WASHINGTON, July 03, 2023 (GLOBE NEWSWIRE) -- The Global Thermoformed Plastics Market is set to reach USD 62.58 Billion by the year 2030 at a CAGR of 5.9% during the forecasted period of 2023-2030.
The growth of the market is due to the increasing demand for packaging and the adoption of recycling technologies. The market trend provides lucrative opportunities for businesses to enter the Thermoformed Plastics market and expand their product lines. This study assesses both the current trends and future changes to provide a full insight into the sector. Additionally, it provides details on the significant industry players and their expansion strategies. The report also provides a thorough analysis of international producers and suppliers, as well as their current situation and future prospects. It also goes into detail about the global drivers of Thermoformed Plastics market demand, including rising investment requirements, developing technology, and new laws.
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Market Overview
Vantage Market Research forecasts that the increasing demand for packaging applications and the adoption of recycling technologies are driving the Thermoformed Plastics market. The market is expected to continue to increase due to the competitive advantage of low-cost production and the flexibility of the production process. The growing food and pharmaceutical industries are expected to fuel the global Thermoformed Plastics market.
Based on type, the polypropylene segment is projected to log significant growth during the forecast period. The increasing demand for packaging applications is a significant factor that is currently driving the growth of this segment.
The Asia Pacific dominates the global Thermoformed Plastics market, and this trend is expected to continue during the forecasted study period. Factors like the presence of prominent market players in the region and increasing demand for packaging and automotive industries are expected to drive the market's growth in this region.
Market Dynamics
Increasing Demand for Packaging Applications to Promote Market Growth
The increasing need for packaging applications is currently driving this market's growth. The growing food and pharmaceutical industries are driving the demand for packaging applications, which is promoting market growth.
Adoption of Recycling Technologies to Boost the Thermoformed Plastics Market
The market for Thermoformed Plastics is expanding due to the adoption of recycling technologies. Manufacturers are focusing on developing more sustainable materials that cater to customer demands. Many new market entrants are launching their products and entering this market by utilizing these new recycling technologies.
Top Players in the Global 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)
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Top Trends in the Global Thermoformed Plastics Market
- One of the trends in the global Thermoformed Plastics market is the increasing adoption of recycled materials. The demand for sustainable materials is increasing, and the adoption of recycled materials is becoming a popular trend in this market.
- Another trend in the Thermoformed Plastics market is the increasing usage of thermoplastic polyurethane. This material is tough and durable, making it an excellent choice for various applications like automotive and aerospace industries.
Top Report Findings
- Based on Type, polypropylene dominates the global Thermoformed Plastics market, accounting for the majority of revenue. Increased usage for packaging applications is expected to drive its large market share.
- Based on Application Type, the packaging segment dominated the global Thermoformed Plastics market, and continued demand from the food and pharmaceutical sectors is expected to further strengthen its position.
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Top 10 Players Control Majority Revenue of the Thermoformed Plastics Market
The report found that primary players in the Thermoformed Plastics market are Anchor Packaging (U.S.), D&W Fine Pack LLC (U.S.), Sonoco Products Company (U.S.), Berry Global Inc. (U.S.)., Pactiv LLC (U.S.), Amcor Ltd. (Australia), and Display Pack Inc. (U.S.). These market players are expected to continue to dominate the market due to continued investments in innovation and expansion. According to Vantage Market Research, these companies generate over 50% of the global Thermoformed Plastics market revenue.
Increasing Adoption of Sustainable Materials to Drive Growth
The global Thermoformed Plastics market is witnessing significant growth due to the increasing adoption of sustainable materials. Thermoformed Plastics are highly durable and recyclable, making them an excellent choice for green packaging applications.
Based on Application, the global Thermoformed Plastics market is segmented into packaging, automotive, food service, healthcare, and others. Among these, the demand for Thermoformed Plastics in the packaging industry is anticipated to witness the highest growth rate ever during this forecast period. The rising demand for sustainable packaging solutions is expected to drive the demand for Thermoformed Plastics.
In addition, the adoption of advanced manufacturing technologies, such as digital printing, and the implementation of recycling technologies are predicted to aid the growth of the Thermoformed Plastics market further. The market is also segmented based on type, technology, and end-user.
Polypropylene is the most widely used type in the Thermoformed Plastics market. The polypropylene segment is all set to hold the largest market share, owing to its flexibility and durability. On the basis of technology, this market can further be segmented into vacuum forming, pressure forming, and twin-sheet thermoforming.
The global Thermoformed Plastics market has proved to be highly competitive, with major players such as Anchor Packaging LLC, Berry Global Inc., Amcor Plc, and Pactiv LLC, among others, operating in the market.
Overall, the growth of the global Thermoformed Plastics market is about to be driven by the increasing demand for packaging applications and the adoption of recycling technologies.
Browse market data Tables and Figures spread through 148 Pages and in-depth TOC on Thermoformed Plastics Market Forecast Report (2023-2030).
Global Thermoformed Plastics Market Segmentation
By Type
- Polystyrene
- Polypropylene
- Polyethylene
- Polyvinyl Chloride
- Acrylonitrile Butadiene Styrene
- Other Types
By Technology
- Vacuum Forming
- Pressure Forming
- Twin-Sheet Thermoforming
By Application
- Packaging
- Automotive
- Food Service
- Healthcare
- Other Applications
By End-User
- Manufacturing
- Retail Industry
- Distribution Industry
- Pharmaceutical Industry
- Other End Users
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 41.9 Billion |
| Revenue Forecast by 2030 | USD 62.58 Billion |
| CAGR | 5.9% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | Fabri-Kal Corp., Pactiv LLC, Amcor Ltd., Berry Global Inc., D&W Fine Pack LLC, Genpak LLC, Dart Container Corp., Sabert Corporation, Anchor Packaging, Sonoco Products Company, C.M. Packaging |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options https://www.vantagemarketresearch.com/thermoformed-plastics-market-1925/customization-request |
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