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Thermoformed Plastic Products Market

Market Study on Thermoformed Plastic Products: Food Packaging to Remain Major Application Area

Thermoformed Plastic Products Market Segmented By Polypropylene, Polymethyl Methacrylate, Polystyrene, Bio-degradable Polymers, High Impact Polystyrene, Polyethylene, Poly Vinyl Chloride, Acrylonitrile Butadiene Styrene product with Vacuum Snapbac, Plug Assist Forming, Thin Gauge Thermoforming, Thick Gauge Thermoforming process

Thermoformed Plastic Products Market Outlook (2022-2032)

From 2022 to 2032, the global thermoformed plastic products market is estimated to increase from a valuation of US$ 13.5 Bn to US$ 22 Bn. This market rise is because the industry is anticipated to progress at a CAGR of 5% over the next ten years.

North America leads with 54% share of the global market for thermoformed plastic products.

Report Attribute Details

Thermoformed Plastic Products Market Size (2022E)

US$ 13.5 Bn

Projected Market Value (2032F)

US$ 22 Bn

Global Market Growth Rate (2022-2032)

5% CAGR

Value Share of Food Packaging (2021A)

42.1%

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Plastic Products Market: Drivers and Restraints

“Rising Disposable Income Increasing Demand for Plastic Products”

In recent years, a noticeable increase in the disposable income of the global population across the globe. Rising disposable income across developing nations, for instance, India is likely to increase growth avenues in the thermoformed plastic products market. China is likely to contribute with a significant share of the growth impetuses in the market.

Rising disposable income further enables consumers to spend at an increased rate on packaged, ready-to-eat, and convenience food. The growing demand for these food types and increasing requirement for food & healthcare packaging have been anticipated to drive sales opportunities in the market.

In recent years, there has been an increased demand for solutions from the thermoformed plastic products market due to increased demand for packaged and canned food products. Hectic life schedules, rising urbanization, and changing lifestyles of people are some vital factors to propel the demand for industry solutions.

“Increasing Cost of Raw Materials Hurting Market Players”

The increasing prices of raw materials used to produce these items have been anticipated to serve as a noteworthy restraint for the expansion opportunities in the thermoformed plastic products market.

thermoformed-plastic-products-market

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North America to Lead Global Market

North America has been expected to hold a dominating position in the thermoformed plastic products market in the foreseeable years. These opportunities in the regional market are owing to significant growth in the packaging industry. Along with this, rapid industrialization in the North American regions is also likely to contribute to growth impetuses in the market.

The U.S. holds the largest share in the thermoformed plastic products market followed by Canada in the region. In the European region, the U.K., Spain, Italy, Germany, and France hold a noteworthy share of the market revenue.

Increased demand for food and healthcare packaging along with the rising disposable income of the regional population are some pivotal factors that are likely to create novel growth opportunities in the market of the Asia Pacific region. India, China, and Japan are the fastest-growing countries in the regional market.

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Market Development

  • Placon purchased the production facility of Sonoco Products Company in Wilson, North Carolina in October 2021. The initiative is likely to help the company to increase its capacity of production and meet the rising requirement for the products that come with sustainable packaging.
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Product Overview

Thermoformed plastic products can be produced by heating a plastic sheet to a pliable forming temperature, shaping it as desirable, and trimming it to create a usable end product. Plastics can be thermoformed through various processes which include vacuum snapback, plug assist forming, and thick and thin gauge thermoforming.

Different raw materials used for manufacturing thermoformed plastic products include acrylics, bio-degradable polymers, polycarbonates, acrylonitrile butadiene styrene (ABS), polyethylene (PE), polypropylene (PP), polymethyl methacrylate (PMMA), polystyrene (PS), and polyvinyl chloride (PVC). Thermoformed plastic products are usually lighter in weight and relatively stronger compared to traditional packaging materials such as glass and wood. Thus, they are most widely used in different packaging applications in the electronic, healthcare, and food packaging industries.

Market Segmentation

Based on application, the global thermoformed plastic products market can be segmented into six categories: food packaging, appliances, electronic packaging, healthcare packaging, automotive, and others. Thermoformed plastic products find the largest application in the food packaging industry. Thermoformed plastic products are used in the food packaging industry as a barrier to bacteria, odor, and moisture to food products.

Key Industry Players

Some of the major companies operating in the thermoformed plastic products market are Pactiv, LLC., Anchor Packaging, Inc., Associated Packaging, Ltd., Peninsula Packaging Company, LLC., Placon Group, Berry Plastics, CM Packaging, Clear Lam Packaging, Graham Packaging, D&W Fine Pack, Huhtamaki Group, and Silgan Plastics.

Thermoformed Plastic Products Industry Report Scope

Attribute

Details

Forecast period

2022-2032

Historical data available for

2017-2021

Market analysis

USD million for value

Key regions covered

  • North America
  • Europe
  • Latin America
  • East Asia
  • The Middle East & Africa
  • South Asia & Pacific

Key countries covered

  • U.S.
  • Canada
  • the UK
  • Germany
  • France
  • Spain
  • CIS
  • Eastern Europe
  • Italy
  • Japan
  • China
  • India
  • Australia
  • Argentina
  • Brazil
  • Mexico
  • South Africa
  • GCC
  • UAE

Key market segments covered

  • Product
  • Process
  • Application
  • Region

Key companies profiled

  • Pactiv, LLC.
  • Anchor Packaging, Inc.
  • Associated Packaging, Ltd.
  • Peninsula Packaging Company, LLC.
  • Placon Group
  • Berry Plastics
  • CM Packaging
  • Clear Lam Packaging
  • Graham Packaging
  • D&W Fine Pack
  • Huhtamaki Group
  • Silgan Plastics

Report Coverage

  • Market Forecast
  • Company Share Analysis
  • Competition Intelligence
  • DROT Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives

Customization & pricing

Available upon request

Thermoformed Plastic Products Industry Research by Category

By Product Type:

  • Polypropylene
  • Polymethyl Methacrylate
  • Polystyrene
  • Bio-degradable Polymers
  • High Impact Polystyrene
  • Polyethylene
  • Poly Vinyl Chloride
  • Acrylonitrile Butadiene Styrene

By Process:

  • Vacuum Snapbac
  • Plug Assist Forming
  • Thin Gauge Thermoforming
  • Thick Gauge Thermoforming

By Application:

  • Healthcare & Medical
  • Consumer Goods & Appliances
  • Food Packaging
  • Construction
  • Automotive
  • Electrical & Electronics

By Region:

  • North America
  • Europe
  • Latin America
  • East Asia
  • Middle East & Africa
  • South Asia & Pacific

- Companies Covered in This Report -

  • Pactiv, LLC.
  • Anchor Packaging, Inc.
  • Associated Packaging, Ltd.
  • Peninsula Packaging Company, LLC.
  • Placon Group
  • Berry Plastics
  • CM Packaging
  • Clear Lam Packaging
  • Graham Packaging
  • D&W Fine Pack
  • Huhtamaki Group
  • Silgan Plastics

- Frequently Asked Questions -

The global thermoformed plastic products market is valued at US$ 13.5 Bn.

The global market for thermoformed plastic products is slated to rise at 5% CAGR through 2032.

Food packaging application accounts for 42.1% share of the global market.

North America, with 54% share, holds a dominating position in the global market.

High cost of raw materials is anticipated to limit expansion opportunities in the market.

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