Global Thermoformed Plastic Market By Geography
The Global Thermoformed Plastic market is segmented by geography into North America, Europe, Asia- pacific and LAMEA. North America held the largest market share among all other regions within the Global Thermoformed Plastics Market in 2022, due to the rapid industrialization and advancements in the packaging industry. The growing number of manufacturers and suppliers of thermoformed plastic products in the region is expected to drive the industry.
The growth of the automotive market and the subsequent demand for lightweight components to improve the efficiency of vehicles are anticipated to drive the regional demand for thermoformed plastics. The US federal government invested US$ 2,000 billion in infrastructure improvements over ten years, beginning in 2020. The USA has a stable economy and robust financial capabilities that encourage more infrastructure spending in the country. This, in turn, is expected to boost demand for thermoformed plastics in the building industry.
Competition Scenario In Global Thermoformed Plastic Market
The Global Thermoformed Plastics Market is highly competitive with ~300 players, including globally diversified players, regional players, and many country-niche players. Most of the country-niche players are suppliers of raw materials for Thermoformed Plastics used in various end-user industries.
Regional Players Constitute ~35% of the Total Number of Competitors, While Country-Niche Players Dominate Representing ~50% of Total Competitors. Some of the major players in the market include D&W Fine Pack., Genpak LLC, Greiner Packaging, Pactiv LLC, Placon, Silgan Holdings Inc., Sonoco Products Company, Dongguan Ditai Plastic Products Co. Ltd, Spencer Industries Incorporated, Berry Global Inc., among others.
What is the Expected Future Outlook for the Overall Global Thermoformed Plastic Market Across the Globe?
The Global Thermoformed Plastic market was valued at USD ~billion in 2022 and is anticipated to reach USD ~billion by the end of 2028F, witnessing a CAGR of ~% during the forecast period 2022-2028F. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future. The Global Thermoformed Plastic market is driven by rising demand for effective packaging solutions across all the major industries. However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries.
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With the increasing investments and emergence of new products, the Global Thermoformed Plastic market is changing rapidly. For instance, In August 2022, Berry Global launched thermoformed and injection stretch blow molded food packaging products manufactured from recycled PET (rPET). Combi Pac, Combi Round, Superlight, Spoon-in-lid and Deli Pac are some of the 100% recyclable thermoformed plastics products used for the food packaging.
Furthermore, In September 2021, Berry Global invested US$ 110 million to expand its PP thermoforming manufacturing capabilities in North America as part of its long-term strategic growth commitments. The Global Thermoformed Plastics Market witnessed a a slow growth, owing to the restricted supply-chain worldwide. The demand from various end-use industries was reduced except for healthcare and pharmaceuticals. Due to the high requirement for masks globally during the COVID, thermoformed plastics manufacturers were continuously engaged in the production process. The market condition is expected to get even better in 2022, owing to the consumers’ preference for health and hygiene The market is primarily driven by increasing usage of thermoformed plastics in healthcare, buildings & construction, packaging, automotive, and other industries. Though the market is highly competitive with over ~300 participants, country-niche players control the dominant share in the market and regional players also hold a significant share.
- Polymethyl Methacrylate (PMMA)
- Bio-degradable polymers
- Polyethylene (PE)
- Acrylonitrile Butadiene Styrene (ABS)
- Poly Vinyl Chloride (PVC)
- High Impact Polystyrene (HIPS)
- Polystyrene (PS)
- Polypropylene (PP)
- Vacuum Forming
- Pressure Forming
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- Thin Gauge
- Thick Gauge
- Food Packaging
- Agriculture Packaging
- Consumer goods & appliances
- Healthcare & Pharmaceutical
- Electrical & electronics
- Automotive Packaging & Structures
- North America
Rest of Europe
- Asia Pacific
- South Korea
Australia Rest of Asia Pacific
- Latin America
- Middle East
- D&W Fine Pack.
- Genpak LLC
- Greiner Packaging
- Pactiv LLC
- Silgan Holdings Inc.
- Sonoco Products Company
- Dongguan Ditai Plastic Products Co.,Ltd
- SPENCER INDUSTRIES INCORPORATED
- Berry Global Inc.
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