Showing posts with label Global Thermoformed Plastics Sector. Show all posts
Showing posts with label Global Thermoformed Plastics Sector. Show all posts

Monday, December 19, 2022

Global Thermoformed Plastics Market is expected to reach USD 60 bn by 2028: Ken Research

 The Global Thermoformed Plastics Market was valued at ~US$ 30 billion in 2017. It is estimated to be ~US$ 40 billion in 2022 and is forecasted to reach a market size of ~US$ 60 billion, growing at a CAGR of ~7% due to the increasing usage in healthcare and food packaging sectors.

Global Thermoformed Plastics Market

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Key Growth Drivers

  • Rising demand for effective packaging solutions across all the major industries is the key factor responsible for the growth of the market. Thermoformed plastics are most commonly used to make clamshell packages, package blisters, mailer trays, retail package liners, and many others. The wide acceptance of these products is fuelling market growth.
  • Furthermore, thermoformed plastics are also used in the infrastructure and automotive industries. In building and infrastructure, thermoformed plastics are used mainly for insulation applications, whereas in automotive, it has applications in interior and exterior body parts of automobiles.
  • The major challenge faced by the market is the volatile prices of the raw materials used for making thermoformed plastics. Hydrocarbon fuels such as crude oil, natural gas, and coal are the most common primary sources of thermoformed plastics. The regulations over the preservation of natural resources act as a restraining factor for the market. Social upheaval in major crude oil-producing countries, including Libya, Venezuela, Nigeria, Iran, and Iraq, has harmed crude oil production, causing demand and supply irregularities. These factors have a short-term impact on the market, causing prices to drop and rise quickly.
  • COVID-19 had a detrimental influence on the thermoformed plastics market growth and demand, owing to a worldwide halt in manufacturing operations. The restrictions on supply and transport have impacted the market globally. The pandemic and resulting lockdowns disrupted supply chains on both supply and demand sides, which negatively impacted many manufacturing and service industries such as consumer goods, packaging, agriculture, and others. According to the Government of Canada's Monthly Survey of Manufacturing, 2021, manufacturing sales declined 2.10% to US$ 57.10 billion in April 2021. The market is expected to exhibit significant growth in the forecast period due to surging demand for thermoformed plastics products in the healthcare and pharmaceutical industries

Key Trends by Market Segment

By Product Type:  The Polypropylene (PP) segment held the largest market share in the global Thermoformed Plastics market in 2021, owing to its wide area of applications in food packaging products.

  • PP is a thermoplastic polymer and is widely used to produce food packaging products such as cups, trays, margarine tubs, sandwich packs, disposable products, beverage glasses, and microwaveable containers.
  • PP material exhibits good chemical resistance and an excellent strength-to-weight ratio that makes it ideal to be used in the healthcare, pharmaceutical, and automotive industries.
  • Polymethyl Methacrylate (PMMA) is expected to register the highest CAGR in the industry during the forecast period, owing to its high resistance to weathering and UV light and highly recyclable nature.

Global Thermoformed Plastics Demand

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By Thickness: Thin Gauge segment held the largest market share in the global Thermoformed Plastics market in 2021, owing to its huge demand in the healthcare sector for the manufacturing of medical device packaging trays.

  • Thin Gauge thermoformed plastics are manufactured through contact, radiant and air heating techniques.
  • The global virus spread has resulted in high demand for medical plastics due to which manufacturers are using thin thermoforming techniques to produce plastics for the healthcare industry.

By End-User:The food packaging segment held the largest market share in the global Thermoformed Plastics market in 2021, owing to the properties that allow its usage in high-quality food items requiring safe transportation.

  • Food packaging requires extremely good quality packaging material that protects the food from moisture bacteria and older. The demand for thermoformed plastics in the food industry is extremely high as it inhibits any growth of bacteria or pathogens.
  • Automotive segment is expected to be the fastest-growing segment during the forecast period, owing to increasing demand for thermoformed plastics in bumpers, cable insulation, carpet fibers, and others.

