COVID-19 impact on global bioplastics & biopolymers market

Bioplastics & biopolymers are used in various industries, such as packaging, consumer goods, automotive & transportation, textiles and agriculture & horticulture. However, due to the ongoing pandemic, the industries had been affected throughout the world. Manpower shortage, logistical restrictions, material unavailability, and other restrictions had slowed the growth of the industry during the previous year. Due to the outbreak of the Covid-19 pandemic and its gradual spread, industries of essential needs, like getting foods and required supplies safely to the consumers are increasingly affected. The global impact has led to sharp reduction in demand for some types of packaging which are condemned as non-essential. On the other hand the demand for essential packaging such as e-commerce shipment has seen massive growth. These changes are presenting the packaging companies with new set of challenges. The affect of Covid-19 pandemic on the packaging industry will be mixed due to these reasons.

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The Covid-19 pandemic has affected the normal functioning of companies in the consumer goods sector. The successful marketing model has been impacted by the pandemic, which has furthered the proper functioning of business model. Due to the supply chain disruptions around the globe, 76% of the businesses had to reduce revenue targets by an average of 23%, as per Institute for Supply Management Research. The sector has mixed market feelings as some sectors such as household cleaning and frozen foods have seen increase in consumer demands whereas others have seen drop in sales and significant decrease in food traffic in retail stores. The companies had to become flexible with the change in consumer demand towards e-commerce. This as forced the entire consumer goods industry into digital age.

The automotive industry suffered largely due to the Covid-19 impact in 2020. However, the market has since rebounded during the previous months to show year-on-year growth in China, Europe and the US. However, in the long run, without the proper solution the demand is to remain moderate during the coming years. The industry also saw supply chain disruption in Chinese parts export, large scale manufacturing disruptions and closing of assembly plants

APAC is estimated to be the fastest-growing market for bioplastics & biopolymers between 2021 and 2026. Growth in APAC is primarily attributed to the fast-paced expansion of the economies such as China, India, and Indonesia. Growing population increased consumer spending, and rapid industrial expansion are the major factors responsible for the high growth rate of the region. Growing environmental concern and awareness along with increasing regulations are the key factors driving the demand for bioplastics & biopolymers. The manufacturers focus on the high-growth market to gain market share and increase their profitability.

The key players in this market are NatureWorks (US), Braskem (Brazil), BASF (Germany), Total Corbion (Netherlands), Novamont (Italy), Biome Bioplastics (UK), Mitsubishi Chemical Holding Corporation (Japan), Biotec (Germany), Toray Industries (Japan), and Plantic Technologies (Australia).

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Extensive usage of blow molding resins for packaging products is expected to drive the growth of the market

The blow molding resins market is estimated at USD 36.67 billion in 2017 projected to reach USD 51.95 billion by 2022, at a CAGR of 7.2% from 2017 to 2022.

Blow molded products are being increasingly used across the globe, owing to their excellent properties, such as strong resistance to chemicals and moisture, flexibility in design, excellent impact resistance, and a wide range of hardnesses (flexible, semi-rigid, and rigid).

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The blow molding resins market has been segmented on the basis of type, application, and region. Among types, the polyethylene blow molding resins segment is projected to grow at the highest CAGR between 2017 and 2022. Polyethylene blow molding resins are being preferred in various applications, owing to their low cost, moisture resistance, high chemical resistance, and excellent processability. These are used to produce blow molded products, such as household containers, personal care containers, fuel tanks, water tanks, and bottles.

The packaging applications segment of the blow molding resins market is projected to grow at the highest CAGR between 2017 and 2022. Increasing consumption of blow molding resins in packaging applications for pharmaceutical, food & beverages, chemical, and personal care products is expected to drive the growth of the segment. Automotive & transportation is the second-fastest market for blow molding applications. Blow molding resins are used to produce auto-parts, such as panes and railings, bumper support, fenders, mudguards, door locking systems, consoles, garnish pillars, cockpit systems, and fuel tanks. Polyethylene, polypropylene, polyvinyl-chloride, polystyrene, polyethylene terephthalate, and acrylonitrile butadiene styrene are the commonly used blow molding resins in the automotive application. These resins are preferred in automotive applications owing to their minimal corrosion, which leads to longer vehicle life, substantial design freedom, innovation and creativity in vehicle development, and flexibility in integrating components.

The Asia Pacific blow molding resins market is projected to grow at the highest CAGR between 2017 and 2022. The increasing per capita expenditure on healthcare, personal care, and food products, large consumer base, growing urban population, low labor costs, and easy availability of raw materials are attracting international pharmaceutical, chemical, and food & beverage manufacturers to shift their production facilities to the region, thus creating high demand for the blow-molded products produced by blow molding resins in these industries. The Asia Pacific is the global manufacturing hub for the chemical industry, accounting for more than 50% of global chemical production output; this increases the demand for products, such as cans and containers, produced with the use of blow molding resins in the chemical industry.

