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The global thermoformed plastics market size is estimated to grow by USD 10,489.78 million between 2022 and 2027 and the size of the market is forecast to increase at a CAGR of 5.28%.
The growth of the market depends on several factors, including diverse applications of thermoformed plastics, increasing demand from developing countries, and a rise in demand from the food packaging industry.
This report extensively covers market segmentation by type (vacuum formed and pressure formed), application (food packaging, medical, consumer products, and others), and geography (APAC, North America, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
Diverse applications of thermoformed plastics are driving the market growth. Thermoformed plastics find widespread applications in the medical, automotive, and construction industries. In the medical field, they are extensively used for manufacturing medical disposables and components of medical devices such as medical imaging enclosures, diagnostic equipment components, medical bins, and medical trays.
In the automotive industry, thermoformed plastics are used to produce sturdy and durable components such as bumpers, air ducts, dashboard assembly, and engine bay panels. With the increasing demand for passenger cars in developing countries such as China, India, Indonesia, and Brazil, the consumption of thermoformed plastics is expected to rise during the forecast period.
Stringent regulations and policies are hindering the market growth. The EPA and Registration, Evaluation, Authorisation and Restriction of Chemicals (REACH) impose stringent regulations on the use of thermoformed plastics in F and B packaging and medical devices. The European Union (EU) specifies guidelines on the use of plastics for indirect food additives. In Europe, the regulation EU- No 10/2011 specifies guidelines on the use of plastic materials as indirect food additives. In the US, the Code of Federal Regulation (CFR) 21 Part 177 specifies guidelines on the use of plastic polymers in indirect food additives.
Plastics, including thermoformed plastics used in medical applications, must comply with the prescribed quality standards. In the US, CFR 21 Part 820 on medical devices specifies guidelines on the use of thermoformed plastics to produce medical devices. Stringent regulations on the use of thermoformed plastics for various applications, including packaging, can hamper the growth of the market in focus during the forecast period.
The use of recycled plastics in thermoform packaging applications is a trend driving the market growth. Recycling of plastic is the process of collecting waste or scrap plastic and reprocessing it to produce finished products. The used plastics are sorted into different polymers, followed by chipping and melting processes. The increasing use of recycled plastic materials to produce thermoformed packaging products is expected to have a positive impact on the market in focus. The global recycled plastics market is projected to grow at a CAGR of 4.31% during the forecast period, driven by concerns about environmental degradation caused by improper plastic disposal.
In the US, the Food and Drug Administration (FDA) allows the use of recycled PET fibers to produce thermoformed plastics. Several thermoformed plastic manufacturers have received letters of no objection (LNO) from the FDA for using recycled PET. For instance, rePlanet Holdings, Inc. received an LNO in June 2017, enabling them to use post-consumer PET with up to 100% recycled content to produce bakery item packaging, deli containers, cups, and clamshells. These factors are expected to boost the growth of the global thermoformed plastics market during the forecast period.
The market share growth by the vacuum-formed segment will be significant during the forecast period. One of the major industries which use vacuum forming is aerospace, automotive, and packaging. Applications for vacuum forming in the aerospace industry might include large items as well as specialized packaging to keep tools organized. Vacuum forming is being used more frequently to create seating necessities such as armrests, footwell trays, seat backs, and tray tables, as well as cabin components like big bulkhead separators.
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The vacuum formed segment was valued at USD 19,489.50 million in 2017 and continued to grow until 2021. In a vacuum formed, a sheet of thermoplastic material is heated up until it is malleable, then placed over a mold. The material is then drawn onto the surface of the mold to produce the appropriate 3-dimensional part shape when the air between the heated sheet and mold is evacuated. It is a streamlined kind of thermoforming, but for it to be effective, the items being formed must be simple to form. They should ideally have a low temperature for forming good thermal strength, high impact strength, and little shrinkage after cooling. Some of the key benefits of vacuum forming include larger part capability, faster cycle times, and lower tooling costs.
Thermoformed plastics are used to produce flexible packaging that is extensively used in the F and B industry. Containers, trays, enclosures, cutlery, and straws made of these plastics are highly flexible. Thermoformed plastics are also used to produce cups and bins. The increasing demand for food and beverages, owing to the ever-rising population, is expected to have a positive impact on the market. Thermoformed plastics are used for packaging meat and dairy products, bakery, vegetables, and fruits as they are cost-effective and extend the shelf life of packaged food products. In addition, the better aesthetic appearance of the final product, low mold cost and lead time, and ease of usage of thermoformed plastic in food packaging applications are expected to drive market growth during the forecast period.
APAC is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The growth of the market in APAC can be attributed to end-user industries such as the packaging and automotive industries in China, India, Indonesia, South Korea, and Japan. Thermoformed plastics are the primary raw material used to manufacture bumpers, air ducts, and dashboard assemblies. It is also used to produce various parts, such as bumpers and body panels for recreational vehicles, snowmobiles, and personal watercraft. In addition, they are also used for packaging food and beverages as they increase the shelf life of packaged foods. The preference for easy-to-cook meals due to the growing middle class and increasing purchasing power drives the F&B industry in the region. Moreover, organized retailing in the region is likely to have a positive impact on the food packaging industry, which in turn, will drive the market growth during the forecast period.
Vendors are implementing various strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
Dart Container Corp. - The company offers cups, containers, dinnerware, and accessories. The key offerings of the company include thermoformed plastics.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The report includes the adoption lifecycle of the market, from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on market penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Thermoformed Plastics Market Customer Landscape
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Thermoformed Plastics Market Scope |
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Report Coverage |
Details |
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Page number |
168 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.28% |
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Market growth 2023-2027 |
USD 10,489.78 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
4.32 |
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Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 39% |
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Key countries |
US, China, India, Germany, and UK |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Allied Plastics Inc., Amcor Plc, Anchor Packaging LLC, Berry Global Inc., Brentwood Industries Inc., Coveris Management GmbH, D and W Fine Pack, Dart Container Corp., Dordan Manufacturing Co., Fabri Kal Corp., Greiner Packaging International GmbH, JJR ENGINEERING and FABRICATION, Lindar Corp., Penda, Placon Corp., Reynolds Group Ltd., Sabert Corp., Sonoco Products Co., The Jim Pattison Group, and Winpak Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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