Dublin, April 14, 2023 (GLOBE NEWSWIRE) -- The "Thermoforming Plastic Global Market Opportunities and Strategies to 2032" report has been added to ResearchAndMarkets.com's offering.
The global thermoforming plastic market reached a value of nearly $45,903.9 million in 2022, having grown at a compound annual growth rate (CAGR) of 7.8% since 2017.
The market is expected to grow from $45,903.9 million in 2022 to $63,820.7 million in 2027 at a rate of 6.8%. The market is then expected to grow at a CAGR of 9.4% from 2027 and reach $99,924.6 million in 2032.
Growth in the historic period resulted from the increase in demand for consumer durables, a rise in concerns about hygiene and product safety, a rise in the use of thermoformed plastics in the medical sector and the COVID-19 pandemic. Factors that negatively affected growth in the historic period were the rise in prices of raw materials and rising geo-political tensions.
Going forward, the growing demand for packaged food, rising online retail sales, rising urbanization and rising disposable income will drive the growth. Factors that could hinder the growth of the thermoforming plastic market in the future include growing stringent government regulations and a rise in plastic waste generation.
The thermoforming plastic market is segmented by thermoforming type into vacuum forming, pressure forming and mechanical forming. The vacuum forming market was the largest segment of the thermoforming plastic market segmented by thermoforming type, accounting for 64.9% of the total in 2022. Going forward, the vacuum forming segment is expected to be the fastest growing segment in the thermoforming plastic market segmented by thermoforming type, at a CAGR of 6.9% during 2022-2027.
The thermoforming plastic market is segmented by plastic type into polyethylene, polypropylene, polystyrene, polyvinyl chloride, acrylonitrile butadiene styrene, bio-degradable polymers and other plastic types. The polypropylene market was the largest segment of the thermoforming plastic market segmented by plastic type, accounting for 20.9% of the total in 2022. Going forward, the polypropylene segment is expected to be the fastest growing segment in the thermoforming plastic market segmented by plastic type, at a CAGR of 7.3% during 2022-2027.
The thermoforming plastic market is segmented by application into healthcare and medical, food packaging, electrical and electronics, automotive packaging, construction, consumer goods and appliances and other applications. The food packaging market was the largest segment of the thermoforming plastic market segmented by application, accounting for 37.0% of the total in 2022. Going forward, the food packaging segment is expected to be the fastest growing segment in the thermoforming plastic market segmented by application, at a CAGR of 7.2% during 2022-2027.
North America was the largest region in the thermoforming plastic market, accounting for 43.9% of the total in 2022. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the thermoforming plastic market will be Asia Pacific and South America where growth will be at CAGRs of 7.7% and 6.8% respectively. These will be followed by North America and Western Europe where the markets are expected to grow at CAGRs of 6.7% and 6.5% respectively.
The global thermoforming plastic market is highly fragmented, with a large number of players. The top ten competitors in the market made up to 7.98% of the total market in 2021. Going forward the market is expected to experience some consolidation with the rising number of mergers and collaboration among players in the market. Amcor plc was the largest competitor with a 1.78% share of the market, followed by Pactiv Evergreen Inc with 1.33%, Berry Global Inc. with 1.02%, Sonoco Products Company with 0.87%, Huhtamaki Global with 0.67%, Dart Container Corporation with 0.59%, Sabert Corp with 0.59%, D&W Fine Pack. with 0.48%, Graham Packaging Company with 0.34%, and Genpak LLC with 0.30%.
The top opportunities in the thermoforming plastic market segmented by thermoforming type will arise in the vacuum forming segment, which will gain $11,848.9 million of global annual sales by 2027. The top opportunities in the thermoforming plastic market segmented by plastic type will arise in the polypropylene segment, which will gain $4,033.2 million of global annual sales by 2027. The top opportunities in the thermoforming plastic market segmented by application will arise in the food packaging segment, which will gain $7,039.2 million of global annual sales by 2027. The thermoforming plastic market size will gain the most in the USA at $7,607.4 million.
Market-trend-based strategies for the thermoforming plastic market include focus on sustainable plastic packaging, modified atmosphere packaging (MAP), 3D printing technology, technological advancements, strategic partnerships and focus on increasing investments.
Player-adopted strategies in the thermoforming plastic market include focus on expanding business capabilities through strategic investments, broadening sustainable packaging product offerings through strategic acquisitions, enhancing business capabilities through strategic investments and strengthening business operations in the fast-growing healthcare packaging space through strategic acquisitions.
The report covers the following chapters
- Introduction and Market Characteristics - Brief introduction to the segmentations covered in the market, definitions and explanations about the thermoforming plastic market.
- Key Trends - Highlights the major trends shaping the global thermoforming plastic market. This section also highlights likely future developments in the market.
- Global Market Size and Growth - Global historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values, and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional Analysis - Historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values and growth and market share comparison by region.
- Market Segmentation - Contains the market values (2017-2032) and analysis for each segment by thermoforming type, by plastic type and by application in the market.
- Regional Market Size and Growth - Regional market size (2022), historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values, and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape - Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Key Mergers and Acquisitions - Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Market Opportunities and Strategies - Describes market Opportunities and Strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations - Includes recommendations for thermoforming plastic providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix-This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Scope:
Markets Covered:
1) By Thermoforming Type: Vacuum Forming; Pressure Forming; Mechanical Forming
2) By Plastic Type: Polyethylene; Polypropylene; Polystyrene; Polyvinyl Chloride; Acrylonitrile Butadiene Styrene; Bio-Degradable Polymers; Other Plastic Types
3) By Application: Healthcare And Medical; Food Packaging; Electrical And Electronics; Automotive Packaging; Construction; Consumer Goods And Appliances; Other Applications
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 329 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value (USD) in 2021 | $45903.9 Million |
| Forecasted Market Value (USD) by 2031 | $99924.6 Million |
| Compound Annual Growth Rate | 8.1% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes
- Amcor plc
- Pactiv Evergreen Inc
- Berry Global Inc.
- Sonoco Products Company
- Huhtamaki Global
For more information about this report visit https://www.researchandmarkets.com/r/47nspz
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
