Thermoformed Plastics Market to Reach USD 70.66 billion by 2029; Rising Food Consumption to Brighten Business Opportunities, states Exactitude Consultancy

Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Thermoforming Plastic Market.

Rising industry applications in Medical & Pharmaceuticals Industry coupled with exploration of hard plastic through plastic engineering is fueling the demand for Thermoformed Plastics.

PUNE, India, May 30, 2023 /PRNewswire/ -- Thermoforming plastic market is expected to grow at 5.7% CAGR from 2023 to 2029. It was valued 42.90 billion at 2022. It is expected to reach above USD 70.66 billion by 2029.

Thermoformed plastics are used in thermoforming, which involves heating a plastic sheet to make it bendable so that it can be moulded into the desired shape. This is then cooled to form the finished usable product. The most common thermoforming plastics processes on the market are vacuum snapback, thick and thin gauge thermoforming, and plug assist forming. The report examines the global thermoformed plastics market in depth, focusing on the factors influencing its growth in the aforementioned segments as well as others.

It is compiled with exhaustive information on the global thermoformed plastics market and discusses at length the growth drivers and restraints influencing its growth. In addition to studying market dynamics, the report assesses the impact of current regulatory norms on overall market operations. The impact of the most recent market strategies and technological advancements is thoroughly examined.

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Recent Developments in Thermoformed plastics Market

Greiner Packaging GmbH, under its sustainability prospects, has launched new thermoformed plastic solutions to cater to multiple industries like medical, pharmaceuticals, and food. The self-separating cup named K 3 r100 has been in news lately, appreciated for its green future program.

Palram Americans Ltd has distributed its produced plastic channels into Acrylic, PVC, and Polycarbonate that define their own characteristics, applicable to various industries. It has also expanded its manufacturing units with high demand for thermoformed plastics.

Completing more those 55 years in the industry, Brentwood has expanded its business segments including Battery, Building and construction, cooling tower, medical and custom forming. This has pushed the demand for thermoformed plastics.

Placon corporation announced the launch of NEW crystal seal cravings tamper evident deli products to our stock food product lineup. Craving containers offer a tamper-evident lid feature to keep the product inside safe from meddling hands on the outside.

North America region is expected to show 54% thermoforming plastic market growth in the forecast period.

In terms of revenue growth, the North American area has led the industry up until 2022. The North American area is anticipated to lead the regional market growth for these thermoformed plastics during the forecast period. It had grown by 54.2% the previous year due to increased industrialization and developments in the packaging industry. The sector's expansion is expected to be fueled by an increase in the number of thermoform plastic goods suppliers and manufacturers in the North American region. Canada ranks second in terms of thermoforming plastic market share.

3 benefits of thermoformed plastics

1. Limitless reusability

Thermoformed solutions are produced from polymer resins that soften when heated and harden when cooled during thermoforming or vacuum forming technology. This means that they can be easily molded, customized, and engineered not once, but multiple times. Additionally, they do not experience any changes to their chemical properties when processed, which makes them one of the most sustainable plastic packaging products available (Recycled Packaging). This enhanced reusability also offers limitless branding opportunities to customize the packaging at the point of sale and increase product visibility.

2. Enhanced protection

Thermoformed plastics have a light structure that makes them an ideal material for packaging, storage, and transportation. They can be custom-made to meet various shock absorption requirements for specific products, like Lithium-ion Batteries, Telecom/Datacom products, Automotive parts, and other dangerous and fragile goods. Moreover, their ability to be molded into various shapes allows numerous sealing options that can extend product's shelf life and enhance protection against contamination. This feature also makes it easier to open and reclose the packaging.

3. Cost-effective sustainability

Compared to standard injection molding alternatives, thermoplastic packaging is typically more cost-effective. And thanks to their durability, they are a perfect fit for return and circular flows, contributing to sustainable supply chains (Online Sciences).

Thermoformed Plastics Market: Trends and Opportunities

The global thermoformed plastics market is driven by the large application of thermoformed plastic in food packaging. As food packaging requires superior quality packaging materials to ensure protection against moisture, odor, and bacteria, which is provided by thermoplastics, their demand is significantly high in the food industry. Besides this, thermoformed plastics have recently found application in pharmaceutical articles packaging, which is projected to give significant boost to the market.

Thermoformed plastics have a wide range of applications and are also cost-effective, which has aided in the market's growth in recent years. The plastics used in thermoforming are based on petrochemicals. Despite the market's positive trajectory to date, it has yet to develop resistance to the effects of fluctuating raw material prices. Furthermore, the high labour costs frequently incurred in thermoplastics manufacturing have a negative impact on the global thermoformed plastics market. Furthermore, it is difficult to achieve precise wall thickness as well as uniform thickness in products during the thermoforming process. As a result, the products may be less durable. As a result, manufacturers are investigating potential thermoform substitutes.

There are growing opportunities in the food & beverage industry due to its superior qualities to help thermoforming plastic market grow.

