Report : PET Stretch Blow Molding Machine Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Technology Type (Single Step and Two Step), Orientation Type (Linear and Rotary), End-User Industry (Food and Beverages, Pharmaceuticals, Personal Care and Cosmetics, and Others) and Geography
According to our latest market study on “PET Stretch Blow Molding Machine Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Technology Type (Single Step and Two Step), Orientation Type (Linear and Rotary), End-User Industry (Food and Beverages, Pharmaceuticals, Personal Care and Cosmetics, and Others), and Geography,” the market was valued at US$ 1.03 billion in 2019 and is projected to reach US$ 1.36 billion by 2027; it is expected to grow at a CAGR of 3.5% from 2020 to 2027.
Globally, the market comprises numerous market players specializing in broad range of business offerings pertaining to the PET stretch blow molding related machine manufacturing and varying technology-based solutions. The market players, such as Krones AG; Aoki Technical Laboratory, Inc.; Nissei ASB Machine Co. Ltd.; Chumpower Machinery Corporation; Parker Plastic Machinery Co., Ltd.; Pet All Manufacturing Inc.; SACMI IMOLA S.C.; Global Pet Industries Private Limited; Guangzhou Tech-Long Packaging Machinery Co., Ltd.; and SMF Maschinenfabrik GmbH, dominate the global as well as regional market in terms of number of customers, business competencies, extensive solution and service portfolio.
Geographically, the global market was dominated by Europe owing to presence of several leading enterprises along with well-regulated industries. Furthermore, increasing adoption of IoT solutions, large consumer industry, and stringent regulatory guidelines for packaging of consumer goods have substantially favored the adoption of PET stretch blow molding machines in the region over the past few years. Thus, the region dominated the global market in terms of market share by accounting for 36.5% of the market in 2019. Moreover, the region is expected to continue its market dominance during the next few years, holding 35.6% of the total market share by 2027. In terms of market growth, APAC is expected to witness the fastest CAGR of 4.6% from 2020 to 2027 and provide numerous profitable business opportunities for the market players during the forecast period. Factors such as fast-growing industrial sector coupled with surge in consumer industry related goods and services among the market players has greatly influenced the positive growth of the market across the APAC region. Subsequently, rising requirement from the food & beverage industry owing to fast growing population and increasing disposable income in Asian countries, such as China and India, have boosted the demand for packaged goods, thereby surging the need for blow molding machines in the region.
Impact of COVID-19 on PET Stretch Blow Molding Machine Market
The COVID-19 epidemic has impacted plastic packaging manufacturers worldwide. A survey was conducted by the IK Industrievereinigung Kunststoffverpackungen, a German Association for Plastics Packaging and Films, on the effects of the COVID-19 crisis. The survey exhibited the impact of COVID-19 on over 120 manufacturers of plastic packaging, mostly medium-sized companies. IK stated that though the manufacturers of system-relevant packaging for food, pharmaceutical, and medical products are, in some instances, attaining the limits of their capacity, suppliers to the automotive industry are particularly challenged with a substantial drop in demand.
Across all segments, ~37% of the companies indicated they had fewer orders in April compared to March. Nearly 1/3rd of all companies even stated declines of over 20% in orders. In contrast, around 50% of the companies stated an increase in orders in April, though mostly 10% to 20%. As per the survey, just below 80% of the companies were capable of meeting the orders received. However, nearly 50% reported corona-related restrictions. The lack of personnel is the key reason for this, followed by shortened working hours.
Although, the PET stretch blow molding machine market was negatively impacted during the lockdown announced in different parts of the world. Manufacturing of essential commodities worldwide kept running during the global pandemic. At present, several countries have already started the complete opening of factories, including China.
The report segments the global PET stretch blow molding machine market as follows: