New York, Nov. 06, 2023 (GLOBE NEWSWIRE) -- The global thermoformed plastic market size is slated to expand at ~8% CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 20 billion by the end of 2035, up from a revenue of ~USD 10 billion in the year 2022.The growing demand for plastic packaging has boosted the demand for thermoformed plastic. In 2019, the worldwide e-commerce business utilized about 2.1 billion pounds of plastic packaging. Plastic packaging used in e-commerce is expected to increase further in the following years, surpassing an estimated 4.5 billion pounds by 2025.
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Moreover, according to a World Economic Forum analysis, e-commerce packaging accounts for 165 billion shipments per year, and this figure is anticipated to rise. Every purchase made through the internet is shipped in some type of packing, whether it's a cardboard box, plastic envelope, or padded envelope.
Rising Demand for Sustainable Packaging is to Boost the Growth of Thermoformed Plastic Market
The increased awareness of environmental sustainability is driving the demand for sustainable packaging. The globe is experiencing an ongoing shift in consumer behavior, which is being driven by a desire to lessen the adverse environmental impacts caused by conventional plastic packaging. In light of what customers want for sustainability, firms must react to this trend. The surge in demand for sustainable packaging presents an incredible chance for businesses to differentiate themselves from their competition while also contributing to the common objective of environmental sustainability. Many businesses have made a commitment to utilize 100% recycled packaging within the next few years. Moreover, nearly 70% suggested they were willing to shell out extra for a product wrapped in environmentally friendly packaging, and 35% claimed they would pay more for more environmentally friendly products if they were able to find them.
Thermoformed Plastic Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Industrialization in the Region is to Expand the Market Growth in the Asia Pacific Region
Following Japan, the rapid industrialization of the Republic of Korea, Taiwan, Singapore, Malaysia, Thailand, China, and Vietnam has been achieved through broad strategic interventions by administrations to build domestic production capacities, ensure competitiveness through scale-based economies, and encourage technological improvements of industries and manufacturing procedures. The Agenda 2030 for Sustainable Development recognizes industrialization's revolutionary potential in Asia, and it has been led forward to encourage industrialization.
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Rising Production of Automobiles to Elevate Market Growth in North America
Every year, around 10 million unit of automobiles are produced by American manufacturers. Prominent exclusions include 5.7 million autos generated in 2009 and it rose to 8.8 million units produced in 2020. Due to components and supply chain concerns, sales have been at or near recessionary levels, but consumer and business demand has piled up after years of tight car stocks during the epidemic. Thermoformed plastic is an impact-resistant plastic part that has high strength-to-weight ratios, making it safer for vehicle components. Thermoformed automotive parts have great heat resistance and fire retardancy, which is an essential attribute for vehicles.
Thermoformed Plastic, Segmentation by Type
- Polyethylene
- Polypropylene
On the basis of type, the polypropylene segment is expected to garner the major share of the thermoformed plastic market revenue over the forecasted period. The growth of the market is majorly attributed to the rising production of polypropylene. Polypropylene (PP) is one of the most extensively produced volumes of plastic. In 2018, global PP resin output was 56 MMT (Million Metric Tonnes), with a projected increase to 83 MMT by 2025. Moreover, the rising production of packaging is also expected to boost the segment’s market growth. In 2018, the packaging sector accounted for more than 30% of global PP demand, headed by consumption from India, which was followed by China.
Thermoformed Plastic, Segmentation by End User
- Packaging
- Automotive
- Healthcare
On the basis of end users, the healthcare segment in will be the largest shareholder in the thermoformed plastic market. The growth of the segment is majorly attributed to the growing demand for medical devices and diagnostic components, which has increased owing to rising cases of chronic diseases, cancer, and other healthcare issues. Cancer is one of the top causes of death in the globe. · The number of new cancer cases each year is predicted to reach 29.5 million by 2040. Plastic thermoforming is a cost-effective and appealing alternative for medical devices and medical diagnostic components. Thermoforming produces products that are comparable to injection molding and structural foam molding at a fraction of the overall project cost.
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A few of the well-known industry leaders in thermoformed plastic market that are profiled by Research Nester are Pactiv LLC, Sonoco Products Company, Anchor Packaging, Inc., Genpak LLC, D & W Fine Pack LLC, Placon Corporation, RPC Group Plc, Tray-Pak Corporation, Dart Container Corporation, and Silgan Holdings Inc.
Recent Developments in the Market
- Neste and ILLIG have established a partnership of strategic importance to encourage the implementation of more sustainable solutions in thermoformed plastic packaging production with practical cases. Such cases attempt to demonstrate the drop-in nature of sustainable and recycled resources for applications that require it by reconstructing value chains on a small scale.
- Anchor Packaging has announced the acquisition of Quad Graphics' 423,000-square-foot production and storage facility in Jonesboro, Arkansas. With the most recent purchase, Anchor now has eight facilities totaling close to 2 million square feet of manufacturing and warehouse space. Anchor will now have six unique manufacturing facilities with thermoforming capabilities, thanks to the acquisition of the Jonesboro factory. This will improve logistics for Anchor's customers.
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