SAN FRANCISCO, March 23, 2021 /PRNewswire/ — The global blow molded plastics market size is anticipated to reach USD 98.7 billion by 2028, according to a new report by Grand View Research, Inc., growing at a CAGR of 3.3% from 2021 to 2028. The global industry is expected to witness significant growth over the forecast period owing to increasing product demand from various application industries. In the past few years, there has been a significant growth in technologies and equipment for manufacturing these plastics, which has enabled manufacturers to cater to specific requirements of several application industries, such as automotive, building & construction, packaging, and others.
Key suggestions from the report:
- The global market was valued at USD 75.7 billion in 2020 and is estimated to grow at a CAGR of 3.3% from 2021 to 2028
- Polyethylene (PE) was the largest product segment in 2020. PE compounds are dominantly used across various industries and have been an integral material for the packaging industry
- Acrylonitrile Butadiene Styrene (ABS) is estimated to emerge as the fastest-growing product segment from 2021 to 2028
- This growth can be credited to the increasing demand for ABS from the automobile industry for the manufacturing of enclosures for electrical and electronic assemblies, automotive trim components, and protective headgears
- Asia Pacific accounted for over 33% of the overall revenue share in 2020. China led the market in the Asia Pacific region…