The global thermoformed plastic materials market size is expected to gain traction from their extensive usage in aerospace, medical devices, kiosks, shipping, and industrial machinery. Fortune Business Insights™ published this information in an upcoming report, titled, “Thermoformed Plastic Materials Market Size, Share & Industry Analysis, By Type (Polypropylene (PP), Polystyrene (PS), Polyethylene Terephthalate (PET), Polyethylene (PE)), By Process (Plug Assist, Thick Gauge, Thin Gauge, Vacuum Snapback), By End-use (Food & Agriculture Packaging, Consumer Goods & Appliances, Healthcare &Pharmaceutical, Construction)and Regional Forecast, 2019-2026.” The report further states that thermoformed plastic materials are nowadays being used as a metal substitute.
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Drivers & Restraints-
Increasing Infrastructure Developments to Bolster Growth
The high demand for thermoformed plastic materials is increasing from a wide range of industries, such as consumer goods, electrical & electronics, construction, healthcare, medical packaging, food & beverages, construction, and automotive. This demand is attributable to their cost-effective nature. In addition to this, ongoing developments in the medical sector, rapid industrialization, and increasing infrastructure developments would aid growth.
Furthermore, the increasing demand for pharmaceutical and medical products across the globe is set to propel the thermoformed plastic materials market growth in the coming years. Currently, retail shopping has become a very popular trend, which, in turn, is set to surge the consumer spending on packaged and processed products. However, approximately 10% to 20% more plastic is required for the thermoforming process. It may hinder the demand for thermoformed plastic materials.
Rising Sales of Packaged Food Items will Favor Growth in North America
Geographically, North America is expected to hold the largest thermoformed plastic materials market share in 2019. This growth is attributable to the increasing development in the packaging industry and rapid industrialization in the region. Apart from that, the presence of multiple prominent thermoformed plastic materials producers in the region would accelerate growth. In the U.S., the demand will be driven by increasing sales of packaged foods andelectronic devices. Coupled with this, change in demographics and high disposable incomes of people would spur growth.
Asia Pacific, on the other hand, is set to experience high growth owing to the major contributions of China and India. China is considered to be the major supplier and manufacturer of thermoformed plastics materials in this region. Also, the high demand for lightweight components from the automotive industry for surging the performance of vehicles is set to drive growth.
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Key Players Focus on Partnership Strategy to Gain a Competitive Edge
The market for thermoformed plastic materials includes a large number of companies that are trying to compete against their rivals or expand their presence through the partnership strategy.Below are the two latest industry developments:
- February 2020: TEQ Thermoform Engineered Qualityannounced its plan to rename and brand its manufacturing locations as TEQ. It was recently acquired by Sonoco.
- March 2020: Good Natured Products Inc. teamed up with Shepherd Thermoforming & Packaging for CAD$9.5 million. It will help the former to expand its geographic presence.
A list of all the renowned thermoformed plastic materials manufacturers operating in the global market:
- Pactiv LLC
- D&W Fine Pack
- Genpak, LLC
- Sonoco Products Company
- Dart Container Corporation
- Berry Global Inc.
- Amcor plc
- Sabert Corporation
- WINPAK LTD.
- Spencer Industries Inc.
- Other key market players
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