The global thermoforming plastic market size is expected to reach USD 55.38 Billion in 2028 and register a revenue CAGR of 5.3% over the forecast period, according to the latest report by Reports and Data. Rising consumer expenditure on packaged and processed products and increasing trend of online shopping are anticipated to drive market revenue growth during the forecast period.
Widespread use of thermoforming plastics in food packaging propels the global market growth. The need for these plastics in the food industry is significantly high because food packaging demands better quality packaging materials to provide protection against germs, odor, and moisture which thermoforming plastics deliver. Additionally, these plastics have recently found use in the packaging of pharmaceutical goods, which is expected to further support revenue growth of the market.
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Moreover, thermoforming plastics is widely used in the construction industry to make furniture, concrete, and flooring materials which is anticipated to fuel market revenue growth throughout the forecast period. Heat deflection, chemical resistance, dielectric strength, stiffness, and other features are responsible for adoption of thermoforming plastics in electrical and electronic equipment, thereby leading to increasing product sales and consumption, which is expected to drive market revenue growth.
Some major companies profiled in the global market report are Fabri-Kal Corp., Berry Global, Inc., Pactiv LLC, D&W Fine Pack LLC, Amcor plc, Dart Container Corporation, Anchor Packaging, Sabert Corporation, Sonoco Products Company, and Silgan Plastics Corporation.
Market Overview:
Businesses involved in the discovery, production, and processing of raw resources are classified as part of the basic materials sector. Mining and metal refining, chemical goods, and forestry products are all part of this industry.
The enterprises that supply the majority of the materials needed in building are found in this sector. As a result, the companies and their stocks are sensitive to business cycle shifts. When the economy is robust, they tend to thrive.
The physical acquisition, development, and early processing of the many items often referred to as raw materials are all handled by companies in the basic materials sector. Examples include oil, gold, and stone.
Some Key Highlights From the Report
- Polypropylene (PP) segment is expected to account for largest revenue share in the global thermoforming plastic market over the forecast period. PP responds strongly to injection pressure and speed, as well as builds up rapidly in the mold, which, in turn, enables the molder to achieve a high level of production. This gives PP a distinct place in the manufacturing of thermoforming plastics in the plastic molding industry. It also provides excellent resistance to friction and chemicals, better size stability, and an improved complete surface finish.
- Polymethyl Methacrylate (PMMA) segment is expected to register significant revenue growth over the forecast period. This is attributable to the benefits it provides such as high surface hardness, light transmission, and long service life, as well as good weathering and UV light resistance. It is environmentally friendly and fully recyclable.
- Thin gauge segment is expected to register significant revenue growth over the forecast period. Thin gauge thermoforming plastics are used in the healthcare sector for making various products such as medical device packaging trays.
- Food packaging segment is expected to account for larger revenue share in the global thermoforming plastic market over forecast period, owing to increasing demand microwaveable containers, disposable products, sandwich packs, cups, and trays. The spread of COVID-19 virus has also increasing consumer awareness about the importance of hygiene and sanitization, resulting in growing demand for high-quality packaged foods.
- North America is anticipated to account for a significant revenue share in the global thermoforming plastic market over the forecast period, owing to rapid industrialization and ongoing technological improvement in the packaging industry. Also, increased usage of thermoforming plastics in the food industry for the packaging of vegetables, fruits, meat, fish, confectionery, poultry, and ready meals is driving demand for thermoforming plastics in this region. The COVID-19 pandemic has led to high demand for plastics in the production of medicine packaging, medical trays, syringes, and others.
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For the purpose of this report, Reports and Data has segmented the global thermoforming plastic market based on plastic type, thermoforming type, parts type, application, and region:
Plastic Type Outlook (Revenue, USD Billion; 2018-2028)
- Polypropylene (PP)
- Polystyrene (PS)
- Polyethylene Terephthalate (PET)
- Polyethylene (PE)
- Polyvinyl Chloride (PVC)
- Polymethyl Methacrylate (PMMA)
- High Impact Polystyrene (HIPS)
- Bio-degradable Polymers
- Acrylonitrile Butadiene Styrene (ABS)
Thermoforming Type Outlook (Revenue, USD Billion; 2018-2028)
- Pressure Formed
- Vacuum Formed
- Mechanical Formed
Parts Type Outlook (Revenue, USD Billion; 2018-2028)
- Thin Gauge
- Thick Gauge
Application Outlook (Revenue, USD Billion; 2018-2028)
- Healthcare
- Food Packaging
- Electrical & Electronics
- Automotive Packaging
- Construction
- Consumer Goods & Appliances
- Others
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Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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The research report includes specific segments by region (country), by company, by Type and by Application.
