HDPE
Large Blow Molded Products Market: Introduction
The global HDPE large blow
molded products market was valued at US$
2.5 Bn in 2019 and is
anticipated to expand at a CAGR of 4.5% during
the forecast period. The global HDPE large blow molded products market is
driven by increase in the demand for HDPE large blow molded products in the
global chemical & petrochemicals industry. Asia Pacific accounts for a
major share of the global HDPE large blow molded products market, owing to high
demand for HDPE large blow molded products among chemical manufacturers.
Key Drivers of HDPE Large Blow
Molded Products Market
Growth of
the global specialty chemicals industry is a key factor driving the demand for
industrial packaging products. Safe delivery of packaged materials is of key
importance. Thus, packaging plays a vital role in the delivery of specialty
chemicals, considering the reactive and toxic nature of a majority of these
chemicals. HDPE large blow molded products offer better compatibility with
materials to be packed due to high chemical inertness of HDPE polymers.
Furthermore, high rigidity of HDPE products enables containers with thinner
wall designs. Thus, HDPE large blow molded products are widely utilized as
containers, including industrial bulk containers and other rigid packaging
materials, for specialty and other chemicals.
HDPE large
blow molded products possess advantages over their substitutes in industrial
rigid packaging, due to low permeability of HDPE products to a wide range of
solvents and excellent crack resistance of HDPE-based blow molded products.
Growth of the specialty chemicals industry, primarily in Asia Pacific, is a key
factor driving the global HDPE large blow molded products market. Rise in
investments in infrastructure development by private and public sectors and
high demand for chemicals, paints, pigments, food, beverages, petroleum
products, industrial coatings, agricultural products, pharmaceuticals,
minerals, packaging products, automotive products has augmented the demand for
specialty chemicals, primarily in Asia Pacific.
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Asia
Pacific has emerged as the chemical manufacturing hub for key players after the
economic slowdown of 2006–2009. Key chemical manufacturers are shifting their
production facilities from China to other countries in Southeast Asia, owing to
rise in transportation, labor, and production costs in China. Thus, India,
Indonesia, Malaysia, Vietnam, and Thailand are anticipated to be emerging
markets and strategic manufacturing centers. Thus, the expanding specialty
chemicals industry in developing countries is projected to fuel the demand for
high-quality packaging materials in the near future. This, in turn, is likely
to boost the demand for HDPE large blow molded products in these countries
during the forecast period.
Growth of Food & Beverages
Industry to Offer Lucrative Opportunities to HDPE Large Blow Molded
Products Market
Increase in
the demand for chemicals is anticipated to boost the demand for HDPE large blow
molded products. Key players are focusing on the development of food and
beverage packaging applications due to rapid expansion of the global food &
beverages industry. Thus, manufacturers need to focus on the development of
HDPE large blow molded products and new applications of HDPE large blow molded
products. HDPE possesses excellent recycling ability. Hence, HDPE products are
gaining popularity among end users, primarily in developed countries.
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Some
players have developed the blow molding technology for internal production.
These players market their technology to manufacturers. For instance, Mauser
Packaging Solution has commercialized its production technology. Thus,
development of cost-saving blow molding production technology can be an
advantageous diversification strategy for manufacturers of HDPE large blow
molded products.
Volatility in Prices of Raw
Materials to Hamper HDPE Large Blow Molded Products Market
Increase in
competition from geographies other than the Middle East and emergence of
alternatives, such as shell gas, have affected the demand–supply scenario of
oil and gas products across the globe. Thus, strategies adopted by key players
of petrochemicals have created price volatility in derivatives of
petrochemicals. Volatility in prices of oil and gas affects the production of
petrochemicals. This, in turn, leads to fluctuation in prices of polyethylene
derivatives such as HDPE, LDPE, and LLDPE. Thus, these factors hamper the
global HDPE large blow molded products market.
Asia Pacific Dominates HDPE Large
Blow Molded Products Market
Based on
region, the global HDPE large blow molded products market has been divided into
North America, Europe, Asia Pacific, Latin America, and Middle East &
Africa. In terms of both volume and value, Asia Pacific dominated the global
HDPE large blow molded products market in 2019. Increase
in the demand for chemicals in the region is driving the HDPE large blow molded
products market in Asia Pacific. China and Japan hold a major share of the
market in the region, owing to promising presence of chemical manufacturers in
these countries. Key players prefer investing in Asia Pacific, as the region
witnesses presence of a large number of chemical manufacturers and abundant
availability of labor. North America is another significant consumer of
HDPE large blow molded products, with the presence of a large number of players
and manufacturing facilities in the region.
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Consolidated Nature of HDPE Large
Blow Molded Products Market
The
competition in the global HDPE large blow molded products market is sustained,
due to varying market shares of major, well-established players. Tier-1
companies include major players such as Time Technoplast Ltd., Greif Inc.,
and SCHÜTZ GmbH & Co. KGaA. These companies have
considerable presence in the global HDPE large blow molded products market.
These companies constituted 45%–55% share of the global HDPE large blow molded
products market in 2019. Tier-2
companies comprise Jindal Plast and Univation Technologies, LLC. These
companies have strong a foothold in local markets. These companies accounted
for 15%–20% share
of the global HDPE large blow molded products market in 2019.
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