Blow Molding Tools Market Registering A CAGR Of 3.5% During 2022 To 2030Posted by rahul nikade on January 3rd, 2023 Blow Molding Tools Industry Overview The global blow molding tools market size was valued at USD 12.71 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 3.5% from 2022 to 2030. The growing demand for blow molded plastics in the medical sector and increasing emphasis on plastic recycling is anticipated to positively influence the market growth during the forecast period. Unlike most sectors, COVID-19 has affected the market positively as the demand for blow molding tools increased with the soaring need for plastic packages for hand sanitizers, cleaning products, and beverages like beer, juices, and water. For instance, according to a Spanish dealer of plastics machinery, in June 2020, the bottling and bottle industry produced 100% above their usual capacity. Gather more insights about the market drivers, restrains and growth of the Global Blow Molding Tools Market The growing demand for plastic containers is propelling the need for molds and eventually benefitting the market growth in the U.S. For instance, in August 2021, Meredith-Springfield Associates Inc. announced the expansion of its manufacturing space by 5,000 square feet. The company will install two extrusion blow molding machines and one injection stretch blow molding machine. Plastics is the eighth largest industry in the U.S., which generated USD 394.7 billion in shipments in 2020. Out of these shipments, USD 2,777.1 million were held by the NAICS 33351105 molds for plastics that have around 637 total establishments and 15.6 thousand employees in the U.S. The large-scale spread of the plastic molds industry is owing to the increasing demand from various industries. Furthermore, COVID-19 has raised the demand for medical equipment and market players are constructing new plants to meet the surging demand from the medical sector. Emphasis on the reuse of plastics is expected to benefit the market growth and trade-off the negative impact of the ban on single-use plastic on the blow molding market. For instance, in November 2020, Austria implemented mandatory targets by making a beverage reuse quota of 25% by 2025 compulsory in their Waste Management Act. With this, it became the first European country to do so. Browse through Grand View Research's Advanced Interior Materials Industry Research Reports.
Blow Molding Tools Market Segmentation Grand View Research has segmented the global blow molding tools market on the basis of method, application, and region: Blow Molding Tools Method Outlook (Revenue, USD Million, 2017 - 2030)
Blow Molding Tools Application Outlook (Revenue, USD Million, 2017 - 2030)
Blow Molding Tools Regional Outlook (Revenue, USD Million, 2017 - 2030)
Market Share Insights
Key Companies profiled: Some prominent players in the global blow molding tools market include
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