Thermoforming is process of molding plastic sheet to desired shape using pliable temperature & pressure. Plastic sheets after molding is trimmed to form a usable product. Thermoformed plastics finds application in various food packing, appliances, healthcare products packaging, and in automobiles. Thermoforming plastics are preferred as the packaging material due to low cost and its aesthetic appearance of the products.
Global thermoformed plastic market is expected to gain momentum with growing demand for food packaging products due rising demand for convenience food. Further, growing demand from automobile industry for various light weight parts with the focus to improve vehicle efficiency is anticipated to augment the growth of the thermoformed plastic market during the forecast period. Moreover, increasing number of application in automobiles industry such as bumpers, dashboards, and packaging of automobiles parts is anticipated to fuel the demand for thermoformed plastics over the forecast period (2021-2029). However, volatile raw material prices and high labour cost is expected to hamper the growth of thermoformed plastic market during the forecast period (2021-2029).
North America is expected to largest region in global thermoformed plastics market. Growing demand for convenience food due changing lifestyle and busy schedule of people coupled with associated regulations over food packaging is anticipated to fuel the demand for thermoformed plastics in the region. Followed by it, Europe is anticipated to be the second largest region in the global thermoformed plastics market owing to increasing focus on food packaging quality along with favorable regulatory support and upcoming events such as FIFA World Cup 2018 in Russia are projected to fuel the demand for packing products which in turn is anticipate to drive the demand for thermoformed plastics during the forecast period (2021-2029). Asia pacific is anticipated to be the fastest growing among all the region. It offers the most attractive opportunity for thermoformed plastics market due to rapid growth in per capita income of middle class in the region coupled with increasing population is expected to augment the growth of thermoformed plastics market during the forecast period (2021-2029). However, regulatory concerns over recycling and disposal of plastic packaging waste is anticipated to hamper the demand of thermoformed plastic products during the forecast period (2021-2029).
Global thermoformed plastics market is expected to be valued at 381.4 Kilo Tons by the end of 2021 and is projected to expand at a CAGR 4.1% during the forecast period 2021-2029.
Purpose of the Report
The purpose of this strategic research study titled “Global Thermoformed Plastics Market- Growth, Future Prospects, Competitive Analysis and Forecast, 2021 – 2029” is to provide company executives, industry investors, and industry participants with in-depth insights to enable them make informed strategic decisions regarding the opportunities in the global thermoformed plastics market.
Target Audience
USP and Key Offerings
The report titled “Global Thermoformed Plastics Market- Growth, Future Prospects, Competitive Analysis and Forecast, 2021 – 2029” offers strategic insights into the thermoformed plastics market along with the market size and estimates for the duration 2019 to 2029. The said research study covers in-depth analysis of multiple market segments based on application and cross-sectional study across different geographies. In order to help strategic decision makers, the report also includes competitive profiling of the leading thermoformed plastics manufacturers, their expansion strategies, market positioning, and latest developments. Other in-depth analyses provided in the report include:
Overall, the research study provides a holistic view of the global thermoformed plastics market growth, offering market size and estimates for the period from 2019 to 2029, keeping in mind the above mentioned factors.
On the basis of application, global thermoformed plastics market is categorized into following types:
On the basis of application, the global thermoformed plastic market can be segmented food, appliances, pharmaceutical, automotive and others.
Among all applications, food segment was anticipated to be the most dominant segment in 2021 accounting for largest revenue share in global thermoformed plastic products market. Growing demand for food packaging products due to increasing use of thermoformed plastics in manufacturing of plastic products used for food packaging coupled with increasing consumer awareness regarding benefits of packaged food is fueling the demand for thermoformed plastics. Healthcare segment is anticipated to be the fastest growing segment due to increasing use of thermoplastics in medical devices and in packaging of healthcare products. The segment is anticipated to gain significant market share by 2029. Growing inclination of increasing use of light weight thermoformed plastic products to improve efficiencies of automobiles along with growing demand for thermoformed plastics packing products for the packaging of sensitive and costly automobile parts is anticipated to augment the growth of automobile segment over the forecast period (2021-2029).
Appliances and others segments are expected to collectively account for over 11.6% of the global thermoformed plastic market in 2021 and anticipated to register steady growth over the forecast period (2021-2029).
Global thermoformed plastics market is segmented on the basis of geography. North America is expected to largest region in global thermoformed plastics market. Growing demand for convenience food due changing lifestyle and busy schedule of people coupled with associated regulations over food packaging is anticipated to fuel the demand for thermoformed plastics in the region. Followed by it, Europe is anticipated to be the second largest region in the global thermoformed plastics market owing to strong focus on food packaging quality supported by regulatory policies over food packaging along with upcoming events such as FIS Nordic World Ski Championships, Finland in 2017, World Figure Skating Championships, Finland, The Crabbies Grand National 2017,horse racing, England and FIFA World Cup 2018 in Russia are projected to fuel the demand for packaged food products which in turn is anticipate to drive the demand for thermoformed plastics during the forecast period (2021-2029).
Asia pacific is anticipated to be the fastest growing among all the region. It offers the most attractive opportunity for thermoformed plastics market due to rapid growth in per capita income of middle class in the region coupled with increasing population. Further, upcoming events such as Australian Open tennis 2017, Melbourne, Australia, 2018 common wealth games in Queensland, Australia and others are expected to drive the demand for packaged food which in turn is projected to augment the growth of thermoformed plastics in the region during the forecast period (2021-2029).
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Thermoformed Plastic Products market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Application
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