Global Thermoformed Plastics Sector

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By Region: North America held the largest market share among all other regions within the Global Thermoformed Plastics Market in 2021, due to the rapid industrialization and advancements in the packaging industry.

  • The growing number of manufacturers and suppliers of thermoformed plastic products in the region is expected to drive the industry.
  • The growth of the automotive market and the subsequent demand for lightweight components to improve the efficiency of vehicles are anticipated to drive the regional demand for thermoformed plastics.

The US federal government invested US$ 2,000 billion in infrastructure improvements over ten years, beginning in 2020. The USA has a stable economy and robust financial capabilities that encourage more infrastructure spending in the country. This , in turn, is expected to boost demand for thermoformed plastics in the building industry

Global Thermoformed Plastics Industry

Competitive Landscape

The Global Thermoformed Plastics Market is highly competitive with ~300 players, including globally diversified players, regional players, and many country-niche players. Most of the country-niche players are suppliers of raw materials for Thermoformed Plastics used in various end-user industries.

Regional Players Constitute ~35% of the Total Number of Competitors, While Country-Niche Players Dominate Representing ~50% of Total Competitors. Some of the major players in the market include D&W Fine Pack., Genpak LLC, Greiner Packaging, Pactiv LLC, Placon, Silgan Holdings Inc., Sonoco Products Company, Dongguan Ditai Plastic Products Co.,Ltd, Spencer Industries Incorporated, Berry Global Inc., among others.

Top Thermoformed Plastics Companies

Recent Developments Related to Major Players and Organizations

  • In August 2022, Berry Global launched thermoformed and injection stretch blow molded food packaging products manufactured from recycled PET (rPET). CombiPac, CombiRound, SuperLight, Spoon-in-lid and DeliPac are some of the 100% recyclable thermoformed plastics products used for the food packaging.
  • In September 2021, Berry Global invested US$ 110 million to expand its PP thermoforming manufacturing capabilities in North America as part of its long-term strategic growth commitments.

Conclusion

The Global Thermoformed Plastics Market witnessed a a slow growth, owing to the restricted supply-chain worldwide. The demand from various end-use industries was reduced except for healthcare and pharmaceuticals. Due to the high requirement for masks globally during the COVID, thermoformed plastics manufacturers were continuously engaged in the production process. The market condition is expected to get even better in 2022, owing to the consumers’ preference for health and hygiene the market is primarily driven by increasing usage of thermoformed plastics in healthcare, buildings & construction, packaging, automotive, and other industries. Though the market is highly competitive with over ~300 participants, country-niche players control the dominant share in the market and regional players also hold a significant share.

Note: This is an upcoming/planned report, so the figures quoted here for market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for Pre-booking clients and report delivered within a maximum of 2 working weeks.

Ken Research has recently published report titled, Global Thermoformed Plastics Market Size, Segments, Outlook, and Revenue Forecast 2022-2028. In addition, the report also covers the market size for each of the five regions' Thermoformed Plastics Market. The revenue used to size and forecast the market for each segment is USD billion.

Market Taxonomy

Product Type
  • Polymethyl Methacrylate (PMMA)
  • Bio-degradable polymers
  • Polyethylene (PE)
  • Acrylonitrile Butadiene Styrene (ABS)
  • Poly Vinyl Chloride (PVC)
  • High Impact Polystyrene (HIPS)
  • Polystyrene (PS)
  • Polypropylene (PP)

Thermoforming Type

 

  • Vacuum Forming
  • Pressure Forming
Thickness
  • Thin Gauge
  • Thick Gauge
End-User
  • Food Packaging
  • Agriculture Packaging
  • Consumer goods & appliances
  • Healthcare & Pharmaceutical
  • Construction
  • Electrical & electronics
  • Automotive Packaging & Structures
By Region
  • North America
    • USA
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Indonesia
    • AustraliaRest of Asia Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa
Key Players
  • D&W Fine Pack.
  • Genpak LLC
  • Greiner Packaging
  • Pactiv LLC
  • Placon
  • Silgan Holdings Inc.
  • Sonoco Products Company
  • Dongguan Ditai Plastic Products Co.,Ltd
  • SPENCER INDUSTRIES INCORPORATED
  • Berry Global Inc.

