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.
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- Plastic Market - The global plastic market size was valued at USD 593.00 billion in 2021. It is expected to expand at a compound annual growth rate (CAGR) of 3.7% from 2022 to 2030. The increasing plastic consumption in the construction, automotive, and electrical electronics industries is projected to support market growth during the forecast period.
- Blow Molded Plastics Market - The global blow molded plastics market size was valued at USD 75.7 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 3.3% from 2021 to 2028. Growing demand from the key application sectors including construction, automotive, and packaging, particularly in BRICS (Brazil, Russia, India, China, and South Africa), is expected to drive the market over the forecast period.
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)
- Extrusion
- Injection
- Stretch
Blow Molding Tools Application Outlook (Revenue, USD Million, 2017 - 2030)
- Packaging
- Consumables Electronics
- Automotive Transportation
- Building Construction
- Medical
- Others
Blow Molding Tools Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Europe
- Asia Pacific
- Central South America
- Middle East Africa
Market Share Insights
- June 2021: Amgen announced the construction of a new USD 365 million manufacturing plant for producing vials and syringes in Columbus, Ohio. The plant is scheduled to operate in 2024.
- January 2021: The Ontario government provided CAD 1 million (~USD 0.79 million) to Merit Precision to boost the production of sanitizers and disinfectants.
- August 2020: The company also acquired Hallink RSB, Inc., for strengthening its blow mold tooling business and increasing its geographical reach.
- August 2019: The Eastern Company acquired Big 3 Precision Mold Services, Inc., a leading company engaged in manufacturing blow mold tools.
Key Companies profiled:
Some prominent players in the global blow molding tools market include
- Abhijeet Dies and Tools Pvt. Ltd.
- ADM Precision Tools
- Creative Blow Mold Tooling
- Gemini Group
- HEISI INDUSTRIES, INC.
- Kanton Engineering
- Kaysun Corporation
- Polymold AG
- RPM International Tool and Die
- The Rodon Group
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