Few Global Players Dominate the Market despite the Presence of about ~300 Competitors Comprising a Large Number of Country-Niche Players and Some Specialist Players, finds a recent market study on Global Thermoformed Plastics Market by Ken Research
Thermoforming is a plastic manufacturing process that applies a vacuum or pressure force to stretch a sheet of heated thermoplastic material over an engineered mold to create a 3-dimensional shape or part. After forming, the shaped part is trimmed and finished to a specification to meet an end user’s requirements. The process and thermoplastic materials are extremely versatile and can be utilized to manufacture parts for a wide range of applications.
Ken Research shares 3 key insights on the competitive landscape of this dynamic market from its latest research study.
1. Global Players Constitute ~15% of the Total Number of Competitors, While Country-Niche Players Dominate Representing ~45% of Total Competitors.
A comprehensive competitive analysis conducted during the Research Study found that the Global Thermoformed Plastics Market is competitive with ~300 players, including globally diversified players, regional players, and many country-niche players. The country-niche players comprise about 50% in terms of the number of companies followed by regional players with 35% of the total competitors.
2. The increasing demand for Thermoformed Plastics products in the Healthcare and Pharmaceutical Packaging Sector is expected to be the Primary Driver of the Market
Detailed comparative analysis of key competitors available within the Research Study shows that major players such as Genpak LLC, Greiner Packaging, Pactiv LLC, Placon, Silgan Holdings Inc., and others are highly focused on providing a significant number of thermoformed plastics products that can be used across multiple end-user industries, including healthcare, food packaging, electrical & electronics, automotive, construction, and more. Furthermore, several companies and organizations are aggressively focusing on acquisitions and mergers with specialized players for the development of techniques used in the manufacture of thermoformed plastic materials.
- In January 2020, Fabri-Kal, a leading manufacturer of custom thermoformed packaging solutions collaborated with The Michigan Department of Environment to double the rate of recycling plastics by the year 2025.
- In March 2021, Anchor Packaging LLC expanded its Arkansas, (USA) manufacturing facility by 90,000 square feet and invested US$ 21.5 Million to accommodate the increased demand for foodservice containers used by restaurants, supermarkets, and convenience shops.
- In January 2020, Sonoco Products Company acquired Thermoform Engineered Quality, LLC, and Plastique Holdings, LTD, thermoformed packaging companies serving the healthcare, medical device, and consumer markets. The acquisition helped the company to expand its market presence in healthcare packaging.
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3. Increased Government Initiatives and New Strategical Investments in the Polymers Industry Promoted Sustainable Plastics Products Which Led to Major Industry-Wide Developments, Acquisitions, and Deal-Wins.
The Governments of many developed countries are committed to achieving zero plastic waste by restricting the use of single-use plastics. The policies established by the Governments ban the use of non-recyclable plastic materials that drive the demand for thermoformed plastics. For instance,
- In March 2022, the European Commission announced a suite of new proposals under the European Green Deal to make sustainable products the norm in the EU. Ecodesign for sustainable products regulation (ESPR) is one of the proposals, which is applicable to food contact articles and packaging.
- In January 2022, the U.S. Department of Energy (DOE) announced USD 13.4 million in funding for next-generation plastics technologies that reduce the energy consumption and carbon emissions of single-use plastics. The ban will enhance the usage of thermoformed plastics in various end-use industries as the products made from the thermoforming process are highly recyclable.
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