With 5.9% CAGR, Thermoformed Plastics Market Size Worth $62.58 Billion by 2030 | Vantage Market Research
WASHINGTON, Nov. 08, 2023 (GLOBE NEWSWIRE) — Global Thermoformed Plastics Market is valued at USD 41.9 Billion in 2022 and is projected to reach a value of USD 62.58 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 5.9% over the forecast period 2023-2030.
One of the most significant economic areas is the Thermoformed Plastics business, and consistent expansion is projected going forward. Despite the industry’s turmoil, numerous things could affect its development or demise. This study assesses both the current trends and the anticipated future changes to provide a full insight of the sector. Additionally, it provides details on the significant industry players and their expansion strategies.
The report 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 the demand for thermoformed plastics, including rising investment requirements, developing technology, and new laws.
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According to Vantage Market Research, some of the key factors anticipated to accelerate the Thermoformed Plastics market growth over the forecast period. One of the main factors favorably affecting the demand for Thermoformed Plastics is the increasing adoption of lightweight and customizable packaging solutions in various industries.
We forecast that the food packaging category in Thermoformed Plastics market sales will account for more than 30% of total sales by 2030 due to their ability to protect and preserve food items while also providing an attractive and convenient packaging solution. Thermoformed plastics offer an efficient and cost-effective way to package on-the-go snacks, making them easy for consumers to grab and go.
North America dominates the market, and this trend of dominance will continue throughout the projection period. Factors like a presence of a large number of key players in the market and the growing demand from various end-use industries drive increased demand for Thermoformed Plastics in this region.
Top Players in the Global Thermoformed Plastics Market
- Amcor Limited
- Sonoco Products Company
- Pactiv LLC
- Placon Corporation
- Anchor Packaging Inc.
- Berry Global Inc.
- Dordan Manufacturing Company Inc.
- Indepak Inc.
- Interpak LLC
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Growing Demand for Sustainable Packaging to Drive the Market:
Thermoforming is a manufacturing process that involves heating a plastic sheet and then molding it into a desired shape. This process is widely used in packaging applications as it provides excellent protection to products and has a low environmental impact. The growing concerns about the environmental impact of packaging materials have led to increased demand for sustainable packaging solutions. Thermoformed plastics are considered an eco-friendly option as they are made from recyclable materials and can be recycled after use.
Expansion of the Food and Beverage Industry to Promote Market Growth:
The food and beverage industry is one of the largest consumers of thermoformed plastics, as packaging plays a critical role in maintaining the freshness and quality of the products. Thermoformed plastics are widely used in the packaging of food and beverages due to their excellent barrier properties, transparency, and durability. With the increasing demand for packaged and ready-to-eat food products, the demand for thermoformed plastics is expected to rise further.
Top Trends in Global Thermoformed Plastics Market
- One trend that Vantage Market Research (VMR) expects to see in the Thermoformed Plastics industry is the growing demand in the packaging industry. The packaging industry is the biggest consumer of thermoformed plastics, and the increasing demand for convenience foods, consumer goods, and pharmaceuticals is driving the growth of this market.
- Another trend that VMR predicts will continue in the Thermoformed Plastics industry is advancements in technology. Thermoforming technology has advanced in recent years with the introduction of innovative processes and materials that offer enhanced durability and reduced lead times.
Top Report Findings
- Based on plastic-type, most of the Thermoformed Plastics market’s revenue is controlled by the Polypropylene (PP) category. Factors include its low cost, easy availability, and diverse range of applications that is driving its significant market share.
- Based on thermoforming type, the vacuum forming dominated the Thermoformed Plastics market. This trend is anticipated to continue because of increasing demand for lightweight, durable, and cost-effective packaging solutions in various industries such as food and beverages, pharmaceuticals, and electronics.
- Based on end-use industry, the food packaging category dominated the Thermoformed Plastics market, and it is anticipated that this trend will continue because of its advantages over traditional materials such as glass and metal.
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Top 10 Players Generates More Than 45% of the Global Thermoformed Plastics Market Revenue
The report also found that the largest players in the Thermoformed Plastics market are manufacturers technology providers such as Amcor Limited, Sonoco Products Company, Pactiv LLC, and Placon Corporation. These companies are expected to benefit from increased demand for their products and services, as well as growing investments in new products. Other major players include Anchor, Packaging Inc., Berry Global Inc., Dordan Manufacturing Company Inc., Indepak Inc., Interpak LLC, Peninsula Packaging LLC, Spencer Industries Inc., TriEnda LLC and others. As per latest report published by Vantage Market Research, top 10 companies are responsible for generating more than 45% revenue of the market.
Polypropylene (PP) Category in Thermoformed Plastics Market to Generate Over 30% Revenue
Thermoformed Plastics is an expensive investment. Vantage Market Research has analyzed the market for Thermoformed Plastics to understand its current state and potential future growth factors. For better understanding, based on plastic-type the Thermoformed Plastics market is divided into: PP, polystyrene, PET, PE, PVC, bio-plastics, and ABS.
During the forecast period, the market for Polypropylene (PP) is anticipated to experience the highest CAGR due to its low cost, easy availability, and diverse range of applications. Polypropylene is a popular choice for packaging and is used in a wide range of applications, including food packaging, pharmaceutical packaging, and household products packaging.
On the other hand, polyethylene terephthalate (PET) category is anticipated to grow significantly over the forecast period because it is extensively used in the production of packaging materials, such as bottles, jars, and trays, due to its high heat resistance, durability, and recyclability. The growing demand for bottled water and other non-alcoholic beverages in emerging economies is expected to boost the demand for PET thermoformed plastics in the coming years.
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 Thermoforming Type
- Vacuum Forming
- Pressure Forming
- Mechanical Forming
By End-Use Industry
- Food Packaging
- Consumer Goods & Appliances
- Healthcare & Pharmaceutical
- Electrical & Electronics
- Automotive Packaging & Structures
- Others (Industrial & Aerospace)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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Scope of the Report:
|Market Size in 2022||USD 41.9 Billion|
|Revenue Forecast by 2030||USD 62.58 Billion|
|CAGR||5.9% from 2023 to 2030|
|Forecast Year||2023 to 2030|
|Key Players||Amcor Limited, Sonoco Products Company, Pactiv LLC, Placon Corporation, Anchor Packaging Inc., Berry Global Inc., Dordan Manufacturing Company Inc., Indepak Inc., Interpak LLC|
|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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