August 31, 2022 11:30 ET | Source: TBRC Business Research PVT LTD TBRC Business Research PVT LTD

LONDON, Aug. 31, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the thermoforming plastic market, the increasing demand for consumer durables is expected to propel the growth of the thermoforming plastic market going forward. Consumer durables are consumer goods that have a long-life span (over three years) and are used over time. An increase in demand for consumer durables will increase the demand for thermoforming plastic as most of the consumer durables are manufactured using transformable plastic. For instance, according to the Indian Brand Equity Foundation, an Indian government export promotion agency report, the consumer durables industry is expected to reach US $34 billion by 2025. Therefore, the increasing demand for consumer durables will drive the growth of the thermoforming plastic market.

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The global thermoforming plastic market size is expected to grow from $42.27 billion in 2021 to $45.45 billion in 2022 at a compound annual growth rate (CAGR) of 7.5%. The global thermoforming plastic market growth is expected to reach $57.27 billion in 2026 at a CAGR of 6%.

Technological advancements are gaining popularity in the thermoforming plastic market trends. Major companies operating in the transforming plastic sector are focused on developing new technological solutions to strengthen their position. For instance, in April 2021, GEA, a Germany-based food company, launched PowerPak SKIN.50, based on the high-capacity SKIN thermoforming packaging technology. This provides high-capacity packing of up to 100mm high and protrudes up to 50mm above the packing tray level. It can also perform vacuum and modified atmosphere packaging (MAP) packaging on the same machine.

Major players in the thermoforming plastic market are Fabri-Kal Corp, Berry Global Inc, Genpak LLC, D&W Fine Pack LLC, Amcor Ltd, Dart Container Corp, Anchor Packaging, Sabert Corporation, Sonoco Products Company, Placon Corporation, Greiner Packaging GmbH, Tegrant Corporation, and Silgan Plastics.

The global thermoforming plastic market is segmented by thermoforming type into vacuum forming, pressure forming, mechanical forming; by process into plug assist forming, thick gauge thermoforming, thin gauge thermoforming, vacuum snapback; by plastic type into polyethylene, polypropylene, polystyrene, polyvinyl chloride, acrylonitrile butadiene styrene, bio-degradable polymers, others; by application into healthcare and medical, food packaging, electrical and electronics, automotive packaging, construction, consumer goods and appliances, others.

North America was the largest region in the thermoforming plastic market in 2021. Asia-Pacific is expected to be the fastest-growing region in the global thermoforming plastic market during the forecast period. The regions covered in the global thermoforming plastic market outlook are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Thermoforming Plastic Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide thermoforming plastic market overviews, thermoforming plastic market analyze and forecast market size and growth for the whole market, thermoforming plastic market segments and geographies, thermoforming plastic market trends, thermoforming plastic market drivers, thermoforming plastic market restraints, thermoforming plastic market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.

The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

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