PUBLISHER: Grand View Research | PRODUCT CODE: 1224499
PUBLISHER: Grand View Research | PRODUCT CODE: 1224499
The North America blow molded plastics market size is anticipated to reach USD 31.58 billion by 2030, according to a new report by Grand View Research, Inc. It is projected to propel at a CAGR of 5.5% over the forecast period. Increasing requirement for the substitution of glass, metals, wood, natural rubber, and man-made materials, such as concrete, is driving the product demand. Various products, such as olefins, polystyrene, Polyvinyl Chloride (PVC), Polyethylene Terephthalate (PET), and other plastics, are rapidly replacing most materials in the automotive, construction & infrastructure, medical & healthcare, and consumer goods applications.
The U.S. federal government is planning to invest USD 2 trillion over a period of 10 years for infrastructure development. The country is characterized by a low-risk environment, a stable economy, and a robust financial sector. These factors have provided a multitude of opportunities for investors in recent years, which are likely to trigger infrastructure spending in the country. This, in turn, is projected to positively impact the demand for blow-molded plastics in the U.S. construction industry. Virgin PET consists of 80% to 85% antimony, which gets converted to antimony trioxide at a very high temperature, as required during the recycling process, and is released into the atmosphere, making it available for intake into living systems.
Thus, high pollution levels and concerns regarding the same are putting pressure on manufacturers to adopt sustainable processes for the manufacturing of plastics and plastic products. In 2022, Polypropylene (PP) and Polyethylene (PE) were the most consumed product types in the country on account of their high demand in the consumables & electronics, electric automotive components, and packaging industries. PP is primarily used in the flexible packaging of certain food and confectionery items, clothing, tobacco, and others. Apart from flexible packaging, it has other applications in the rigid packaging of PP bottles for mineral water and edible oils. It is also used in automotive and consumer products, such as housewares, furniture, appliances, luggage, and other applications.