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Rising Demand For Consumer Durables: A Key Driver Transforming the Thermoforming Plastic Market 2024
Thermoforming Plastic Market
Showcasing strong growth in recent years, the global thermoforming plastic market is expected to rise from $48.76 billion in 2023 to $52.13 billion in 2024. This impressive increase, depicting a compound annual growth rate CAGR of 6.9%, is spurred principally by the increasing demand for consumer durables, rising concerns about hygiene and product safety, a surge in the use of thermoformed plastics in the medical sector, and the effects of the covid-19 pandemic.
What Are the Key Factors Driving the Expansion of The Global Thermoforming Plastic Market?
A chief propellant of growth in the thermoforming plastic market is the swelling demand for consumer durables. These goods, characterized by their longevity typically over three years, see increased consumption over time. As most consumer durables are manufactured using thermoforming plastic, a surge in demand for these goods directly swells the demand for thermoforming plastic. For instance, according to the Indian Brand Equity Foundation, a government export promotion agency, the consumer durables industry is projected to hit USD34 billion by 2025. Consequently, the swelling demand for these goods is primed to spur the growth of the thermoforming plastic market.
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Which Companies Are Pioneering in The Global Thermoforming Plastic Market?
Key industry players currently dominating the global thermoforming plastic market include 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, and Genpak LLC. Other major influencers include 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, and Dongguan DiTai Plastic Products CO. Ltd, among several others.
What Are the Current Trends in The Global Thermoforming Plastic Market?
A surge in technological advancements is the primary trend gaining traction in the thermoforming plastic market today. Various companies operating in this realm are keen on developing novel technological solutions to assert their industry dominance. As an example, in April 2021, GEA, a Germany-based food company, launched PowerPak SKIN.50, which is based on the high-capacity SKIN thermoforming packaging technology. This innovative solution not only facilitates high-capacity packing up to 100mm high protruding up to 50mm above the packing tray level but also enables vacuum and modified atmosphere packaging MAP on the same machine.
How Can One Analyze The Global Thermoforming Plastic Market?
To gain an in-depth understanding of the global thermoforming plastic market, it is essential to analyze it based on various segments:
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
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Where Do Geographic Trends Stand in The Thermoforming Plastic Market?
In 2022, North America possessed the largest share of the thermoforming plastic market. However, in the forecast period, Asia-Pacific is expected to exhibit the most rapid growth. The thermoforming plastic market report covers several regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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