Thermoforming Plastic Global Market Report 2023

New York, March 29, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Thermoforming Plastic Global Market Report 2023" -
The global thermoforming plastic market grew from $45.49 billion in 2022 to $48.71 billion in 2023 at a compound annual growth rate (CAGR) of 7.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The thermoforming plastic market is expected to grow to $61.97 billion in 2027 at a CAGR of 6.2%.
The thermoforming plastic market consists of sales of high impact polystyrene (HIPS) and polyethylene terephthalate.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The thermoforming plastics are used to produce packaging materials, and consumer products that are durable, resilient, and tamper-resistant.Thermoforming is a plastic manufacturing process that uses heat to shape plastic into a variety of products.
It protects the products while in transit and offers several seal options that will either extend the product's shelf life or allow easy access, depending on the packaging needs. These are extremely versatile and can be utilized to manufacture parts to meet an end user's requirements and for a very wide range of applications.
North America was the largest region in the thermoforming plastic market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the thermoforming plastic market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of thermoforming in thermoforming plastic are vacuum forming, pressure forming, and mechanical forming.Vacuum forming refers to a manufacturing method used to shape plastic materials.
During the vacuum forming process, a sheet of plastic is heated and then pulled around a single mold using suction.The different plastic types include polyethylene, polypropylene, polystyrene, polyvinyl chloride, acrylonitrile butadiene styrene, bio-degradable polymers, and others.
The various processes used are plug assist forming, thick gauge thermoforming, thin gauge thermoforming, and vacuum snapback, and are used in healthcare and medical, food packaging, electrical and electronics, automotive packaging, construction, consumer goods and appliances, and other applications.
The increasing demand for consumer durables is expected to propel the growth of the transforming 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 by using transforming 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 USD34 billion by 2025.
Therefore, the increasing demand for consumer durables will drive the growth of the thermoforming plastic market.
Technological advancements are the key trends gaining popularity in the transforming plastic market.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.
In January 2020, Sonoco Products Company, a US-based packaging solutions company, acquired Thermoform Engineered Quality and Plastique Holdings (together TEQ) for an amount of $187 million.Through this acquisition, Sonoco is expected to spread its wings in new technological innovation " Cure-In-The-Mold " technology to produce the highest quality, most well-defined fiber packaging available.
Thermoform Engineered Quality is a US-based manufacturer of thermoformed packaging.
The countries covered in the thermoforming plastic market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The thermoforming plastic market research report is one of a series of new reports that provides thermoforming plastic market statistics, including thermoforming plastic industry global market size, regional shares, competitors with a thermoforming plastic market share, detailed thermoforming plastic market segments, market trends and opportunities, and any further data you may need to thrive in the thermoforming plastic industry. This thermoforming plastic market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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