Fabri-Kal Corp. (US), Berry Global Inc. (US), Genpak LLC (US), Pactiv LLC (US), D&W Fine Pack LLC (US), Amcor Ltd. (Australia), Dart Container Corp. (US), Anchor Packaging (US), Sabert Corporation (US), Sonoco Products Company (US) were some of the key players in the global Thermoforming Plastic market.
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Northbrook, IL 60062 — (SBWIRE) — 10/16/2022 — The report "Thermoforming Plastic Market by Plastic Type (PP, PS, PET, PE, PVC, Bio-plastics, ABS), Thermoforming Type (Vacuum Formed, Pressure Formed, Mechanical Formed), Parts Type (Thin Gauge, Thick Gauge), End-use Industry, and Region – Global Forecast to 2024" The thermoforming plastic market size is expected to grow from USD 34.8 billion in 2019 to USD 45.9 billion by 2024, at a CAGR of 5.7% during the forecast period. The thermoforming plastic industry is growing due to the rising healthcare & pharmaceuticals and food & agriculture packaging industries and increasing manufacturing activities. The increasing popularity of retail shopping and rising consumer spending for processed & packed goods are fuelling the demand for thermoforming plastic. The growing demand from food packaging and healthcare & pharmaceutical industries are the major drivers for the market.
Browse in-depth TOC on "Thermoforming Plastic Market"
143 market data Tables
50 Figures
173 Pages
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PP-based thermoforming plastic comprises a major share of the thermoforming plastic market, in terms of value.
The thermoforming plastic market is segmented based on plastic-type as polypropylene (PP), polystyrene (PS), polyethylene terephthalate (PET), polyethylene (PE), polyvinyl chloride (PVC), bioplastics, acronytrile butadiene styrene (ABS), and others. The global thermoforming plastic market is dominated by the PP, in terms of value and volume. This is due to the extensive use of this plastic in packaging applications such as food, medical device, and automotive. The excellent strength to weight ratio, excellent energy management, resilient, good chemical resistance, and durability makes it an ideal choice for packaging applications.
The pressure forming segment is projected to register the highest CAGR in the global thermoforming plastic market during the forecast period.
The thermoforming plastic market is segmented based on thermoforming type as vacuum forming, pressure forming, and mechanical forming. Pressure forming is cost-effective, and it can also be used to manufacture complex shapes due to which is used across all applications. Some of the major applications areas include medical equipment, office equipment, vented equipment enclosures, control pads, scientific instruments, detailed components, control panels, and multi-part assemblies.
North America is expected to account for the largest market share in the thermoforming plastic market during the forecast period.
Europe is estimated to account for the largest share of the market in 2019. North America led the thermoforming plastic market in 2018 due to the high demand of thermoformed structural parts and thermoformed packaging from automotive, food & agriculture packaging, consumer goods & appliances and healthcare industries in this region. The demand for thermoforming plastic will be driven by factors such as increasing electronic goods sales, high disposable income, increasing demand for packaged foods, and demographic changes. North America is home to some of the prominent thermoforming plastic manufacturers such as Pactiv LLC, Sonoco Products Company, D&W Fine Pack LLC, and so on. Technological advancements in the packaging industry primarily drive the market in this region.
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Fabri-Kal Corp. (US), Berry Global Inc. (US), Genpak LLC (US), Pactiv LLC (US), D&W Fine Pack LLC (US), Amcor Ltd. (Australia), Dart Container Corp. (US), Anchor Packaging (US), Sabert Corporation (US), Sonoco Products Company (US) were some of the key players in the global Thermoforming Plastic market. These players have adopted various organic and inorganic developmental strategies over the past five years.
Pactiv LLC (US), Amcor Ltd. (Australia), and Dart Container Corp. (US) are the major players in the thermoforming plastic market. Pactiv LLC (US) is one of the leading companies and the largest contributor to the growth of the global thermoforming plastic market. As a part of its growth strategy, the company focused on production expansion to meet the requirements of end-use industries, globally. For instance, in March 2015, the company expanded its operations in Kinston, creating 59 new jobs in Lenoir County. The company invested more than USD 24 million in the expansion of the Kinston plant. This helped the company to increase its production capacity.
Amcor Ltd. (Australia) is the second-largest player in the thermoforming plastic market. The company is involved in improving its position in the value chain with particular emphasis on innovation, high value-added products, and services. The company is engaged in providing innovative and effective solutions for food packaging around the globe. In September 2018, the company acquired Bemis Company Inc. (US), creating the global leader in packaging. This helped the company to increase its packaging operations in the US.
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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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