Thermoformed plastic products are commonly used to package food items such as meat, ready-to-eat cuisine, beverages, dairy products, and bakery goods in the food and beverage industry. Thermoformed plastic products are flexible and durable, making packaged food goods easy to transport. Furthermore, these items extend the shelf lives of food products and reduce contamination, preventing food from spoiling. The increased global beverage consumption is driving the demand for thermoformed plastic packaging, which is expected to drive market expansion.

The thermoforming plastic market is anticipated to be dominated by the PP-based thermoforming plastic segment due to extensive use of plastic.

The thermoforming plastic market is segmented by polypropylene (PP), polystyrene (PS), polyethylene terephthalate (PET), polyethylene (PE), polyvinyl chloride (PVC), bioplastics, Acrylonitrile Butadiene Styrene (ABS), and other plastic types. In terms of volume and value, PP dominates the global thermoforming plastics market. This is due to the fact that this plastic is widely used in the packaging of products such as food, medical devices, and automobiles. Because of its high strength-to-weight ratio, excellent energy management, resilience, superior chemical resistance, and durability, it is an excellent choice for packaging applications.

Polypropylene (PP) can be used to make microwaveable and dishwasher safe plastic containers, as well as reusable food containers. The procedure used in industry for plastic parts is known as thermoforming. Flat thermoplastic sheets are thermoformed into three-dimensional structures during the process. The three thermoforming processes are vacuum forming, pressure forming, and match die forming. This must be considered when designing thermoplastic containers. In order for the part to be vacuum formed during thermoforming and have acceptable quality and value, the mould container design must be practical. The type of material used for the mould may also have an effect on the thermoforming procedure.

Report coverage & details:

Report Coverage

Details

Forecast Period

2023–2029

Base Year

2022

Market Size in 2022

USD 42.90 billion

Market Size in 2029

USD 70.66 billion

CAGR

5.7 %

No. of Pages in Report

125

Segments Covered

Plastic Type, Thermoforming Type, Thickness, End User, and Region

Drivers

Growing Demand for Thermoforming Plastic from Food Packaging Industry

Disturbed Production of Plastics to Impede Business Amid Coronavirus

Restraints

Strict Government Regulations

Opportunities

Significant Demand for Packaged Food to Enable Growth

The need for thermoforming plastic will be fueled by factors like shifting demographics and lifestyles, which have moved the market towards easy packaging and e-retailing channels.

List of Key Players Profiled in the Thermoformed Plastics Market:

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.)

Sonoco Products Company (U.S.)

C.M. Packaging (Netherlands)

Other Key Players

Browse Detailed Summary of Research Report with TOC:

https://exactitudeconsultancy.com/reports/16722/thermoforming-plastic-market/?mode=P166

Key Market Segments: Thermoforming Plastic Market

Thermoforming Plastic Market By Plastic Type, 2020-2029, (USD Billion, Kilotons)

PVC

Bio Plastic

ABS

Thermoforming Plastic Market By Thermoforming Type, 2020-2029, (USD Billion, Kilotons)

Vacuum Forming

Pressure Forming

Mechanical Forming

Thermoforming Plastic Market By Thickness, 2020-2029, (USD Billion, Kilotons)

Thin Gauge

Thick Gauge

Thermoforming Plastic Market By End User, 2020-2029, (USD Billion, Kilotons)

Food & Agricultural Packaging

Consumer Goods & Appliances

Healthcare & Pharmaceutical

Construction

Electrical & Electronics

Automotive Packaging & Structures

Others

Market Dynamics:

Driver: Growing Demand for Thermoforming Plastic from Food Packaging Industry

High consumer demand for packaged food products as a result of changing eating habits, rising income levels, and the adoption of hectic lifestyles are key factors expected to drive significant market revenue growth during the forecast period. Packaging made from these plastics has high barrier properties and a long shelf life, resulting in a high demand for the product in a variety of end use industries. Food packaging adoption is expected to rise due to the increased use of high-performance materials in the production of packets of convenience meals and the growing urban population, which leads to increased consumption of packaged foods.

Restraint: Strict Government Regulations

The implementation of rules and regulations by governments in various countries to reduce pollution by prohibiting the use of plastic is a key factor that could limit market revenue growth during the forecast period. Some of the direct environmental effects of plastic use include water contamination, soil erosion, solid waste pollution, chemical pollution, and resource depletion such as fossil fuel. Plastics require petroleum and crude oil to be manufactured; however, strict regulations to conserve these resources can stifle market revenue growth.

Key Question Answered

What is the expected growth rate of the thermoforming plastic market over the next 7 years?

Who are the major players in the thermoforming plastic market and what is their market share?

What are the end-user industries driving demand for market and what is their outlook?

What are the opportunities for growth in emerging markets such as Asia-Pacific, Middle East, and Africa?

How is the economic environment affecting the thermoforming plastic market, including factors such as interest rates, inflation, and exchange rates?

What is the expected impact of government policies and regulations on the thermoforming plastic market?

What is the current and forecasted size and growth rate of the global thermoforming plastic market?

What are the key drivers of growth in the thermoforming plastic market?

Who are the major players in the market and what is their market share?

What are the distribution channels and supply chain dynamics in the thermoforming plastic market?

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