North America is expected to lead the thermoforming plastic market

The thermoforming plastic market size is growing due to the rising healthcare & pharmaceuticals and food & agriculture packaging industries and increasing manufacturing activities. The increasing popularity of retail shopping and rising consumer spending for processed & packed goods are fueling the demand for thermoforming plastic. Factors such as changing demographics and lifestyles have shifted the market toward e-retailing channels and convenient packaging, which in turn will drive the demand for thermoforming plastic. The thermoforming plastic industry is expected to grow from USD 34.8 billion in 2019 to USD 45.9 billion by 2024, at a CAGR of 5.7% during the forecast period.

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North America accounted for the largest share in the global thermoforming plastic market in 2018. Technological advancements in the packaging industry primarily drive the market in this region. The demand for thermoforming plastic will be driven by factors such as increasing electronic goods sales, high disposable income, increasing demand for packaged foods, and demographic changes. The region is characterized by continuous technological advancements in the thermoforming plastic industry with the presence of some key regional players such as Pactiv LLC, Sonoco Products Company, D&W Fine Pack LLC, Fabri-Kal Corporation and Dart Container Corporation.

The US is a key market in North America. The increasing demand for consumer durables will drive the market for in the U.S. as thermoforming plastic finds growing use in it. The demand for thermoforming plastic in the US is likely to witness robust growth during the forecast period, as a result of the rising trend of retail shopping.

Sabert Corporation (US) is one of the prime manufacturers of thermoforming plastic in the North American region. Sabeart Corporation is a leading manufacturer of innovative food packaging products and solutions for food distributors, restaurants & caterers, grocery stores, national food chains, and consumer entertaining. The company provides a variety of food packaging for displaying, serving, & storing fine food. The company also recycles plastics going to landfill in Riverside, CA facility. The main products provided by the company include Catering Collection Packaging, Green Collection Packaging, Hot Collection Packaging, Cold Collection Packaging, and Bakery Collection Packaging. It is involved in implementing business strategies such as expansion, and acquisition to increase its market share around the globe. For instance, in February 2018, Sabert Corporation expanded its manufacturing facility, located in Greenville, Texas, for manufacturing 100% compostable packaging made from plant-based materials. This helped the company to deliver more options to its customers.

The thermoforming plastic market comprises major solution providers, such as Fabri-Kal Corp. (US), Berry Global Inc. (US), Genpak LLC (US), Pactiv LLC (US), D&W Fine Pack LLC (US), Amcor Ltd. (Australia), Dart Container Corp. (US), Anchor Packaging (US), Sabert Corporation (US), Sonoco Products Company (US). The study includes an in-depth competitive analysis of these key players in the thermoforming plastic market, with their company profiles, recent developments, and key market strategies.

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Thermoforming Plastic Market- Global Opportunity, Growth Analysis and Outlook up to 2024

The thermoforming plastic market size is estimated to be USD 34.8 billion in 2019 to USD 45.9 billion by 2024, at a CAGR of 5.7% during the forecast period. The food industry represents the largest consumption group for thermoforming plastics. The key classifications found in the food & agriculture packaging industry include fresh produce, processed food, and non-perishables. As thermoforming plastic provides better protection from moisture, bacteria, and odor, it is ideal for packaging food for a more extended period. Blister packaging is the predominantly used type of thermoforming plastic in the medical sector, as it is easy to peel and convenient to handle. Moreover, pharmaceutical products require protection from moisture, leakage, microorganisms, and other environmental conditions, which is provided by blister packaging.

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In-mold labeling (IML) technology in the thermoforming market is has made the manufacturing process cost-effective. Now, companies are introducing new products with IML, especially in the European market. IML has enormous potential to penetrate in other regions as well. IML allows the manufacturers to save time and money by integrating the labeling process directly into the thermoforming process. This new technology of IML enables the thermoformers to save up to 20% in resin cost by light-weighting containers with IML. IML technology is a huge opportunity for thermoformers in the thermoforming plastic market.

PP-based thermoforming plastic is the fastest growing plastic in the plastic-type segment. This growth is attributed to the extensive use of this plastic in packaging applications such as food packaging, medical device packaging, and automotive packaging. The excellent strength to weight ratio, excellent energy management, resilient, good chemical resistance, and durability makes it an ideal choice for packaging applications.

