Thermoforming Plastic Market Growing Demand, Opportunities and Share Analysis 2022 to 2028

According to Precision Business Insights (PBI), the latest report, the market value of the thermoforming plastic market size is expected to be valued at USD 14.5 billion in 2022 and is expected to grow at a CAGR of 5.2% in 2022-2028. The primary factors that drive the market are growing disposable income, the use of thermoforming plastic in food and healthcare industries for packaging purposes, and growing demand for the packaging of ready-to-eat processed foods.

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Food and Agriculture Packaging to Dominate the Thermoforming Plastic Market:
Based on end-user type, food and agriculture packaging hold the highest market share. The major factor for the rise of this segment is the enormous demand for branded and packaged products. Thermoforming plastic offers a better shield during transportation and utilizes safe materials for packaging and so they are chosen in the food and agriculture packaging business. These factors can drive the global thermoforming plastic market growth. Apart from this, thermoforming plastic can be used in healthcare & pharmaceutical, electrical & electronics, construction, consumer goods & appliances, automotive packaging & structures, and others which can also drive the growth of the market.

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North America Thermoforming Plastic Market:
North America, followed by Europe, leads the global thermoforming plastic market growth due to technological progressions in packaging manufacturing. North America leads the global market due to entrenched research infrastructure, increasing funding from public and private sectors, and rising collaborations among global key players have contributed to increasing the sales of thermoforming plastic in this region. Apart from this, the need for thermoforming plastic will be determined by aspects such as growing sales of electronic goods, rising demand for packaged foods, high disposable income, and demographic variations which can drive the market.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global thermoforming plastic market further reveals that the key players are implementing strategies such as the extension of product collection through research and development activities, product launches, acquisitions, mergers, and strategic alliances to improve their market position and strengthen the market revenue share. In October 2021, Sonoco packaging operation was acquired by Placon to expand its production capacity. In July 2021, Multivac launched a thermoforming packaging machine for vacuum production and modified atmosphere packaging (MAP) for snack products.

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The thermoforming plastic market is segmented based on, plastic-type, thermoforming type, thickness, end users, and region.
Based on the plastic type, the market is segmented into the following:
• PP
• Polystyrene
• PET
• PE
• PVC
• Bio-plastics
• ABS

Based on the thermoforming type, the market is segmented into the following:
• Vacuum Forming
• Pressure Forming
• Mechanical Forming

Based on the thickness type, the market is segmented into the following:
• Thin Gauge
• Thick Gauge

Based on the end users, the market is segmented into the following:
• Food & Agricultural Packaging
• Consumer Goods & Appliances
• Healthcare & Pharmaceutical
• Construction
• Electrical & Electronics
• Automotive Packaging & Structures
• Others (industrial and aerospace)

Based on the region, the market is segmented into the following:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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Key players' profiles in the thermoforming plastic market report are Pactiv LLC, Genpak LLC, Sonoco Products Company, CM Packaging, Placon Corporation, Anchor Packaging LLC, Brentwood Industries, Greiner Packaging GmbH, Dongguan Dita, Plastic Products Co., Ltd, and Palram Americas Ltd.

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