According to the new market research report “Thermoforming Plastic Market by Plastic Type (PP, PS, PET, PE, PVC, Bio-plastics, ABS), Thermoforming Type (Vacuum Formed, Pressure Formed, Mechanical Formed), Parts Type (Thin Gauge, Thick Gauge), End-use Industry, and Region — Global Forecast to 2024”, published by MarketsandMarkets™, the Thermoforming Plastic Market size is expected to grow from USD 34.8 billion in 2019 to USD 45.9 billion by 2024, at a CAGR of 5.7% during the forecast period.
Thermoforming is a popular manufacturing process used to shape plastic sheets into various products. The North American region has witnessed significant growth in the thermoforming plastic market in recent years. This article explores the key factors contributing to this growth and discusses the future prospects of the thermoforming plastic industry in North America. One of the primary drivers behind the growth of the thermoforming plastic market in North America is the increasing demand for lightweight and durable packaging solutions. Thermoformed plastic packaging offers numerous advantages such as cost-effectiveness, flexibility in design, and enhanced product visibility. As a result, industries such as food and beverages, pharmaceuticals, and consumer goods are increasingly adopting thermoformed plastic packaging solutions to improve their product presentation and shelf life.
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Another significant factor driving the growth of the thermoforming plastic market in North America is the expanding automotive industry. Thermoformed plastic components find extensive applications in the automotive sector, including interior trims, door panels, and dashboards. The growing demand for lightweight vehicles to enhance fuel efficiency, coupled with the need for aesthetically appealing interiors, has fueled the adoption of thermoformed plastic components in the automotive manufacturing process.
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Thermoforming Plastic Market Key Players
Fabri-Kal Corp. (US), Berry Global Inc. (US), Genpak LLC (US), Pactiv LLC (US), D&W Fine Pack LLC (US), Amcor Ltd. (Australia), Dart Container Corp. (US), Anchor Packaging (US), Sabert Corporation (US), Sonoco Products Company (US) were some of the key players in the global Thermoforming Plastic Market. These players have adopted various organic and inorganic developmental strategies over the past five years.
Pactiv LLC (US), Amcor Ltd. (Australia), and Dart Container Corp. (US) are the major players in the thermoforming plastic market. Pactiv LLC (US) is one of the leading companies and the largest contributor to the growth of the global thermoforming plastic market. As a part of its growth strategy, the company focused on production expansion to meet the requirements of end-use industries, globally. For instance, in March 2015, the company expanded its operations in Kinston, creating 59 new jobs in Lenoir County. The company invested more than USD 24 million in the expansion of the Kinston plant. This helped the company to increase its production capacity.
PP-based thermoforming plastic comprises a major share of the thermoforming plastic market, in terms of value.
The thermoforming plastic market is segmented based on plastic-type as polypropylene (PP), polystyrene (PS), polyethylene terephthalate (PET), polyethylene (PE), polyvinyl chloride (PVC), bioplastics, acronytrile butadiene styrene (ABS), and others. The global thermoforming plastic market is dominated by the PP, in terms of value and volume. This is due to the extensive use of this plastic in packaging applications such as food, medical device, and automotive. The excellent strength to weight ratio, excellent energy management, resilient, good chemical resistance, and durability makes it an ideal choice for packaging applications.
The pressure forming segment is projected to register the highest CAGR in the global thermoforming plastic market during the forecast period.
The thermoforming plastic market is segmented based on thermoforming type as vacuum forming, pressure forming, and mechanical forming. Pressure forming is cost-effective, and it can also be used to manufacture complex shapes due to which is used across all applications. Some of the major applications areas include medical equipment, office equipment, vented equipment enclosures, control pads, scientific instruments, detailed components, control panels, and multi-part assemblies.
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North America is expected to account for the largest market share in the thermoforming plastic market during the forecast period.
Europe is estimated to account for the largest share of the market in 2019. North America led the thermoforming plastic market in 2018 due to the high demand of thermoformed structural parts and thermoformed packaging from automotive, food & agriculture packaging, consumer goods & appliances and healthcare industries in this region. The demand for thermoforming plastic will be driven by factors such as increasing electronic goods sales, high disposable income, increasing demand for packaged foods, and demographic changes. North America is home to some of the prominent thermoforming plastic manufacturers such as Pactiv LLC, Sonoco Products Company, D&W Fine Pack LLC, and so on. Technological advancements in the packaging industry primarily drive the market in this region.