Monday, November 7, 2022

3 Key Insights on Competitive Landscape in Global Thermoformed Plastics Market: Ken Research

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Few Global Players Dominate the Market despite the Presence of about ~300 Competitors Comprising a Large Number of Country-Niche Players and Some Specialist Players, finds a recent market study on Global Thermoformed Plastics Market by Ken Research

Thermoforming is a plastic manufacturing process that applies a vacuum or pressure force to stretch a sheet of heated thermoplastic material over an engineered mold to create a 3-dimensional shape or part. After forming, the shaped part is trimmed and finished to a specification to meet an end user’s requirements. The process and thermoplastic materials are extremely versatile and can be utilized to manufacture parts for a wide range of applications.

Ken Research shares 3 key insights on the competitive landscape of this dynamic market from its latest research study.

1. Global Players Constitute ~15% of the Total Number of Competitors, While Country-Niche Players Dominate Representing ~45% of Total Competitors.

A comprehensive competitive analysis conducted during the Research Study found that the Global Thermoformed Plastics Market is competitive with ~300 players, including globally diversified players, regional players, and many country-niche players. The country-niche players comprise about 50% in terms of the number of companies followed by regional players with 35% of the total competitors.

Competitive Landscape of Global Thermoformed Plastics Market

2.  The increasing demand for Thermoformed Plastics products in the Healthcare and Pharmaceutical Packaging Sector is expected to be the Primary Driver of the Market

Detailed comparative analysis of key competitors available within the Research Study shows that major players such as Genpak LLC, Greiner Packaging, Pactiv LLC, Placon, Silgan Holdings Inc., and others are highly focused on providing a significant number of thermoformed plastics products that can be used across multiple end-user industries, including healthcare, food packaging, electrical & electronics, automotive, construction, and more. Furthermore, several companies and organizations are aggressively focusing on acquisitions and mergers with specialized players for the development of techniques used in the manufacture of thermoformed plastic materials.

  • In January 2020, Fabri-Kal, a leading manufacturer of custom thermoformed packaging solutions collaborated with The Michigan Department of Environment to double the rate of recycling plastics by the year 2025.
  • In March 2021, Anchor Packaging LLC expanded its Arkansas, (USA) manufacturing facility by 90,000 square feet and invested US$ 21.5 Million to accommodate the increased demand for foodservice containers used by restaurants, supermarkets, and convenience shops.
  • In January 2020, Sonoco Products Company acquired Thermoform Engineered Quality, LLC, and Plastique Holdings, LTD, thermoformed packaging companies serving the healthcare, medical device, and consumer markets. The acquisition helped the company to expand its market presence in healthcare packaging.

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Key Competitors Global Thermoformed Plastics Market

3.  Increased Government Initiatives and New Strategical Investments in the Polymers Industry Promoted Sustainable Plastics Products Which Led to Major Industry-Wide Developments, Acquisitions, and Deal-Wins.

The Governments of many developed countries are committed to achieving zero plastic waste by restricting the use of single-use plastics. The policies established by the Governments ban the use of non-recyclable plastic materials that drive the demand for thermoformed plastics. For instance,

  • In March 2022, the European Commission announced a suite of new proposals under the European Green Deal to make sustainable products the norm in the EU. Ecodesign for sustainable products regulation (ESPR) is one of the proposals, which is applicable to food contact articles and packaging.
  • In January 2022, the U.S. Department of Energy (DOE) announced USD 13.4 million in funding for next-generation plastics technologies that reduce the energy consumption and carbon emissions of single-use plastics. The ban will enhance the usage of thermoformed plastics in various end-use industries as the products made from the thermoforming process are highly recyclable.

