Blow Molded Components Market Procurement Intelligence Report

The market for Engineering Components and its sub-segments such as Blow Molded Components are at an interesting intersection. Suppliers of Blow Molded Components are moving up the value chain - both organically as well as through M&As. Their portfolios are increasingly being diversified with the objective of offering integrated solutions that go beyond just Blow Molded Components. Even buyers are engaging vendors who can act as a one-stop solution provider across their geographic footprint. Such strategic engagements can help buyers with savings associated with economies of scale and management of a much smaller supplier base.

Suppliers are continuously taking efforts to improve efficiencies and productivity and deploying processes and technologies. Some of these investments are likely to increase their costs in the shorter term, but learnings from other sectors keep the suppliers optimistic about a lean cost structure in the longer run.

Suppliers are under an enhanced pressure to offer greater quality, options that suit unique requirements and overall experience of the customer stakeholders involved.

Trends like these and many others discussed in this report are necessitating a relook at the way Blow Molded Components is procured and the procurement cost saving opportunities that exist.

Blow Molded Components procurement best practices are moving towards a level of sophistication which is typically seen in traditional procurement categories. Category managers now have an attractive opportunity to adapt the best practices seen within this category as well as those being leveraged in other non-related categories. This report summarizes the best practices picked from across multiple categories that could work well for category managers involved with Blow Molded Components procurement strategy.

For example, Buyers need to evaluate the in-depth expertise of suppliers in the Blow Molded Components industry. This can be assessed by considering factors such as the years of experience, number of resources that have multi-year experience of working in the same industry and at least 3 to 5 credentials for the supplier.

Buyers should engage with suppliers that have recycling capability. Recycling capability of the suppliers will lower their production costs which will be passed on to buyers. Additionally, the recycling capability will contribute in furthering the sustainability goals of the buyers' organization.

Buyers must have a clear understanding of the subcontracting policies, if any, of Blow Molded Components suppliers. Factors such as cost incurred, service quality, adherence to timelines, and regulatory compliance of subcontractors employed by suppliers should be carefully assessed prior to engagement.

Blow Molded Components procurement managers also need to proactively identify and mitigate potential risks that can arise in the supply chain or contracts for Blow Molded Components procurement. Some examples include: