Thermoforming Plastics Market is Projected to Reach US$ 54.89 Billion in 2028
The Thermoforming Plastics Market is expected to reach US$ 54.89 Billion in 2028, growing at a CAGR of 6.14% during 2022-2028, reports Stratview Research.
Raipur, Dec. 08, 2022 (GLOBE NEWSWIRE) -- Stratview Research, a leading market research firm has launched a report on the Thermoforming Plastics Market which provides an in-depth analysis of the market dynamics, current and emerging trends, industry forecast, and competitive landscape.
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How is the Report Helpful?
The report has a very high utility for the key decision-makers and strategists in terms of accurate market insights, future growth opportunities, and key success factors.
Most importantly, the report analyses the possible impact of COVID-19 on the market dynamics which offers cushioning against the uncertain business environment and helps in streamlining the resources and investment decisions in a fruitful manner.
What are the Top Market Drivers?
According to the report, the Thermoforming Plastics market is driven by a host of factors, some of which are noted below:
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 are fueling the demand for thermoforming plastics.
Factors such as changing demographics and lifestyles have shifted the market toward e-retailing channels and convenient packaging.
The report also includes growth rate estimates based on the intensity of drivers and constraints and provides the users with several graphical illustrations of the key insights.
Thermoforming Plastics Market Segmentation:
Stratview Research has segmented the market in the following ways which fulfill the market data needs of multiple stakeholders across the industry value chain.
By Plastic Type (Polypropylene, Polystyrene, Polyethylene Terephthalate, Polyethylene, Poly Vinyl Chloride, Bioplastics, Acrylonitrile-Butadiene-Styrene, and Others),
By Thermoforming Type (Vacuum Forming, Pressure Forming, and Mechanical Forming),
By Thickness Type (Thin Gauge, Thick Gauge),
By End-Use Industry Type (Food & Agriculture Packaging, Consumer Goods & Appliances, Healthcare & Pharmaceutical, Construction, Electrical & Electronics, Automotive Packaging & Structures, and Others),
By Region (North America, Europe, Asia-Pacific, and the Rest of the World).
Thermoforming Plastics Market Insights
Market Trends by End-Use Industry Type
The 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 owing 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.
Market Trends by Component Type
The market is segmented as polypropylene, polystyrene, polyethylene terephthalate, polyethylene, poly vinyl 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.
Which region offers the best opportunity and growth?
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.
COVID-19 Impact on the Thermoforming Plastics Market
COVID-19 has put an instant halt to many industries across the globe. Lockdown norms in several countries have swiftly affected the global economy by affecting the supply chain, production, and demand in the market. Both direct, as well as indirect impacts of the pandemic, have been incorporated in this report.
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Who are the Top Market Players?
After a thorough analysis of the market, the experts have listed a few key players and discussed the company profiles of the below-given players -
Berry Global Inc.
D&W Fine Pack LLC
Dart Container Corp.
Sonoco Products Company.
What deliverables will you get in this report?
In-depth analysis of the Thermoforming Plastics Market
Detailed market segmentation.
Competitive landscape analysis.
Historical, present, and future market size analysis.
Industry trends, technologies, and advancements.
Growth and operation strategies adopted by key players.
Potential segments/regions offering promising growth.
Geographical presence of the key players.
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