Thermoformed Plastics Market By Product (Polypropylene (PP), Polystyrene (PS), Polyethylene Terephthalate (PET), Polyethylene (PE), Polyvinyl chloride (PVC), Acrylonitrile Butadiene Styrene (ABS), High Impact Polystyrene (HIPS), Others), By Thermoforming

Thermoformed Plastics Market By Product (Polypropylene (PP), Polystyrene (PS), Polyethylene Terephthalate (PET), Polyethylene (PE), Polyvinyl chloride (PVC), Acrylonitrile Butadiene Styrene (ABS), High Impact Polystyrene (HIPS), Others), By Thermoforming Type (Vacuum Formed, Pressure Formed), By Application (Food Packaging, Consumer Goods and Appliances, Healthcare and Medical, Construction, Electrical and Electronics, Automotive, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031

The global thermoformed plastics market was valued at $40.5 billion in 2021 and is projected to reach $67.1 billion by 2031, registering a CAGR of 5.2% from 2022 to 2031.

Thermoformed plastics are a type of plastic that are manufactured using a thermoforming process. Thermoforming is a manufacturing technique in which a sheet of plastic is heated to a flexible forming temperature, shaped in a mold, and trimmed to create a useful product. The sheet is heated in the oven to a sufficiently high temperature. It can be drawn in or on a mold and cooled into its final shape. This is called a sheet when referring to a thinner gauge or specific type of material. Vacuum forming is a simplified version of this. The food, medical and general retail industries use thin wall thermoformed plastics to make disposable cups, containers, lids, trays, blister packs, clamshells and other items. Car doors and dashboards, refrigerator liners, commercial vehicle beds, and plastic pallets are all examples of thick-walled thermoformed plastics.

The global thermoformed plastics market is driven by the large application of thermoformed plastic in food packaging. As food packaging requires superior quality packaging materials to ensure protection against moisture, odor, and bacteria, which is provided by thermoplastics, their demand is significantly high in the food industry. Besides this, thermoformed plastics have recently found application in pharmaceutical articles packaging, which is projected to give significant boost to the market.

Thermoformed plastics have a wide range of applications and are also cost-effective, which have significantly aided in the market’s expansion over the last few years. Plastics that are used in thermoforming are petrochemical-based polymers. Despite the market’s positive trajectory up until now, it is yet to gain immunity to the effects of fluctuating raw material prices. Furthermore, the high labor cost often incurred in the manufacturing thermoplastics also has a negative effect on the global thermoformed plastics market. In addition, it is a difficult task to attain precise wall thickness along with uniform thickness in products during the process of thermoforming. This could result in less durability of the products. As a result, the manufacturers are exploring potential substitutes to thermoformed polymers, which is regarded as a key restraint for the market.

The thermoformed plastics market is segmented on the product, thermoforming type, application, and region. On the basis of product, the market is classified into polypropylene (PP), polystyrene (PS), polyethylene terephthalate (PET), polyethylene (PE), polyvinyl chloride (PVC), acrylonitrile butadiene styrene (ABS), high impact polystyrene (HIPS), and others. On the basis of thermoforming type, the market is classified into vacuum formed and pressure formed. On the basis of application, the market is classified into food packaging, consumer goods & appliances, healthcare & medical, construction, electrical & electronics, automotive, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The major players operating in the industry include, Amcor PLC., Anchor Packaging, Berry Global Inc., Brentwood industries, Inc, Dart Container Corporation, DISPLAY PACK, D&W Fine Pack LLC, Fabri-Kal Corp, Genpak LLC, Greiner packaging, Pactiv LLC, Productive Plastics, Inc., Ray Products Company Inc., Sabert Corporation, Sonoco Products Company. These players have adopted product launch, acquisition, and business expansion as their key strategies to increase their market shares.

Impact of COVID-19 outburst on the thermoformed plastics market
COVID-19 has been spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11, 2020. Some of the major economies suffered from the COVID-19 crises include Germany, France, Italy, Spain, UK, and Norway. Due to COVID-19 pandemic, transport limitations were implemented, which resulted in reduced industrial production and disrupted supply chains. Thus, affecting the global economic growth by a substantial proportion and severely impacting the market growth.
Research shows that the COVID-19 outbreak has caused a significant drop in commodity production in 2020 as operations have halted in several countries around the world. However, the COVID-19 pandemic has increased the demand for packaging around the world. For example, recent insights into flexible packaging show that the food packaging industry saw a surge in demand during the pandemic as many consumers switched to online shopping for groceries. Supermarkets have seen a surge in demand for packaging materials for packaging groceries and other foodstuffs.
In addition, the increasing demand for surgical masks as the primary medium of protection during the pandemic has created a golden opportunity for the packaging industry to continue. According to a recent report by UNICEF, about 301.3 million surgical masks and 22.2 million N95 ventilators were distributed in 2020, reaching about 127 countries. As such, the steady increase in manufacturing, production and distribution activities will also require the use of thermoformed plastics in the packaging of these commodities and consumables, leading to a slow and steady recovery in the market over the next few years.

Key Benefits For Stakeholders

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the thermoformed plastics market analysis from 2021 to 2031 to identify the prevailing thermoformed plastics market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the thermoformed plastics market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global thermoformed plastics market trends, key players, market segments, application areas, and market growth strategies.

Key Market Segments

By Product

Polypropylene (PP)
Type
Homopolymer
Copolymer
Polystyrene (PS)
Polyethylene Terephthalate (PET)
Polyethylene (PE)
Polyvinyl chloride (PVC)
Acrylonitrile Butadiene Styrene (ABS)
High Impact Polystyrene (HIPS)
Others

By Thermoforming Type

Vacuum Formed
Pressure Formed

By Application

Food Packaging
Consumer Goods and Appliances
Healthcare and Medical
Construction
Electrical and Electronics
Automotive
Others

By Region

North America
U.S.
Canada
Mexico
Europe
Germany
France
Italy
Spain
UK
Rest Of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest Of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest Of LAMEA

Key Market Players

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
DISPLAY PACK
Greiner Packaging
CM Packaging
Dongguan Ditai Plastic Products Co., Ltd
Palram Americas Ltd.

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