The global thermoformed plastics market size is expected to reach USD 59.74 billion by 2027, exhibiting a CAGR of 5.7% during the forecast period. The growing awareness about hygienic packaged food products is expected to foster healthy growth of the market, states Fortune Business Insights, in a report, titled “Thermoformed Plastics Market Size, Share & COVID-19 Impact Analysis, By Plastic Type (Polyethylene, Polypropylene, Polystyrene, Polyvinyl Chloride, Acrylonitrile butadiene styrene, Bio-degradable polymers), By Thermoforming Type (Vacuum Snapback, Thin Gauge Thermoforming, Thick Gauge Thermoforming, and Plug Assist Forming), By Application (Healthcare & Medical, Food Packaging, Electrical & Electronics, Automotive Packaging, Construction, Consumer Goods & Appliances), and Geography Forecast, 2020-2027.” The market size stood at USD 40.59 billion in 2019.

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

Market Driver:

Significant Demand for Packaged Food to Enable Growth

The increasing demand for packaged food owing to the evolving habits of consumers will foster the healthy growth of the market. The increasing income and expenditure are factors expected to contribute positively to the market growth. The high-barrier properties, extended shelf-life, contamination prevention of thermoformed plastics make it suitable for food packaging, thus boosting the growth of the market. Moreover, the growing need for sturdy packaging in convenience foods products will spur demand for such plastics. The surging population has resulted in increasing food production to cater to the needs of consumers, in turn aiding the growth of the market. The increasing urbanization in rural areas will have a positive effect on the market. The infrastructural development and technological advancements in packaging techniques will bolster the significant growth of the market.

Disturbed Production of Plastics to Impede Business Amid Coronavirus

The declined plastic production and supply is expected to have a drastic impact on the global market. The closed manufacturing facilities due to lockdown imposed by governments will aggravate the business in the forthcoming years. The disruption caused by the pandemic has severely affected the supply chain of dairy products, medicines, sanitizers, food, disinfectants, face masks, and others. However, the improving situation will urge governments to lift lockdowns, in turn, stabilizing the manufacturing sector and promoting the market.

Browse Complete Summary of research Report: https://www.fortunebusinessinsights.com/thermoformed-plastics-market-104032

List of the Leading Companies Profiled in the Global 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

Regional Analysis:

Prospering Healthcare Sector to Aid Growth in North America

The market in North America is expected to experience a high growth rate during the forecast period owing to the rapid industrialization and technological advancements in the packaging industry. The growing demand for medicines and drugs in the healthcare sector will contribute excellently to the market. The evolving consumer lifestyle and disposable income will favor the healthy growth of the market in the region. Asia Pacific is expected to hold a considerable share during the forecast period owing to the growing polymer formulations in developing nations such as China and India. China is the largest supplier of plastics products. The rapid urbanization and improved living standard of people can have a tremendous effect on the market in the region. Moreover, the growing automotive and construction sector is likely to fuel demand for thermoformed plastics in the region