Thermoforming Plastics Market

Market Insights

"The thermoforming plastics market was estimated at USD 35.96 billion in 2021 and is likely to grow at a CAGR of 6.14% during 2022-2028 to reach USD 54.89 billion in 2028".

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Market Dynamics

Introduction

Thermoforming is a process during which a plastic sheet is heated to get a bendable form so that it can be molded into the desired shape, which is cooled afterward 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.

Market Drivers

The prime factors that are driving the thermoforming plastics market are –

• 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.
• Factors such as changing demographics and lifestyles have shifted the market toward e-retailing channels and convenient packaging.

Segments Analysis

By End-Use Industry Type

"The Food & Agriculture Packaging segment held the largest share of the market in 2021 and is expected to remain dominant during the forecast period".

• 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 2021 and is expected to remain dominant during the forecast period. This segment is driving the market due 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.

By Plastic Type

"The Propylene or PP segment is expected to assert its supremacy in the market till 2028".

• The thermoforming plastics market is segmented as polypropylene, polystyrene, polyethylene terephthalate, polyethylene, polyvinyl chloride, bioplastics, acrylonitrile-butadiene-styrene, and others.
• The Propylene or PP segment is expected to assert its supremacy in the market till 2028. 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.

Regional Analysis

"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".

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Key Players

The following are the key players in the Thermoforming Plastics Market (arranged alphabetically).

• Amcor Ltd.
• Anchor Packaging
• Berry Global Inc.
• Dart Container Corp.
• D&W Fine Pack LLC
• Fabri-Kal Corp.
• Genpak LLC
• Pactiv LLC
• Sabert Corporation
• Sonoco Products Company

Note: The above list does not necessarily include all the top players in the market.

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Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Research Methodology

• This report offers high-quality insights and is the outcome of a 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.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

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Company Profiling

• Detailed profiling of additional market players (up to 3 players)
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Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

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