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Thermoforming Plastic Market Size, Key Players, Trend Analysis, Growth And Forecast To 2033

04-18-2024 08:50 AM CET | Science & Education

Press release from: The Business research company

Thermoforming Plastic Market

Thermoforming Plastic Market

The thermoforming plastic market size has grown strongly in recent years. It will grow from $48.76 billion in 2023 to $52.13 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to 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..

The thermoforming plastic market size is expected to see strong growth in the next few years. It will grow to $70.85 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to the growing demand for packaged food, rising online retail sales, rising urbanization and rising disposable income. Major trends in the forecast period include focus on sustainable plastic packaging, modified atmosphere packaging (map), 3d printing technology, technological advancements, strategic partnerships and focus on increasing investments..

Market Overview -
Thermoforming plastics are used to produce packaging materials, and consumer products that are durable, resilient, and tamper-resistant. Thermoforming is a plastic manufacturing process that uses heat to shape plastic into a variety of products. It protects the products while in transit and offers several seal options that will either extend the product's shelf life or allow easy access, depending on the packaging needs. These are extremely versatile and can be utilized to manufacture parts to meet an end user's requirements and for a very wide range of applications.

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Rising Demand For Consumer Durables Fuels Growth In The Transforming Plastic Market
The increasing demand for consumer durables is expected to propel the growth of the transforming plastic market going forward. Consumer durables are consumer goods that have a long life span (over three years) and are used over time. An increase in demand for consumer durables will increase the demand for thermoforming plastic as most of the consumer durables are manufactured by using transforming plastic. For instance, according to the Indian Brand Equity Foundation, an Indian government export promotion agency report, the consumer durables industry is expected to reach USD34 billion by 2025. Therefore, the increasing demand for consumer durables will drive the growth of the thermoforming plastic market.

Competitive Landscape -
Major companies operating in the thermoforming plastic market report are Amcor plc, Pactiv Evergreen Inc, Berry Global Inc., Sonoco Products Company, Huhtamaki Global, Dart Container Corporation, Sabert Corp, D&W Fine Pack, Graham Packaging Company, Genpak LLC, S.D. International Pvt. Ltd, Europack Machines Pvt. Ltd, Zibo Tianheng Nano New Materials Technology Co. Ltd., Shandong Top Leader Plastic Packing Co Ltd, Indu Thermoformers Pvt. Ltd, Dongguan DiTai Plastic Products CO. Ltd, Pulixin Packaging Materials, Plas Tech Ltd, Thermoform Ltd, Daventry Thermoforming Ltd, DS Smith, COEXPAN, Kiefel GmbH, Piovan Group, AD Plastik Group, FORTY, Ina Plastics, JV RosanPak Ltd, Silgan Plastics, Placon Corporation, Fabri-Kal Corp, Anchor Packaging, Sealed Air, Kruger Inc., Mondi Group, Matritech S.A.C, ACEBRI, SABIC Innovative Plastics, Takween Advanced Industries Co, Al Wasl Pack, Mapal Plastics, Lovell Industries, Sasol Polymers, Berry Astrapak, Powerking Plastics

Transforming Plastic Market Embraces Technological Advancements For Enhanced Solutions
Technological advancements are the key trends gaining popularity in the transforming plastic market. Major companies operating in the transforming plastic sector are focused on developing new technological solutions to strengthen their position. For instance, in April 2021, GEA, a Germany-based food company, launched PowerPak SKIN.50. based on the high-capacity SKIN thermoforming packaging technology. This provides high-capacity packing of up to 100mm high and protrudes up to 50mm above the packing tray level. It can also perform vacuum and modified atmosphere packaging (MAP) packaging on the same machine.

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Key Segments -
The thermoforming plastic market covered in this report is segmented -
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 highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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