extrusion, injection or injection stretch blow molding techniques. Food packaging and construction are the key end-users of the market, driven by the growth of the e-commerce industry and increasing demand for rigid plastics.
Technavio’s research study segments the global blow molding machinery market into the following regions:
APAC: largest blow molding machinery market segment
“APAC is the largest region segment of the blow molding machinery market, expected to be responsible for generating over 57% of the overall revenue by the end of the forecast period,” says Gaurav Mohindru, one of the lead analysts at Technavio for unit operations research.
The booming e-commerce industry in developing economies like India and China is the key driver of this impressive lead of the regional segment. Technavio analysts forecast the blow molding machinery market in APAC to grow in line with the economic growth of the region.
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EMEA is expected to showcase a steadily increasing growth over the forecast period, with major demand arising from the food and beverage and construction industry in the region. The food and beverage sector will be the primary revenue generator for the market, driven by high standards of living and increased demand for packaged food and drinks. Also, EMEA creates the highest demand for alcoholic beverage packaging machinery, which creates significant revenue to the blow molding equipment market. Additionally, countries in the Middle East, the UK, and Germany have thriving construction industries, contributing further revenue to the market.
“The food and beverage and construction industries in the Americas are growing at a sedated pace. Continuous innovation in the food products and growth of the commercial real estate sector will create the highest demand for blow molding machinery from the region,” says Gaurav.
The total market share held by the Americas is expected to decline over the forecast period due to the swift growth of the market in APAC. However, the swiftly developing countries in Latin America will begin to contribute more to the market towards the end of the forecast period.
The top vendors in the global blow molding machinery market highlighted in the report are:
- NISSEI ASB MACHINE
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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