Thermoformed plastics: Key market research findings
- Demand from food and healthcare packaging sectors propels market growth
- Food packaging accounts for a majority of the market’s revenue
- Key vendors – Anchor Packaging, Sonoco, Pactiv, Peninsula Packaging, and Placon
Technavio’s market research analysts predict the global thermoformed plastics market to grow at a CAGR of around 5% between 2016 and 2020. The growth of this market can be accredited to the increasing use of thermoformed plastics in food and healthcare packaging. Factors such as lifestyle changes, urbanization, and the rise in disposable incomes in most regions are fueling the sales of packaged foods. In addition, thermoformed plastic packaging provides superior resistance to bacteria, odor, and moisture. The growing consumer inclination towards packaged products is spurring the demand for thermoformed plastic packaging in the food industry. During 2015, the Americas accounted for almost 45% of the overall market share to become the dominant shareholder in the global thermoformed plastics market. Regulations to control emissions from vehicles and increased replacement of metal parts with engineering plastics are expected to positively influence the market’s growth in this region.
The new market research report from Technavio presents a breakdown and analysis of the thermoformed plastics segments based on the application.
“In the recent past, many manufacturers and end-users have been focusing on the adoption of lightweight packaging products. This not only helps in addressing concerns related to high costs throughout the supply chain but also reduces the packaging expenses, which are susceptible to the volatile prices of crude oil. As a result, such packaging products find applications in various end-user industries such as food and beverage, healthcare packaging, and electrical and electronics industries,” says Ajay Adikhari, Lead Analyst, Chemicals & Materials, Technavio Research.
By 2020, the food packaging segment will account for more than 66% of the overall market revenue to retain its position as the key revenue generating vertical of the global thermoformed plastics market. The growth of this market segment is attributable to the increased demand for thermoformed plastic products for packaging from the food and beverage industry. In the food packaging industry, thermoformed plastics are used in the manufacture of various grades of plastic containers. Flexible packaging is the preferred type of packaging for a range of food products. Thermoformed plastics have high flexibility and are thus ideal for the food packaging industry.
The key vendors in the global thermoformed plastics market include Anchor Packaging, Sonoco, Pactiv, Peninsula Packaging, and Placon. Vendors are shifting from injection molding to thermoforming process owing to reduced production costs and higher production speeds. The global economic growth is expected to translate into a rise in the demand for quality food packaging.
A more detailed analysis is available in the Technavio report, Global Thermoformed Plastics Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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