Global Thermoformed Plastics Market Overview
The global thermoformed plastics market is projected to expand from USD 40.59 billion in 2024 to USD 59.74 billion by 2027, reflecting a compound annual growth rate (CAGR) of 5.7% over the forecast period. This growth is driven by the increasing awareness and demand for hygienically packaged food products, according to a report by Fortune Business Insights.
Leading Companies in the Thermoformed Plastics Market
Fabri-Kal Corp. (U.S.)
Pactiv LLC (U.S.)
Amcor Ltd. (Australia)
Berry Global Inc. (U.S.)
D&W Fine Pack LLC (U.S.)
Genpak LLC (U.S.)
Dart Container Corp. (U.S.)
Sabert Corporation (U.S.)
Anchor Packaging (U.S.)
Sonoco Products Company (U.S.)
M. Packaging (Netherlands)
Other Key Players
Key Highlights of the Thermoformed Plastics Market Report
Comprehensive market analysis
In-depth insights into regional developments
Identification of key market trends and drivers
Analysis of the COVID-19 pandemic's impact on the industry
Detailed information on prominent market players
Market Growth Drivers
Rising Demand for Packaged Food
The thermoformed plastics market is poised for robust growth due to the escalating demand for packaged foods, driven by evolving consumer habits and increased income levels. The high-barrier properties of thermoformed plastics, along with their ability to extend shelf life and prevent contamination, make them ideal for food packaging. Additionally, the surge in demand for durable packaging solutions for convenience foods is expected to drive market growth. As the global population continues to grow, food production has increased to meet consumer needs, further fueling market expansion. Urbanization and infrastructure development, especially in rural areas, are anticipated to positively influence the market. Technological advancements in packaging techniques are also expected to contribute significantly to market growth.
Information Source:
https://www.fortunebusinessinsights.com/thermoformed-plastics-market-104032
Regional Market Analysis
North America
North America is expected to see substantial growth in the thermoformed plastics market due to rapid industrialization and technological advancements in packaging. The region's booming healthcare sector, with increasing demand for medicines and drugs, will significantly contribute to market growth. Changes in consumer lifestyles and rising disposable incomes are also expected to support market expansion.
Asia Pacific
The Asia Pacific region is projected to hold a significant market share, driven by the growing production of polymer formulations in countries like China and India. China, as the largest supplier of plastic products, plays a crucial role in this market. Rapid urbanization and improvements in living standards in the region are expected to have a positive impact on the market. Additionally, the expansion of the automotive and construction sectors in Asia Pacific is likely to boost demand for thermoformed plastics.