Thermoforming Plastic Market worth $45.9 billion by 2024 | Key players Fabri-Kal Corp., Berry Global Inc., Genpak LLC, D&W Fine Pack LLC, Amcor Ltd.

According to recent market research the "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 is segmented based on plastic-type as polypropylene (PP), polystyrene (PS), polyethylene terephthalate (PET), polyethylene (PE), polyvinyl chloride (PVC), bioplastics, acronytrile butadiene styrene (ABS), and others. The global thermoforming plastic market is dominated by the PP, in terms of value and volume. This is due to the extensive use of this plastic in packaging applications such as food, medical device, and automotive. The excellent strength to weight ratio, excellent energy management, resilient, good chemical resistance, and durability makes it an ideal choice for packaging applications.

The thermoforming plastic market is segmented based on thermoforming type as vacuum forming, pressure forming, and mechanical forming. Pressure forming is cost-effective, and it can also be used to manufacture complex shapes due to which is used across all applications. Some of the major applications areas include medical equipment, office equipment, vented equipment enclosures, control pads, scientific instruments, detailed components, control panels, and multi-part assemblies.

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Europe is estimated to account for the largest share of the market in 2019. North America led the thermoforming plastic market in 2018 due to the high demand of thermoformed structural parts and thermoformed packaging from automotive, food & agriculture packaging, consumer goods & appliances and healthcare industries in this region. The demand for thermoforming plastic will be driven by factors such as increasing electronic goods sales, high disposable income, increasing demand for packaged foods, and demographic changes. North America is home to some of the prominent thermoforming plastic manufacturers such as Pactiv LLC, Sonoco Products Company, D&W Fine Pack LLC, and so on. Technological advancements in the packaging industry primarily drive the market in this region.

Fabri-Kal Corp. (US), Berry Global Inc. (US), Genpak LLC (US), Pactiv LLC (US), D&W Fine Pack LLC (US), Amcor Ltd. (Australia), Dart Container Corp. (US), Anchor Packaging (US), Sabert Corporation (US), Sonoco Products Company (US) were some of the key players in the global Thermoforming Plastic market. These players have adopted various organic and inorganic developmental strategies over the past five years.

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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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