Growth Factors of Thermoformed Plastics Market
The thermoformed plastics market size was valued at USD 40.59 billion in 2019, and the market is now projected tgrow from USD 59.74 billion by 2027, exhibiting a CAGR of 5.7% during the forecast period of 2020-2027.
The thermoformed plastics market growth has faced an issue with a decrease due tdisruption by COVID-19, particularly the lockdowns that hampered manufacturing activities. However, increased hygiene awareness has improved the use of thermoformed plastics in packaging for food, drugs and sanitizers. This trend has alscontributed tthe promotion of plastics in the production of healthcare-related items such as bottles and trays. The disruption in supply chain networks and shifts in demand during the pandemic alsunderscore how indispensable plastics are in different industries. Still, the industry is promising and needs the support of changing consumer trends as it has faced various difficulties during its progression.
Growth in the thermoformed plastics market share is owing tthe increasing requirement for packaged food due tbusy and active lifestyles, increasing disposable income and technological advancements, especially focusing on the urban population. High-performance materials offering extended shelf-life and contamination resistance further support growth. The increasing popularity of single-serving products and high-quality food fuels market expansion. Thermoformed plastics alsfind applications in infrastructure for insulation and automotive body parts. Technological advancements enhance product efficiency, meeting diverse industry demands.
Additionally, the rising demand for in-mould labelling (IML) is driven by its ability tfuse decorative, protective labels directly ontcontainers, enhancing safety and hygiene. This process prevents external contact with food packaging, making it easy tsanitize and appealing tvirus-conscious consumers. The COVID-19 pandemic has further boosted demand for IML in packaged food applications. Its aesthetic appeal and functionality cater tconsumer preferences for safe, attractive packaging. These factors are fueling increased plastic consumption in the packaging industry.
Comprehensive Analysis of Thermoformed Plastics Market
The thermoformed plastics market and plastics polymers & resins industry is rising at an exponential rate due tits market segmentation. This market expansion effectively provides a detailed regional assessments considering the dominant supply and demand forces that impact the plastics polymers & resins benefit management industry. These segmentations are methodically segregated by plastic types, by thermoforming type and by application. The plastic types include, Polyethylene, Polypropylene, Polystyrene, Polyvinyl Chloride, Acrylonitrile butadiene styrene, Biodegradable polymers. The thermoforming type include, Vacuum Snapback, Thin Gauge Thermoforming, Thick Gauge Thermoforming, and Plug Assist Forming. Atleast, the applications include Healthcare & Medical, Food Packaging, Electrical & Electronics.
North America dominates the thermoformed plastics market because of increasing industrialization and the continuous innovation of packaging. Increased healthcare requirements for medical trays and packaging have significantly promoted regional demand. The population’s increase in disposable income and change of lives push up demand for cars in the automotive segment and construction. Most of the synthetic packaging solutions are developed from innovative technologies through custom made tsuit specific companies such as ALPLA. All of these factors together contribute tNorth America’s market leadership.
The top players in the market play a crucial role in the plastic polymers & resins industry assuring industrial prospectus growth and setting market standards. These players include, Fabri-Kal Corp. (U.S.), Pactiv LLC (U.S.), Amcor Ltd. (Australia), Berry Global Inc. (U.S.), D&W Fine Pack LLC (U.S.), Genpak LLC (U.S.), Dart Container Corp. (U.S.), Sabert Corporation (U.S.), Anchor Packaging (U.S.), SonocProducts Company (U.S.), C.M. Packaging (Netherlands), Other Key Players. These market players provide a level-playing competitive landscape.
In November 2019, Sabert Corporation entered inta definitive agreement with LBP Manufacturing LLC. The current positioning of LBP in Quick Service Restaurant when combined with the sales network of Sabert and its international reach can help the organisation create value for the market and win over international clientele.
Segmentation Table
Global Thermoformed Plastics Market Scope
Study Period 2016-2027
Base Year 2019
Forecast Period 2020-2027
Growth Rate CAGR of 5.7% from 2020 t2027
Historical Period 2016-2018
Unit Value (USD Billion), Volume (Kiloton)
Segmentation By Plastic Type, Thermoforming Type, Application, and Geography
By Plastic Type
Polyethylene
Polypropylene
Polystyrene
Polyvinyl Chloride
Acrylonitrile Butadiene Styrene
Biodegradable Polymers
Others
By Thermoforming Type
Vacuum Snapback
Thin Gauge Thermoforming
Thick Gauge Thermoforming
Plug Assist Forming
By Application
Healthcare & Medical
Food Packaging
Electrical & Electronics
Automotive Packaging
Construction
Consumer Goods & Appliances
Others
By Region
North America
By Plastic Type
By Thermoforming Type
By Application
By Country
The U.S
By Application
Canada
By Application
Europe
By Plastic Type
By Thermoforming Type
By Application
By Country
Germany
By Application
U.K.
By Application
France
By Application
Italy
By Application
Spain
By Application
Poland
By Application
Rest of Europe
By Application
Asia Pacific
By Plastic Type
By Thermoforming Type
By Application
By Country
China
By Application
India
By Application
Japan
By Application
South Korea
By Application
Southeast Asia
By Application
Rest of Asia Pacific
By Application
Latin America
By Plastic Type
By Thermoforming Type
By Application
By Country
Brazil
By Application
Mexico
By Application
Rest of Latin America
By Application
Middle East & Africa
By Plastic Type
By Thermoforming Type
By Application
By Country
Saudi Arabia
By Application
Turkey
By Application
Egypt
By Application
Rest of Middle East & Africa
By Application
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