Geographically, the Global Blow Molding Resins Market is segmented into five regions namely Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Asia Pacific accounted for major market share in 2017 owing to the growing demand for Blow Molding Resins from end-use industries such as packaging, automotive, consumer goods, building & construction, and others. The changing lifestyle trend coupled with the high disposable income is expected to fuel the demand for processed food, which, in turn, may boost the demand for Blow Molding Resins. Also, the increasing demand for cosmetics & personal care products and hygienic products is likely to augment the market growth due to the increasing health awareness.
Furthermore, the high demand for lightweight and efficient automotive owing to the environmental protection regulations such as Bharat Stage Environment Standards (BSES) and Chinese State Environment Protection (SEPA) is likely to fuel the market growth. Japan, China, and India are the major contributors with high production and sales of automotive. Rapid urbanization and industrialization in the region are driving the construction sector, which, in turn, propels the product demand. The electronics industry in Japan, China, and India is another factor propelling the market growth. The use of mobiles, television, gaming devices, laptops, and others along with initiatives such as Digital India is likely to fuel the product demand in the electronics industry. According to the National Investment Promotion and Facilitation Agency, the Indian electronics market is nearly 75% imports driven, and the government has envisioned a target of "Net Zero Imports" by 2020, which is expected to boost the Blow Molding Resins demand in the manufacturing of electronics.
Europe was the second largest region in the global market in 2017 owing to the high production and sales of automotive parts in Western European countries such as Russia, the U.K, Italy, Germany, and others. Stringent environment protection regulations by EU are an added advantage, which increases the product demand further. Additionally, the Chinese Strong Crusher For Sale investments for providing safe and hygienic health environment propels the demand for blow resins. Technological advancements such as the development of a single-stage injection-stretch blow-molding machine in Germany is likely to bring opportunities to the region.
North America is expected to witness a significant growth on account of the high penetration of the blow resins in food & packaging industry. The flourishing construction and the cosmetic industries are driving the North American regional market.
The growing automotive industry in Latin America is expected to fuel the demand for Blow Molding Resins during the forecast period.
The infrastructural hub located in the GCC countries is likely to fuel the demand for Blow Molding Resins and drive the Middle East and African market.