Dublin, April 14, 2023 (GLOBE NEWSWIRE) -- The "Thermoforming Plastic Global Market Opportunities and Strategies to 2032" report has been added to ResearchAndMarkets.com's offering.

The global thermoforming plastic market reached a value of nearly $45,903.9 million in 2022, having grown at a compound annual growth rate (CAGR) of 7.8% since 2017.

The market is expected to grow from $45,903.9 million in 2022 to $63,820.7 million in 2027 at a rate of 6.8%. The market is then expected to grow at a CAGR of 9.4% from 2027 and reach $99,924.6 million in 2032.

Growth in the historic period resulted from 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. Factors that negatively affected growth in the historic period were the rise in prices of raw materials and rising geo-political tensions.

Going forward, the growing demand for packaged food, rising online retail sales, rising urbanization and rising disposable income will drive the growth. Factors that could hinder the growth of the thermoforming plastic market in the future include growing stringent government regulations and a rise in plastic waste generation.

The thermoforming plastic market is segmented by thermoforming type into vacuum forming, pressure forming and mechanical forming. The vacuum forming market was the largest segment of the thermoforming plastic market segmented by thermoforming type, accounting for 64.9% of the total in 2022. Going forward, the vacuum forming segment is expected to be the fastest growing segment in the thermoforming plastic market segmented by thermoforming type, at a CAGR of 6.9% during 2022-2027.

The thermoforming plastic market is segmented by plastic type into polyethylene, polypropylene, polystyrene, polyvinyl chloride, acrylonitrile butadiene styrene, bio-degradable polymers and other plastic types. The polypropylene market was the largest segment of the thermoforming plastic market segmented by plastic type, accounting for 20.9% of the total in 2022. Going forward, the polypropylene segment is expected to be the fastest growing segment in the thermoforming plastic market segmented by plastic type, at a CAGR of 7.3% during 2022-2027.

The thermoforming plastic market is segmented by application into healthcare and medical, food packaging, electrical and electronics, automotive packaging, construction, consumer goods and appliances and other applications. The food packaging market was the largest segment of the thermoforming plastic market segmented by application, accounting for 37.0% of the total in 2022. Going forward, the food packaging segment is expected to be the fastest growing segment in the thermoforming plastic market segmented by application, at a CAGR of 7.2% during 2022-2027.

North America was the largest region in the thermoforming plastic market, accounting for 43.9% of the total in 2022. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the thermoforming plastic market will be Asia Pacific and South America where growth will be at CAGRs of 7.7% and 6.8% respectively. These will be followed by North America and Western Europe where the markets are expected to grow at CAGRs of 6.7% and 6.5% respectively.

The global thermoforming plastic market is highly fragmented, with a large number of players. The top ten competitors in the market made up to 7.98% of the total market in 2021. Going forward the market is expected to experience some consolidation with the rising number of mergers and collaboration among players in the market. Amcor plc was the largest competitor with a 1.78% share of the market, followed by Pactiv Evergreen Inc with 1.33%, Berry Global Inc. with 1.02%, Sonoco Products Company with 0.87%, Huhtamaki Global with 0.67%, Dart Container Corporation with 0.59%, Sabert Corp with 0.59%, D&W Fine Pack. with 0.48%, Graham Packaging Company with 0.34%, and Genpak LLC with 0.30%.

The top opportunities in the thermoforming plastic market segmented by thermoforming type will arise in the vacuum forming segment, which will gain $11,848.9 million of global annual sales by 2027. The top opportunities in the thermoforming plastic market segmented by plastic type will arise in the polypropylene segment, which will gain $4,033.2 million of global annual sales by 2027. The top opportunities in the thermoforming plastic market segmented by application will arise in the food packaging segment, which will gain $7,039.2 million of global annual sales by 2027. The thermoforming plastic market size will gain the most in the USA at $7,607.4 million.

Market-trend-based strategies for the thermoforming plastic market include focus on sustainable plastic packaging, modified atmosphere packaging (MAP), 3D printing technology, technological advancements, strategic partnerships and focus on increasing investments.

Player-adopted strategies in the thermoforming plastic market include focus on expanding business capabilities through strategic investments, broadening sustainable packaging product offerings through strategic acquisitions, enhancing business capabilities through strategic investments and strengthening business operations in the fast-growing healthcare packaging space through strategic acquisitions.

The report covers the following chapters

Scope:
Markets Covered:

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 Attributes:

Report AttributeDetails
No. of Pages329
Forecast Period2021 - 2031
Estimated Market Value (USD) in 2021$45903.9 Million
Forecasted Market Value (USD) by 2031$99924.6 Million
Compound Annual Growth Rate8.1%
Regions CoveredGlobal


A selection of companies mentioned in this report includes

For more information about this report visit https://www.researchandmarkets.com/r/47nspz

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