Global Thermoformed Plastics Market To Witness Impressive Growth, Revenue To Surge To USD 17.53 Billion By 2028
The thermoforming plastic sector is expanding as the healthcare and pharmaceuticals, as well as the food and agriculture packaging industries, and manufacturing activities, rise. The need for thermoforming plastic is being fueled by the growing popularity of retail shopping and rising consumer spending on processed and packaged items. Changes in demographics and lifestyles have pushed the industry toward e-commerce channels and simple packaging, which will fuel demand for thermoforming plastic.
The thermoforming plastic market is expected to increase at a CAGR of 5.7 percent between 2019 and 2024, from USD 34.8 billion in 2019 to USD 45.9 billion in 2024.
The end-use industry of food and agriculture packaging is predicted to be the greatest consumer of thermoforming plastic globally.
Food and agriculture packaging, healthcare and pharmaceutical packaging, building, electrical and electronics, automotive packaging and constructions, consumer goods and appliances, and other industries use thermoforming plastic. In terms of value, the food and agriculture packaging industry dominated the thermoforming plastic market in 2018. The growing demand for packaged and branded items is largely to blame for this growth. Thermoforming plastic is preferred in the food and agriculture packaging business because it provides superior protection during transit and uses safe packaging materials.
During the forecast period, the PP-based thermoforming plastic segment is likely to account for a significant proportion of the thermoforming plastic market in terms of both value and volume.
Plastic types such as polypropylene (PP), polystyrene (PS), polyethylene terephthalate (PET), polyethylene (PE), polyvinyl chloride (PVC), bioplastics, acronytrile butadiene styrene (ABS), and others are used to segment the thermoforming plastic market. In terms of value and volume, PP dominates the worldwide thermoforming plastic market. This is due to the widespread usage of this plastic in food, medical device, and vehicle packaging applications. It is a suitable choice for packaging applications due to its outstanding strength-to-weight ratio, excellent energy management, resilience, good chemical resistance, and durability.
During the projected period, North America is expected to lead the thermoforming plastic market.
In 2018, North America held the highest proportion of the global thermoforming plastic market. The market in this region is primarily driven by technological improvements in the packaging industry. Factors such as rising electronic goods sales, rising disposable income, rising need for packaged meals, and changing demographics will all fuel thermoforming plastic demand. With the presence of certain significant regional firms such as Pactiv LLC, Sonoco Products Company, D&W Fine Pack LLC, Fabri-Kal Corporation, and Dart Container Corporation, the region is distinguished by continual technological developments in the thermoforming plastic sector.
The United States is a crucial market in North America. The market for in the United States will be driven by the expanding usage of thermoforming plastic in consumer durables. As a result of the expanding trend of retail purchasing, demand for thermoforming plastic in the United States is expected to grow rapidly throughout the projected period.
Players in the Market
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) are among the major solution providers in the thermoforming plastic market (US). The research contains a competitive analysis of these top competitors in the thermoforming plastic market, including company profiles, recent developments, and important market strategies.
In the North American region, Sabert Corporation (US) is one of the leading thermoforming plastic manufacturers. Sabeart Corporation is a prominent provider of creative food packaging solutions for food distributors, restaurants and caterers, grocery stores, national food chains, and consumer entertainment. The company sells a variety of food containers that can be used to display, serve, and store gourmet cuisine. In its Riverside, California facility, the company also recycles plastics that might otherwise end up in a landfill. Catering Collection Packaging, Green Collection Packaging, Hot Collection Packaging, Cold Collection Packaging, and Bakery Collection Packaging are the company’s major products. It is involved in the implementation of business strategies such as expansion and acquisition in order to enhance its global market share. Sabert Corporation, for example, expanded its production facility in Greenville, Texas, in February 2018 to manufacture 100 percent compostable packaging manufactured from plant-based materials. As a result, the organisation was able to provide more options to its clients.
Clover, a microwavable, reusable, and recyclable container intended as a sustainable, inexpensive choice, was introduced by Genpak LLC in October 2018. As a result, the company was able to contribute significantly to unique dining concepts such as home delivery and luxury catering.
Fabri-Kal Corporation increased its SideKicks Containers production line in December 2018. SideKicks Containers in sizes of 12 and 16 oz. are now available from the firm. As a result, the company was able to meet customer demand.
Berry Global paid $6.5 billion for RPC Group Plc in July of this year. This allowed the company to use their combined expertise in new material research, product development, and production technologies to good use.
The Report Addresses The Following Key Questions
What are the most common thermoforming plastic end-use industries?
Which industry consumes the most thermoforming plastic?
What is the largest and fastest-growing thermoforming plastic market?
What are the most common thermoforming plastic types?
What are some of the most common thermoforming plastic types?
What are the most common thermoforming plastic thicknesses?
What are the most important strategies used by market leaders?