According to the report published by Allied Market Research, the global thermoformed plastic market generated $40.5 billion in 2021 and is estimated to hit $67.1 billion by 2031, registering a CAGR of 5.2% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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- The Covid-19 outbreak caused a significant drop in production of goods in 2020, as operations were halted in many countries worldwide. However, there was an increased demand for packaging around the world.
- The food packaging industry witnessed a surge in demand as many consumers switched to online shopping for groceries. Supermarkets also saw a huge demand for packaging materials to pack groceries and other foodstuffs.
- Moreover, the surge in demand for surgical masks created a great opportunity for the packaging industry, which in turn, came as a boon to the thermoformed plastic market.
The report offers a detailed segmentation of the global thermoformed plastic market based on product, thermoforming type, application, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
Based on product, the polypropylene (PP) segment accounted for nearly one-fourth of the overall thermoformed plastic market in 2021, and is projected to lead the trail by the end of 2031. The report also analyzes segments such as polystyrene (PS), polyethylene terephthalate (PET), polyethylene (PE), polyvinyl chloride (PVC), acrylonitrile butadiene styrene (ABS), high impact polystyrene (HIPS), and others.
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Based on thermoforming type, the vacuum formed segment contributed to nearly two-thirds of the global thermoformed plastic market in 2021, and is expected to maintain its dominance through 2031. However, the pressure formed segment is likely to garner the fastest CAGR of 5.3% during the forecast period. The report also discusses the seaweed flakes segment.
Based on application, the food packaging segment captured the largest share of nearly one-third of the global thermoformed plastic market in 2021, and is likely to exhibit a noteworthy growth during the forecast period. The report also analyzes the consumer goods and appliances, healthcare and medical, construction, electrical and electronics, automotive, and others segments.
Based on region, the market across North America contributed to nearly half of the total thermoformed plastic market in 2021, and is expected to maintain its dominance during the forecast period. Asia-Pacific, on the other hand, would grow at the fastest CAGR of 6.0% from 2022 to 2031. The other two provinces discussed in the report include Europe and LAMEA.
The key market players analyzed in the global thermoformed plastic market report include Amcor plc., Anchor Packaging, Berry Global Inc., Brentwood industries Inc., Dart Container Corporation, DISPLAY PACK, D&W Fine Pack LLC, Fabri-Kal Corp, Genpak LLC, Greiner packaging, Pactiv LLC, Productive Plastics Inc., Ray Products Company Inc., Sabert Corporation, and Sonoco Products Company.
The report analyzes these key players of the global thermoformed plastic market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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