For more information on the research report, refer to the below link:-

Global Thermoformed Plastics Market

Thursday, October 27, 2022

5 Key Insights on US$ 60 Bn Opportunity in Global Thermoformed Plastics Market: Ken Research

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Driven by the rising consumption of thermoformed plastics material in healthcare and packaging industries, Global Thermoformed Plastics Market is forecasted to Cross US$60 Bn by 2028 says Ken Research Study.

Thermoforming is a plastic manufacturing process that applies a vacuum or pressure force to stretch a sheet of heated thermoplastic material over an engineered mold to create a 3-dimensional shape or part. After forming, the shaped part is trimmed and finished to a specification to meet an end user’s requirements. The process and thermoplastic materials are extremely versatile and can be utilized to manufacture parts for a wide range of applications.

 “Ken Research shares 3 key insights on this high-opportunity market from its latest research study”

1. Increasing Consumption of Thermoformed Plastics in the Packaging Industry provides an Opportunity for the Market Growth

According to Ken Research Analysis, the Global Thermoformed Plastics Market was valued at ~US$ 30 billion in 2017. It is estimated to be ~US$ 40 billion in 2022 and is forecasted to reach a market size of ~US$ 60 billion, growing at a CAGR of ~7% by 2028, due to increasing usage of thermoformed plastics in healthcare and packaging industries.

Thermoform packaging is known to be a high-quality packaging solution for any kind of food and healthcare product. Packaging of some kind of food products requires the incorporation of functional and innovative design while providing good moisture barriers, physical stress, temperature, contamination protection, and tamper resistance. The thermoforming process enhances the properties of plastic materials and makes it suitable to be recycled again. Thermoform packaging not only protects the products but also extend the shelf-life, owing to its durability resilience nature.

The players in the food industry are increasingly looking for packaging solutions that enable them to reduce the carbon footprint. As thermoformed packaging are increasingly being manufactured using 100% recyclable products, the demand is expected to grow during the forecast period. The rising trend for the development of sustainable packaging is expected to propel the players in the market to come up with product developments that enable them to meet the increasing demand.

  • In October 2019, Charpak Ltd., a manufacturer of thermoformed packaging products, designed and launched a new thermoformed packaging tub that is 100% recyclable, tamper-evident, that can be used for ambient, chilled or frozen sectors, food, and non-food products.
  • According to SouthPack, a custom manufacturer of packaging, stated that thermoformed packaging cost up to 15% less than packaging made from plastic injection molding.

Global Thermoformed Plastics MarketRequest For Sample Report @https://www.kenresearch.com/sample-report.php?Frmdetails=NTk2MDU2

2. Surging Demand for Thermoformed Plastics in Healthcare Industry is Fuelling the Market Globally

The consumption of plastic packaging in the healthcare industry is expected to rise due to government funding for healthcare and pharmaceutical centers. Increasing drug production and government initiatives toward the development of healthcare and pharmaceutical sectors generate significant growth opportunities for the thermoform plastic healthcare packaging market in the coming years.

For instance, In December 2021, the Guangzhou Sino-Israel Bio-industry Investment Fund (GIBF) announced fund of US$ 300 million for joint drug development ventures. The drug development process includes the equipment and procedures that requires the use of thermoformed plastics.

Furthermore, plastic healthcare packaging formats are preferred by consumers, as these not fragile and are easy to handle compared to alternative packaging solutions available in the market. Manufacturers prefer plastic packaging for healthcare owing to anti-microbial properties and reduced risk of breakage.

Moreover, the increasing demand for surgical masks during the pandemic has created a golden opportunity for the plastic packaging industry.

According to United Nations International Children's Emergency Fund (UNICEF), in 2020, about 301.3 million surgical masks and 22.2 million N95 ventilator kits were distributed in 127 countries. The steady increase in manufacturing, production, and distribution activities required use of thermoformed plastics, which helped in the growth of the market.

