Thermoforming Plastic Market worth $45.9 billion by 2024 | Key Players include Fabri-Kal Corp., Berry Global Inc., Genpak LLC, Pactiv LLC, D&W Fine Pack LLC, Amcor Ltd., Dart Container Corp., Anchor Packaging, Sabert Corporation, Sonoco Products Company

According to recent market research "Thermoforming Plastic Market by Plastic Type (PP, PS, PET, PE, PVC, Bio-plastics, ABS), Thermoforming Type (Vacuum Formed, Pressure Formed, Mechanical Formed), Parts Type (Thin Gauge, Thick Gauge), End-use Industry, and Region - Global Forecast to 2024", The thermoforming plastic market size is expected to grow from USD 34.8 billion in 2019 to USD 45.9 billion by 2024, at a CAGR of 5.7% during the forecast period.

The thermoforming plastic industry is growing due to the rising healthcare & pharmaceuticals and food & agriculture packaging industries and increasing manufacturing activities. The increasing popularity of retail shopping and rising consumer spending for processed & packed goods are fuelling the demand for thermoforming plastic. The growing demand from food packaging and healthcare & pharmaceutical industries are the major drivers for the market.

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The thermoforming plastic market size is estimated to be USD 34.8 billion in 2019 to USD 45.9 billion by 2024, at a CAGR of 5.7% during the forecast period. The food industry represents the largest consumption group for thermoforming plastics. The key classifications found in the food & agriculture packaging industry include fresh produce, processed food, and non-perishables. As thermoforming plastic provides better protection from moisture, bacteria, and odor, it is ideal for packaging food for a more extended period. Blister packaging is the predominantly used type of thermoforming plastic in the medical sector, as it is easy to peel and convenient to handle. Moreover, pharmaceutical products require protection from moisture, leakage, microorganisms, and other environmental conditions, which is provided by blister packaging.

In-mold labeling (IML) technology in the thermoforming market is has made the manufacturing process cost-effective. Now, companies are introducing new products with IML, especially in the European market. IML has enormous potential to penetrate in other regions as well. IML allows the manufacturers to save time and money by integrating the labeling process directly into the thermoforming process. This new technology of IML enables the thermoformers to save up to 20% in resin cost by light-weighting containers with IML. IML technology is a huge opportunity for thermoformers in the thermoforming plastic market.

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The thermoforming plastic market size is growing due to the rising healthcare & pharmaceuticals and food & agriculture packaging industries and increasing manufacturing activities. The increasing popularity of retail shopping and rising consumer spending for processed & packed goods are fuelling the demand for thermoforming plastic. Factors such as changing demographics and lifestyles have shifted the market toward e-retailing channels and convenient packaging, which in turn will drive the demand for thermoforming plastic. The thermoforming plastic industry is expected to grow from USD 34.8 billion in 2019 to USD 45.9 billion by 2024, at a CAGR of 5.7% during the forecast period.

Over the past few years, companies have strengthened their position in the global thermoforming plastic market by adopting strategies such as new product launch, expansion, acquisitions, and partnership. From 2015 to 2019, acquisition and new product launch were the key strategies adopted by the market players to maintain growth in the global thermoforming plastic market. These strategies accounted for 38% and 33%, respectively, of the overall strategy adopted between 2015 and 2019. The market players concentrated mainly on consolidation through new product launch and expansion with the focus on increasing their market shares and enhancing their sustainability.

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Pactiv LLC (US), Amcor Ltd. (Australia), and Dart Container Corp. (US) are the major players in the thermoforming plastic market. Pactiv LLC (US) is one of the leading companies and the largest contributor to the growth of the global thermoforming plastic market. As a part of its growth strategy, the company focused on production expansion to meet the requirements of end-use industries, globally. For instance, in March 2015, the company expanded its operations in Kinston, creating 59 new jobs in Lenoir County. The company invested more than USD 24 million in the expansion of the Kinston plant. This helped the company to increase its production capacity.

Amcor Ltd. (Australia) is the second-largest player in the thermoforming plastic market. The company is involved in improving its position in the value chain with particular emphasis on innovation, high value-added products, and services. The company is engaged in providing innovative and effective solutions for food packaging around the globe. In September 2018, the company acquired Bemis Company Inc. (US), creating the global leader in packaging. This helped the company to increase its packaging operations in the US.

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