In terms of revenue, the global PET stretch blow molding machine market was valued at US$ 1.03 billion in 2019. It is expected to grow at a CAGR of 3.5% during the forecast period to reach US$ 1.36 billion by 2027. Increasing adoption of green plastics is one of the key trends anticipated to fuel the growth of the PET stretch blow molding machine market. Several beverage manufacturers are venturing into projects focusing on manufacturing economical bio-based PET bottles to attain significant competitive benefits as well as attract a massive number of consumers. These containers/bottles are used for the packaging of soft drinks as well as alcoholic beverages such as beer, spirits, and wine. Moreover, there is a significant use of these eco-friendly bottles in the pharmaceutical and consumer products industries, which is expected to drive the growth of the PET stretch blow molding machine market.
The PET stretch blow molding machine market has been segmented in terms of technology type, orientation type, end-user industry, and geography. Based on technology type, the PET stretch blow molding machine market is segmented into single step and two step. In terms of orientation type, the market has been categorized into linear and rotary. In terms of end-user industry, the PET stretch blow molding machine market is segmented into food and beverages, pharmaceuticals, personal care and cosmetics, others. In a linear blow molding machine, the price is low, the output is moderate, and the compatibility is general. Due to the influence of the arrangement of the transmission chain, the bottle with huge volume change requires to be equipped with diverse types of linear machines. The method is ideal for low and medium-volume customers. On the other hand, the rotary blow molding machine offers high output and enhanced stability and versatility. These machines can produce both different bottle mouth as well as bottle type. However, their price is higher than linear machines, so they are ideal for customers with higher output.
The well-established PET stretch blow molding machine market players include 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.
Impact of COVID-19 Pandemic on PET Stretch Blow Molding Machine Market
The COVID-19 pandemic 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.
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.
Overall size of the PET stretch blow molding machine market is derived using primary and secondary sources. The research process begins with extensive secondary research using internal and external sources to obtain qualitative and quantitative information related to the PET stretch blow molding machine market. It also provides the overview and forecast for the global PET stretch blow molding machine market based on all segmentation provided concerning five primary reasons - North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate and analyze the data. The participants who take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants, such as valuation experts, research analysts, and key opinion leaders specialized in the PET stretch blow molding machine market.