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New Product Launches were the Key Strategies Adopted by the Industry Players to Achieve Growth in the Composite Adhesives Market Between 2012 and 2017

Partnerships and new product launches were the key strategies adopted by the industry players to achieve growth in the composite adhesives market between 2012 and 2017. The key players, such as Henkel AG & Co. KGaA (Germany), 3M Company (U.S.), LORD Corporation (U.S.), and Sika AG (Switzerland) have adopted these strategies to develop their businesses globally. Increasing demand for lightweight and low carbon emitting vehicles, pent-up demand for composite adhesives from the residential housing market and infrastructure market, and the use of composite adhesives in wind energy blades have led to a rise in the demand for composite adhesives.

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Henkel AG & Co. KGaA is one of the major players in the global composite adhesives market. The company’s wide range of business segments provides an added advantage to the company’s profit margin, which enables the company to compensate the loss from low performing business segments and invest in strategic expansions and R&D activities. The adhesive technology business segment of the company accounted for 48% of its total revenue in 2016. The company follows capacity expansion strategy to support the growing demand and improve product cost competitiveness and product portfolio by investing in R&D activities in new applications to cater to the market. In April 2015, the company acquired Novamelt GmbH (Germany) to enhance its leadership in providing adhesive solutions.

3M Company is another major player in the global composite adhesives market. The industrial and consumer business segments of the company manufacture adhesives & sealant products for various applications. These business segments together earned around 48% of the total revenue in 2016. Among countries, the U.S. accounted for 41% of the overall company revenue in 2016. The company’s business strategy mainly revolves around its targets for increasing its global footprint and revenues as well as launching innovative products. As a part of its growth strategy, the company plans to establish new production facilities and expand its existing plant capacities that would enable the company to strengthen its position in the high growth composite adhesives market. In October 2013, 3M launched Scotch-Weld Low Odor Adhesives, DP8805NS and DP8810NS, offering performance benefits of higher productivity, performance, cost savings, and health & safety concerns. These adhesives are fast-curing adhesives, which also have a higher impact resistance on plastics and metals. They can be used for several applications, such as transportation, metalworking, plastics/composites, and manufacturing, among others.

Blow Molding Resins Market worth 51.95 Billion USD by 2022

The report “Blow Molding Resins Market by Type (Polyethylene, Polypropylene, Polyvinyl Chloride, Polyvinyl Terephthalate), Application (Packaging, Automotive & Transportation, Construction & Infrastructure), and Region – Global Forecast to 2022″, The blow molding resins market is estimated at USD 36.67 Billion in 2017 and projected to reach USD 51.95 Billion by 2022, at a CAGR of 7.2% from 2017 to 2022.

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Browse 156 Tables and 43 Figures spread through 164 Pages and in-depth TOC on “Blow Molding Resins Market”

The growth of the blow molding resins market can be attributed to the increasing consumption of blow molding resins in the packaging, food & beverages, and pharmaceutical industries. Blow molded products possess excellent stiffness and Environmental Stress Cracking Resistance (ESCR), high load melt strength, and excellent rigidity. Such properties enable the use of these resins for blow molding applications.

Among types, the polyethylenesegment of the blow molding resins market is projected to grow at the highest CAGR during the forecast period from 2017 to 2022

Based on type, the blow molding resins market has been segmented into polyethylene, polypropylene, polyvinyl chloride, polyethylene terephthalate, and others. Among types, the polyethylene segment is expected to grow at the highest CAGR during the forecast period from 2017 to 2022. The increased use of blow molding resins in various applications can be attributed to their high stiffness and Environmental Stress Cracking Resistance (ESCR), high load melt strength, and excellent rigidity.

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The packaging application segment of the blow molding resins market is projected to grow at the highest CAGR between 2017 and 2022

Based on the application, the blow molding resins market has been segmented into packaging, automotive & transportation, construction & infrastructure, and others. The packaging segment is projected to be fastest-growing application segment during the forecast period. The growth of the segment is attributed to the increasing use of blow molded products to package pharmaceutical, food & beverages, cosmetics, and industrial products, such as chemicals, acids, and lubricants.

Automotive & transportation is projected to be the second largest market for blow molding resins during the forecast period. High demand for blow molding resins to produce automobile parts, such as panes and railings, bumper supports, fenders, mudguards, door locking systems, consoles, garnish pillars, cockpit systems, and fuel tanks is expected to fuel the growth of the segment.

The Asia Pacific blow molding resins market is projected to grow at the highest CAGR during the forecast period

Based on region, the blow molding resins market has been segmented into Asia Pacific, North America, Europe, South America, and Middle East and Africa. The Asia Pacific blow molding resins market is projected to grow at the highest CAGR during the forecast period. The growth of the Asia Pacific blow molding resins market can be attributed to the presence of the leading blow molding resins producers in the region. Moreover, the growing demand for blow molding resins in packaging applications, such as pharmaceutical and food & beverage products in countries, such as China, Japan, and India also contribute to the growth of the Asia Pacific blow molding resins market.

Exxon Mobil (US), LyondellBasell (Netherlands), DowDuPont (US), SABIC (Saudi Arabia), INEOS (Switzerland), Solvay (Belgium), Formosa Plastics (Taiwan), Chevron (US), Eastman (US), China Petroleum (China), and Reliance Industries (India), among others are the key players operating in the blow molding resins market.

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