The global thermoforming plastic market size is expected to reach USD 55.38 Billion in 2028 and register a revenue CAGR of 5.3% over the forecast period, according to the latest report by Reports and Data. Rising consumer expenditure on packaged and processed products and the increasing trends of online shopping are anticipated to drive market revenue growth during the forecast period.
Widespread use of thermoforming plastics in food packaging propels global market growth. The need for these plastics in the food industry is significantly high because food packaging demands better quality packaging materials to provide protection against germs, odor, and moisture which thermoforming plastics deliver. Additionally, these plastics have recently found use in the packaging of pharmaceutical goods, which is expected to further support revenue growth of the market.
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Sustainability and digitalization are expected to be two key trends to alter the dynamics of the chemicals and materials industry over the forecast period. Rising focus on sustainable manufacturing processes, packaging, and innovation in production are some key factors expected to accelerate market revenue growth over the forecast period. In addition, the incorporation of machine learning, artificial intelligence, and the advent of 3D printing or additive manufacturing is expected to further contribute to revenue growth of the market going ahead.
Advancements in R&D technology, the development of new business models, and the emergence of disruptive technologies have brought about dynamic changes in the global market over the recent past. Growing demand for personal care products, increasing demand from end-use industries, and rapid advancement in e-commerce sales channels have given rise to lucrative growth opportunities in the sector. Key companies are focusing on the current and emerging trends to capitalize on the market opportunity.
Key companies profiled in the report include:
Fabri-Kal Corp., Berry Global, Inc., Pactiv LLC, D&W Fine Pack LLC, Amcor plc, Dart Container Corporation, Anchor Packaging, Sabert Corporation, Sonoco Products Company, and Silgan Plastics Corporation.
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The report also studies their financial standing and global position. It also provides extensive coverage of the alliances occurring in the competitive landscape such as mergers and acquisitions, collaborations, joint ventures, partnerships, corporate deals, government deals, agreements, and product launches and brand promotions.
To impart a better understanding, the Thermoforming Plastic market is further segmented on the basis of types, applications, technologies, and key geographies where the market has already established its presence.
Detailed Regional Analysis Covers:
- North America (U.S., Canada, Mexico)
- Europe (U.K., Italy, Germany, France, Rest of Europe)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Plastic Type Outlook (Revenue, USD Billion; 2018-2028)
- Polypropylene (PP)
- Polystyrene (PS)
- Polyethylene Terephthalate (PET)
- Polyethylene (PE)
- Polyvinyl Chloride (PVC)
- Polymethyl Methacrylate (PMMA)
- High Impact Polystyrene (HIPS)
- Biodegradable Polymers
- Acrylonitrile Butadiene Styrene (ABS)
Application Outlook (Revenue, USD Billion; 2018-2028)
- Food Packaging
- Electrical & Electronics
- Automotive Packaging
- Consumer Goods & Appliances
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