May 10, 2022/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Thermoforming Plastics Market.
It was estimated prior to this unanticipated outbreak that the Thermoforming Plastics Market is likely to witness a promising CAGR of 6.1% during the forecast period. Rapidly increasing demand for thermoforming plastic foam from food packaging and healthcare and pharmaceutical industries is likely to give a thrust to the material’s long-term demand. The increasing popularity of retail shopping and rising consumer spending for processed & packaged goods are fueling the demand for thermoforming plastics. Factors such as changing demographics and lifestyles have shifted the market toward e-retailing channels and convenient packaging, which in turn, will drive the demand for thermoforming plastics.
Market Scope & Segmentation
Thermoforming is a process during which a plastic sheet is heated to get a bendable form so that it can be molded into desired shape, which is cooled afterwards to create the finished usable product. The most common processes used in the market are vacuum snapback, thick and thin gauge thermoforming, and plug assist forming. Thermoformed plastics are all the time more used as a metal replacement using the heavy gauge process, making them suitable for applications such as industrial equipment, transportation, aerospace, kiosks, and medical devices.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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Segment Analysis
Based on the end-use industry type, the thermoforming plastics market is segmented as food & agriculture packaging, consumer goods & appliances, healthcare & pharmaceutical, construction, electrical & electronics, automotive packaging & structures, and others. The food & agriculture packaging segment held the largest share of the market in 2020, and is expected to remain dominant during the forecast period owing to the huge demand for packaged and branded products. Using safe packaging materials, thermoforming plastic provides better protection during transportation, leading to their preference in the food & agriculture packaging industry.
Based on the plastic type, the thermoforming plastics market is segmented as polypropylene, polystyrene, polyethylene terephthalate, polyethylene, poly vinyl chloride, bio-plastics, acrylonitrile-butadiene-styrene, and others. The propylene or PP segment is expected to assert its supremacy in the market till 2026. Key advantages such as excellent strength-to-weight ratio, stellar energy management, outstanding chemical resistance, and good durability make it an ideal choice for packaging applications.
In terms of regions, North America is estimated to be the largest market during the forecast period, with the USA offering lucrative growth opportunities. This growth can be attributed to the region’s implacable drive towards new technology adoption and advancement. Some of the prime factors driving the region’s market are increasing electronic goods sales, high disposable income, increasing demand for packaged foods, and demographic changes. Another key factor creating a spur in the market is the continuous demand for consumer durables, coupled with a rising trend of retail shopping in the USA. Europe and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.
Key Players:
Key players operating in the global Thermoforming Plastics market are-
- Fabri-Kal Corp.
- Berry Global Inc.
- Genpak LLC
- Pactiv LLC
- D&W Fine Pack LLC
- Amcor Ltd.
- Dart Container Corp.
- Anchor Packaging
- Sabert Corporation
- Sonoco Products Company.
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Thermoforming Plastics analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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The significance of packaging in the global F industry attests that leading food manufacturing companies in the world continue to be concerned with the materials used wrapping edibles.
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.
Next to personal care, food & beverages industries are likely to be a prominent application for thermoformed plastics.
According to the report compiled by Research Report Insights (RRI), titled “Thermoformed Plastic Products in Food & Beverages Industry Through 2024,” the global F thermoformed plastics market is projected to exhibit expansion at a steady CAGR of 4.2% by the end of forecast period of 2016-2024.Request For Report Sample: https://www.researchreportinsights.com/report/sample/110114741/Thermoforming-Plastics-in-Food-and-Beverages-MarketSoaring 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.
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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