Global Thermoformed Plastics Market3. Volatile Raw Material Prices for Thermoformed Plastics is the Major Challenge Faced by The Thermoformed Plastics Market

Crude petroleum is an important raw material used in the production of organic chemicals, which are in turn used as inputs into the production of more-processed goods, such as plastics products. Major Asian petrochemical manufacturers are under immense pressure as geopolitical turmoil in the Middle East is severely affecting the supply of crude oil.

In April 2019, the attacks on Saudi Aramco’s oil processing facilities at Abqaiq and Khurais on resulted in an immediate price spike of 10% to 12%. The plastic industry faces the effects of the continuous rise and dips in the prices of crude oil.

The most basic ingredients for the manufacturing of plastic, such as ethylene and propylene, are obtained from crude oils. The monomers are then converted into polymers such as polyethylene, polypropylene, and other materials. The supply-demand shifts cause price volatility in plastics globally. As a result, changes in crude oil prices significantly impact the cost of thermoformed polymers.

Global Thermoformed Plastics MarketRequest For Sample Report @https://www.kenresearch.com/sample-report.php?Frmdetails=NTk2MDU2

Key Topics Covered in the Report

  • Snapshot of Global Thermoformed Plastics Market
  • Industry Value Chain and Ecosystem Analysis
  • Market size and Segmentation of the Global Thermoformed Plastics Market
  • Historic Growth of Overall Global Thermoformed Plastics Market and Segments
  • Competition Scenario of the Market and Key Developments of Competitors
  • Porter’s 5 Forces Analysis of Global Thermoformed Plastics Industry
  • Overview, Product Offerings, Strengths, & Weaknesses of Key Competitors
  • Covid-19 Impact on the Overall Global Thermoformed Plastics Market
  • Future Market Forecast and Growth Rates of the Total Global Thermoformed Plastics Market and Segments
  • Market Size of Application / End User Segments with Historical CAGR and Future Forecasts
  • Analysis of Global Thermoformed Plastics Market
  • Major Production/Supply and Consumption/Demand Hubs within Each Region
  • Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
  • Overview of Notable Emerging Competitor Companies within Each Region

Notable Emerging Companies Mentioned in the Report

  • Vaquform
  • Janco, Inc
  • Penz Products, Inc.,
  • Hagans Plastics Co., Inc.
  • Engineered Plastic Products, Inc.
  • Woodstock Plastics Co., Inc.

Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report

  • Thermoformed Plastics Market
  • Thermoformed Plastics Manufacturers
  • Thermoformed Plastics Suppliers
  • Polymethyl Methacrylate (PMMA) Thermoformed Plastics Suppliers
  • Bio-degradable polymers Thermoformed Plastics Suppliers
  • Polyethylene (PE) Thermoformed Plastics Suppliers
  • Acrylonitrile Butadiene Styrene (ABS) Thermoformed Plastics Suppliers
  • Poly Vinyl Chloride (PVC) Thermoformed Plastics Suppliers
  • High Impact Polystyrene (HIPS) Thermoformed Plastics Suppliers
  • Polystyrene (PS) Thermoformed Plastics Suppliers
  • Polypropylene (PP) Thermoformed Plastics Suppliers
  • Thermoformed Plastics Distributors
  • Emerging and Startup Thermoformed Plastics Companies in the Market
  • Different Types of Thermoformed Plastics Institutes
  • Government Departments of Polymers
  • Ministries and Departments of Agriculture
  • Ministries and Departments of Packaging
  • Ministries and Departments of Healthcare
  • Importers and Distributors of Thermoformed Plastics
  • Environmental Regulatory Authorities

Period Captured in the Report

  • Historical Period: 2017-2021
  • Forecast Period: 2022-2028F

For More Information on the Research Report, refer to below links: –

Global Thermoformed Plastics Market: Ken Research

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