The Thermoforming Plastic by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Thermoforming Plastic, The thermoforming plastic market size has grown strongly in recent years. It will grow from $48.76 billion in 2023 to $52.13 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to the increase in demand for consumer durables, a rise in concerns about hygiene and product safety, a rise in the use of thermoformed plastics in the medical sector and the covid-19 pandemic..
The thermoforming plastic market size is expected to see strong growth in the next few years. It will grow to $70.85 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to the growing demand for packaged food, rising online retail sales, rising urbanization and rising disposable income. Major trends in the forecast period include focus on sustainable plastic packaging, modified atmosphere packaging (map), 3d printing technology, technological advancements, strategic partnerships and focus on increasing investments..
The increasing demand for consumer durables is expected to propel the growth of the transforming plastic market going forward. Consumer durables are consumer goods that have a long life span (over three years) and are used over time. An increase in demand for consumer durables will increase the demand for thermoforming plastic as most of the consumer durables are manufactured by using transforming plastic. For instance, according to the Indian Brand Equity Foundation, an Indian government export promotion agency report, the consumer durables industry is expected to reach USD34 billion by 2025. Therefore, the increasing demand for consumer durables will drive the growth of the thermoforming plastic market.
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The thermoforming plastic market covered in this report is segmented –
1) Thermoforming Plastic Market By Thermoforming Type: Vacuum Forming, Pressure Forming, Mechanical Forming
2) Thermoforming Plastic Market By Plastic Type: Polyethylene, Polypropylene, Polystyrene, Polyvinyl Chloride, Acrylonitrile Butadiene Styrene, Bio-Degradable Polymers, Other Plastic Types
3) Thermoforming Plastic Market By Application: Healthcare And Medical, Food Packaging, Electrical And Electronics, Automotive Packaging, Construction, Consumer Goods And Appliances, Other Applications
Top Major Players
Amcor PLC
Pactiv Evergreen Inc.
Berry Global Inc.
Sonoco Products Company
Huhtamaki Globalprise Company
Technological advancements are the key trends gaining popularity in the transforming plastic market. Major companies operating in the transforming plastic sector are focused on developing new technological solutions to strengthen their position. For instance, in April 2021, GEA, a Germany-based food company, launched PowerPak SKIN.50. based on the high-capacity SKIN thermoforming packaging technology. This provides high-capacity packing of up to 100mm high and protrudes up to 50mm above the packing tray level. It can also perform vacuum and modified atmosphere packaging (MAP) packaging on the same machine.
The thermoforming plastic market report table of contents includes:
1. Executive Summary
2. Thermoforming Plastic Market Characteristics
3. Thermoforming Plastic Market Trends And Strategies
4. Thermoforming Plastic Market – Macro Economic Scenario
5. Global Thermoforming Plastic Market Size and Growth
…..
32. Global Thermoforming Plastic Market Competitive Benchmarking
33. Global Thermoforming Plastic Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Thermoforming Plastic Market
35. Thermoforming Plastic Market Future Outlook and Potential Analysis
36. Appendix
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