This study provides information about the sales and revenue during the historic and forecasted period of 2015 to 2026.
Understanding the segments helps in identifying the importance of different factors that aid the market growth.Download FREE Sample of this Report @ https://www.24chemicalresearch.com/download-sample/61573/global-thermoforming-plastic-packing-2020-523Segment by Type, the Thermoforming Plastic Packing market is segmented into:Vacuum FormedPressure FormedMechanical FormedSegment by Application:Healthcare and PharmaceuticalsFood PackagingAgricultural PackagingGlobal Thermoforming Plastic Packing Market: Regional AnalysisThe Thermoforming Plastic Packing market is analysed and market size information is provided by regions (countries).
The report includes country-wise and region-wise market size for the period 2015-2026.
It also includes market size and forecast by Type and by Application segment in terms of sales and revenue for the period 2015-2026.The key regions covered in the Thermoforming Plastic Packing market report are:North AmericaU.S.CanadaEuropeGermanyFranceU.K.ItalyRussiaAsia-PacificChinaJapanSouth KoreaIndiaAustraliaTaiwanIndonesiaThailandMalaysiaPhilippinesVietnamLatin AmericaMexicoBrazilArgentinaMiddle East & AfricaTurkeySaudi ArabiaU.A.EGlobal Thermoforming Plastic Packing Market: Competitive AnalysisThis section of the report identifies various key manufacturers of the market.
It helps the reader understand the strategies and collaborations that players are focusing on combat competition in the market.
The significance of packaging in the global F&B industry attests that leading food manufacturing companies in the world continue to be concerned with the materials used wrapping edibles. Injection molding and thermoforming are the predominant process used for packaging food and beverages. Recently, the rate at which thermoforming plastics is proliferating the food and beverages industries has been gaining momentum. The relatively low production costs procured for thermoforming plastics, compared to injection molding, and flexibility in terms of appearance have urged the demand, particularly among food & beverages industries. Thin gauge thermoforming plastics are being used in the production of containers, cups, lids, and other packaging products present in the retail market for food and beverages.
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Next to personal care, food & beverages industries are likely to be a prominent application for thermoformed plastics. The global market for thermoforming plastics in food & beverages industry is expected to record a market value of US$ 11.2 billion by the end of 2016. According to the report compiled by Research Report Insights (RRI), titled “Thermoformed Plastic Products in Food & Beverages Industry Through 2024,” the global F&B thermoformed plastics market is projected to exhibit expansion at a steady CAGR of 4.2% by the end of forecast period of 2016-2024.
Soaring demand for packaged mineral water, bottled carbonated drinks, milk, and fruit juices has influenced the global market, rendering thermoforming plastics as a widely-preferred packaging method for food products and beverages. Contrastively, the alarming impact of plastic dumping on the global environment is stridently curbing the consumption in global F&B thermoforming plastics market. Products categorized as synthetic thermoformed plastics and biodegradable thermoformed plastics are penetrating the packaging industry for food products, especially the synthetic products segment; which is slated to dominate the global market by accounting for over 85% share of global market revenues during the forecast period. Application of thermoforming plastics in food & beverages industry will account for nearly 35% of the global F&B thermoforming plastics market.
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Europe is estimated to account for over 30% share of global market revenue in 2016 and beyond, while Asia Pacific’s F&B thermoforming plastics market will contribute to 25% of the gross global market share and register expansion at 5.3% CAGR through 2024. The competitive landscape in the global F&B thermoforming plastics market is indicating healthy collaboration which is evident in recent business expansion updates such as leading plastic manufacturer Amcor Rigid Plastic seeking acquisition of Sonoco Products Co., which produces containers for food & beverages, and personal care products. Such dealings project higher use of thermoforming plastics in specialty foods market, an untapped opportune application in the global F&B thermoforming plastics market. For a similar instance, Thermoforming Systems LLC, a European plastics packaging leader, advanced their disposable food packaging businesses and food service applications by investing over a million dollars on a thermoforming equipment factory in North America, which is indicative of growth in North America’s F&B thermoforming plastics market. Some leading participants in the global F&B thermoforming plastics market, profiled in the report, include, Clear Lam Packaging, Inc., Anchor Packaging, Inc., Tray-Pak Corporation, Berry Plastics Corporation, D&W FINE PACK, Placon, Reynolds, HUHTAMAKI GROUP, and Silgan Holdings, Inc., among others.
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