The North America PET blow molder market is projected to reach US$ 50.2 million by 2023 and is poised to soar to an estimated total valuation of around US$ 140.8 million by 2033. This growth is primarily driven by the burgeoning interest and insights surrounding the North America PET blow molder market. This trend is expected to open doors to new opportunities within the market, with a projected CAGR of 10.86% from 2023 to 2033.
The increasing consumption of soft drinks, non-alcoholic beverages, and alcoholic beverages has driven the demand for bottled products. This surge in demand has subsequently led to an increased need for PET blow molders, propelling market growth during the forecast period.
Many individuals are installing additional water capacities to meet their daily water requirements, resulting in a rising demand for PET bottles as this has contributed to the growing prevalence of PET blow molding across various economies.
Request a Sample of this Report:
https://www.futuremarketinsights.com/reports/sample/rep-gb-13117
Get a Sample Copy of the Report:
Blow molding is a manufacturing process commonly used for producing glass and plastic bottles, among other food containers. Several key factors are expected to drive the growth of the PET blow molder market in the coming years. These factors include the increasing demand for convenient food packaging, a growing number of bottled consumer products, and advancements in the pharmaceutical and personal care industries.
Significant developments in the packaging industry are anticipated to create numerous opportunities for the polyethylene terephthalate (PET) blow molder market during the forecast period.
Certain challenges potentially hampering market growth are, taxes imposed on plastic products and stringent governmental policies aimed at banning plastic bags may pose obstacles during the specified period.
The PET blow molding process is economical for large manufacturers and large-scale production. It may not be viable for rural industrial areas due to low output expectations and the high maintenance and installation costs associated with these machines.
Key Takeaways from the Market Study
- Based on end-use, pharmaceuticals are expected to dominate at market share of 57% by 2033.
- Based on technology type, automatic machines are likely to register a market share of 43.28% by 2033.
- The North America PET blow molder market expanded at 7.68% CAGR between 2018 and 2022.
- The United States is expected to hold a dominant share, accumulating a value of US$ 100 million in 2023.
- Canada is predicted to experience significant growth, with a current valuation of US$ 84 million and a projected value share of 14%.
“An increase in demand for non-carbonated drinks is considered as one of the key drivers of the North America PET blow molder market”, comments a Future Market Insights analyst.
Competitive Landscape
The North America PET blow molder industry consists of key market players. Research and development are mainly used for the introduction of environmentally friendly product lines from the core aspect of these manufacturers. In addition to that, other expansion strategies, inclusive of collaborations, mergers and acquisitions, and exploration of regulatory approvals, are also relied upon. Some of the new developments in the market are discussed below.
- R&B Plastics Machinery, a prominent player in the PET blow molder market, formed a strategic partnership with Sika, a Taiwanese custom blow molding machine manufacturer, and Seecor, a technology firm based in South Africa. This collaboration aims to develop a range of electric, hydraulic, and hybrid blow molding machines.
- Swiss-based Benpac Group, which previously owned the now-defunct Ontario-based blow molding machine maker Amsler Equipment Inc., said it planned to return to the plastic bottle-making business in Canada.
Pre-Book Report: https://www.futuremarketinsights.com/checkout/13117
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global North America PET blow molder market providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the North America PET blow molder market is segmented based on machine type (extrusion blow molding machine, injection blow molding machine, stretch blow molding machine), technology type (manual, automatic, semi-automatic), and and end use (food & beverage, pharmaceuticals, personal care, others), across two countries (The United States and Canada).
About the Packaging Division at Future Market Insights
The packaging team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.