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Asia Pacific Blow Molded Plastics Market Forecast 2021-2028

The Asia Pacific blow molded plastics market is projected to grow with a CAGR of 4.24% in terms of volume and CAGR of 5.44% in terms of revenue during the forecast period, 2021-2028. The auto sales are estimated to remain steady in the region, given the conducive macroeconomic conditions of the auto industry. Also, there is a rise in the consumption of bottled water and other beverages, which is increasing competition in the market. Such factors are estimated to fuel market growth in the region.

China, India, South Korea, Thailand, Vietnam, Australia & New Zealand, Indonesia, Japan, Malaysia, and the rest of Asia Pacific are evaluated for the Asia Pacific blow molded plastics market growth assessment. The packaging industry of Japan focuses on recycle, reuse, and reduce. There is a high use of plastic bottles in similar packaging. Plastic bottles and similar packaging constituted a large portion of the plastic waste in 2018. Also, the established trade, production, and industrial ecosphere, has contributed to increasing demand for plastics. Such factors, along with the need for agricultural chemical sprayers and products of rigid plastic is estimated to supplement the blow molded plastics market growth in Japan.
In Indonesia, the packaging is the largest application segment. The growth of the engineering plastics in the packaging segment is attributed to ease of molding, puncture resistance, high mechanical strength, and advanced wear & chemical resistance. Its major applications include flexible packaging and bottled water. In Vietnam, the consumption of injection-molded plastic pallets is estimated to increase at a rapid pace. Also, the usage of plastics for packaging products is set to witness a steady demand. Such factors are predicted to propel overall market growth.

Some of the leading companies in the region are Agri-Industrial Plastics, Lyondell Basell Industries NV, Exxon Mobil Corporation, Machinery Center Inc, Creative Blow Molding Tooling, etc.

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Asia Pacific Blow Molded Plastics Market Forecast 2021-2028
Published By :Inkwood Research
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