Rockville, April 08, 2024 (GLOBE NEWSWIRE) -- The global thermoformed plastic products market is estimated at US$ 14,453.5 million in 2024, projected to grow steadily with a 4.2% CAGR through 2034. The market is projected to account for a valuation of US$ 21,809.8 million by 2034.
The packaging industry is a major consumer of thermoformed plastic products due to their ability to provide protective and visually appealing packaging solutions. The growing e-commerce sector has further fueled the demand for innovative packaging. Thermoformed plastic packaging provides effective protection against external factors such as moisture, light, and contaminants, increasing demand in the food industry as it helps extend the shelf life of food products, maintaining their quality and freshness.
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Thermoformed plastics are widely used in the production of consumer goods such as disposable cups, trays, and containers, driven by consumer preferences for convenience and lightweight products. Thermoformed plastic products are lightweight compared to alternatives like metal or glass, making them particularly appealing in industries where weight reduction is crucial, such as automotive and aerospace.
Thermoformed plastics are used in automotive interiors for components such as dashboards, door panels, and interior trim due to their design flexibility, cost-effectiveness, and weight savings. The healthcare sector relies on thermoformed plastic for sterile packaging of medical devices and equipment, as well as disposable medical products. Ongoing technological advancements in thermoforming processes and equipment contribute to improved efficiency, reduced production costs, and the ability to produce complex and high-quality parts.
| Report Attribute | Details |
| Value Projection (2034) | US$ 21,809.8 Million |
| Growth Rate (2024-2034) | 4.2% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 32 Tables |
| No. of Figures | 96 Figures |
Key Takeaways from the Market Study
- The North American thermoformed plastic product market is expected to grow at a remarkable CAGR of 4.4% through 2034.
- The thermoformed plastic product industry in the United States holds a dominant share of 77.4% in 2024, valued at US$ 3,199.5 million.
- The thermoformed plastic product industry in China is expected to rise at a CAGR of 2.9% through 2034.
- Based on the application, the food-packaging segment hold a 22.1% market share in 2024.
“Growing application in various industries and growing e-commerce sector present significant growth opportunities for the thermoformed plastic product industry,” remarks an analyst at Fact.MR.
Key Companies Profiled in This Report
- Pactiv LLC.
- Anchor Packaging Inc.
- Associated Packaging, Ltd
- Peninsula Packaging Company LLC.
- Placon Group
- Berry Plastics
- CM Packaging
- Graham Packaging
- Clear Lam Packaging
- D&W Fine Pack
Competitive Landscape
Leading players in the thermoformed plastic product industry are deploying diverse strategies to attain their objectives. These approaches encompass stimulating innovation, enforcing rigorous quality control standards for their offerings, forging strategic partnerships, streamlining supply chain management systems, and continuously advancing their products and technologies.
- Berry Plastics (now part of Berry Global) is a global manufacturer of a wide range of plastic products, including thermoformed items. They serve various industries, such as personal care, healthcare, and food and beverage.
- CM Packaging is known for its expertise in thermoformed packaging solutions. They cater to various industries and focus on providing customized packaging options.
- Graham Packaging is a leading global manufacturer of plastic packaging solutions. While it is recognized for its expertise in blow-molded containers, it may also be involved in other plastic packaging processes.
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More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global thermoformed plastic product market, presenting historical analysis from 2019 to 2023 and forecast statistics for the period of 2024-2034.
The study reveals essential insights based on Applications (Food Packaging, Healthcare and material, Consumer Goods and appliances, Construction, Automotive, Electricals, and electronics) across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, Middle East and Africa).
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Biodegradable Packaging Material Market: The global biodegradable packaging materials market is estimated at USD 88 Billion in 2022 and is forecast to surpass USD 169 Billion by 2032, growing at a CAGR of 6.8% from 2022 to 2032.
Medical Packaging Market: The global medical packaging market is estimated to be valued at US$ 94.0 billion in 2023 and it is expected to grow at a CAGR of 7.4% to reach US$ 192.0 billion by the end of 2033.
Foodservice Packaging Market: The global foodservice packaging market size is estimated at US$ 67.9 billion in 2024 and is forecast to expand at a CAGR of 6% to reach a valuation of US$ 121.7 billion by 2034.
About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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