Feb 02, 2022/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Thermoforming Plastics Market.
It was estimated prior to this unanticipated outbreak that the Thermoforming Plastics Market is likely to witness a promising CAGR of 6.1% during the forecast period. 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, which in turn, will drive the demand for thermoforming plastics.
Thermoforming is a process during which a plastic sheet is heated to get a bendable form so that it can be molded into desired shape, which is cooled afterwards 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.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the end-use industry type, 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 2020, 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.
Based on the plastic type, the thermoforming plastics market is segmented as polypropylene, polystyrene, polyethylene terephthalate, polyethylene, poly vinyl chloride, bio-plastics, acrylonitrile-butadiene-styrene, and others. The propylene or PP segment is expected to assert its supremacy in the market till 2026. 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.
In terms of regions, 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.
Key players operating in the global Thermoforming Plastics market are-
Berry Global Inc.
D&W Fine Pack LLC
Dart Container Corp.
Sonoco Products Company.
Features of the Report
This report offers high-quality insights and is the outcome of 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.
The Thermoforming Plastics analysis report discusses the following heads in great detail:
Market structure: Overview, industry life cycle analysis, supply chain analysis
COVID-19 Impact Assessment
Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
Market trend and forecast analysis
Market segment trend and forecast
Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
Attractive market segments and associated growth opportunities
Strategic growth opportunities for the existing and new players
Key success factors