Wilmington, Delaware, United States, Oct. 13, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global market is likely to develop at a 4.6% CAGR from 2023 to 2031, growing to US$ 3.9 billion by the end of 2031. HDPE products are widely used in packaging since they are used to create long-lasting containers for chemicals, medications, and food. They play a crucial role in industrial bulk containers, providing the safe storage and transportation of specialty chemicals.
Bumpers, tanks, and dashboards in automobiles are made using blow molded HDPE. The versatility that HDPE large blow-molded items provide is contributing to market growth. Their adaptability extends to recreational equipment which they work as the foundation for water sports accessories because of their impact resistance and buoyancy.
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HDPE large blow molded products are replacing traditional metal as well as glass containers progressively in the packaging of diverse products. It is because these products possess high-temperature endurance and fracture resistance.
HDPE is easily tinted to fulfill the packaging specifications. HDPE blow molded items are hugely preferred for FMCG as well as other packaging applications. These items provide superior resistance to moisture.
The changing lifestyle of people in emerging countries and the growing e-commerce sector are the key factors driving the demand for packaged and convenient food among end-users. This factor is likely to fuel the market growth in the forthcoming years.
Key Takeaways from the Market Study
- The global HDPE industry acquired US$ 2.6 billion in 2022.
- Asia Pacific accounted for 39.7% of the global HDPE large blow molded products market share in 2022.
- The Middle East and Africa market and Latin America market acquired a 2.9% share of the global market cumulatively.
Global HDPE Large Blow Molded Products Market- Key Trends
- Technical advancement and robust distribution networks in packaging materials to improve their performance attributes are likely to fuel the demand for packaging and ultimately for HDPE large blow molded products.
- The rising focus on sustainability and environmental concerns has driven the HDPE large blow molded products market.
- Ongoing research and development in the manufacturing and materials processes for HDPE large blow molded products contribute to enhanced performance characteristics.
Regional Landscape of the HDPE Large Blow Molded Products Market
- Asia Pacific acquired a market share of 39.7% of the global HDPE large blow molded products market. The market in the region is estimated to continue growing in the forecast period. The regional growth is due to the increasing use of HDPE big blow molded items mainly in specialized chemical containers like industrial bulk containers.
- The booming specialty chemical manufacturing industry in the Asia Pacific is a significant factor increasing the demand for HDPE products in the region according to market analysis.
- The market growth in Europe and North America is increasing due to the increasing regulatory requirements on manufacturers to maintain food packaging quality. There is a rising demand for HDPE large blow molded containers in these regions because of their safe packaging properties in terms of high recyclability and chemical resistance.
- The market in the Middle East & Africa and Latin America is likely to grow at a sluggish pace in the coming years. These regions obtained a 2.9% share of the global market cumulatively.
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Competitive Landscape
A few leading companies in the HDPE large blow molded products market are Time Technoplast Ltd., Mauser Packaging Solutions, SCHÜTZ GmbH & Co. KGaA, Greif Inc., Jindal Plast, and Univation Technologies, LLC.
Industry players focus more on following the recent trends, innovation, and development of novel products in the market to reinforce their position in the global market. They also aim to follow a few effective strategies to further broaden the product portfolio.
- Univation Technologies and Hindustan Petroleum Corporation finalized a pre-marketing agreement in February 2022, (PMA) centered on polyethylene products produced by HPCL Rajasthan Refinery's new UNIPOL PE Plants. This collaboration is expected to focus on introducing polyethylene resin grades, especially high-density polyethylene (HDPE) products, tailored for the market in India.
- RPC Group, is known for its dynamic HDPE blow molded packaging products. It is now a part of Berry Global and contributed to the market by launching high-performance and lightweight containers.
- Greif Inc. announced in October 2022 that it had opened a new intermediate bulk container (IBC) facility in Vorsino Industrial Park in Kaluga, Russia. This was the second IBC production plant in Russia and could allow the company to double its production capacity of IBCs in the country.
HDPE Large Blow Molded Products Market Segmentation
By Application
- Plastic Drums
- Intermediate Bulk Containers
- Storage Tanks
- Others
By End-use
- Food & Beverages
- Chemical & Petrochemical
- Others
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East & Africa
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