Rising demand from emerging economies such as China, India, and Brazil is the potential opportunity in the market. The increase in per capita income, double-income families, industrialization, and technological advancements in manufacturing could lead to tremendous growth in the thermoforming plastic market in these countries. The rise in living standards and changes in lifestyles in developing countries contribute to the development of the convenience packaging market and consequently impact the thermoforming plastic market. According to the India Brand Equity Foundation (IBEF), the Indian healthcare sector is projected to progress at a 15% CAGR to reach USD 158.2 billion by 2017. However, the biggest challenge for market growth in compliance with stringent regulations for thermoforming plastic.

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The top players in the thermoforming plastic market have implemented various strategies in the market. For instance, in April 2018, Sonoco Products Company (US) acquired Highland Packaging Solutions (US), a leading manufacturer of thermoformed packaging for fresh fruits, vegetables, and eggs. This helped the company to expand its thermoforming packaging capabilities for fresh products. In September 2018, D&W Fine Pack LLC expanded its line of TamperSmart brand packaging. This was done to provide even more products with tamper-evident features. This helped the company to fulfill the growing demand for the grab-and-go sector of food packaging.

Geomembranes Market and Its Key Opportunities and Challenges

The Geomembranes Market is expected to grow from USD 2.2 billion in 2016 to USD 3.4 billion by 2021, at a compound annual growth rate (CAGR) of 9.2% during the forecast period. The increasing environmental awareness and demand for freshwater resources are triggering the use of geomembranes in the water management application, thereby driving the market.

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Market Dynamics
Driver: Growing level of environmental awareness
Geomembranes can efficiently prevent the leakage of poisonous fluids, harmful gases, among other pollutants at an affordable cost, which reduces damage to the environment. It is widely used in various landfill sites all over the world, owing to its stability and safety during use on landfill sites.

Restraint: Fluctuating prices of raw materials
The primary raw material required to manufacture geomembranes are HDPE, LDPE/LLDPE, PVC, PP, EPDM, and others. The price and availability of the aforementioned raw materials are directly dependent on crude oil. The prices of materials such as polyethylene and propylene are very volatile, making the price of end products inconsistent.

Opportunity: Development of resilient geomembranes to sustain in harsh operational conditions
Geomembranes are vital products in protecting water from hazardous solid and liquid waste materials. These act as hydraulic barriers in the purification processes and also as a gas barrier, preventing air pollutants from escaping. They are used in the waste containment projects, landfills, leachate pads during mining, refineries, and many other applications.

Challenge: Dependency on government authorizatio
Geomembranes are mostly used in public projects such as mining, canals, reservoir, power plants, and others. These projects have involvement of various government organizations and some public-private partnerships (PPP). Such projects are highly prone to delays caused by slack in financial clearances, environmental approvals, and other approvals from the respective authorities.

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In 2015, North America was the leading geomembranes market. Geomembranes are used extensively in the waste management application in the region. Increased environmental awareness and initiatives related to environmental protection and the use of geomembranes for waste management have helped in the growth of the market. The US is the dominant market in North America.

The key players operating in the geomembranes market include GSE Environmental, LLC (US), Agru America, Inc. (US), Solmax International, Inc. (Canada), Atarfil SL (Spain), NAUE GmbH & Co. KG (Germany), Officine Maccaferri S.p.A (Italy), Colorado Lining International, Inc. (US), Firestone Building Products Company, LLC (US), Plastika Kritis S.A. (Greece), and Carlisle SynTec Systems (US).

Growing demand from the food packaging and pharmaceutical industry to drive the Thermoforming Plastic market growth

The thermoforming plastic market size is estimated to be USD 34.8 billion in 2019 to USD 45.9 billion by 2024, at a CAGR of 5.7% during the forecast period. The food industry represents the largest consumption group for thermoforming plastics. The key classifications found in the food & agriculture packaging industry include fresh produce, processed food, and non-perishables. As thermoforming plastic provides better protection from moisture, bacteria, and odor, it is ideal for packaging food for a more extended period. Blister packaging is the predominantly used type of thermoforming plastic in the medical sector, as it is easy to peel and convenient to handle. Moreover, pharmaceutical products require protection from moisture, leakage, microorganisms, and other environmental conditions, which is provided by blister packaging.

Download the PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=97181143

In-mold labeling (IML) technology in the thermoforming market is has made the manufacturing process cost-effective. Now, companies are introducing new products with IML, especially in the European market. IML has enormous potential to penetrate in other regions as well. IML allows the manufacturers to save time and money by integrating the labeling process directly into the thermoforming process. This new technology of IML enables the thermoformers to save up to 20% in resin cost by light-weighting containers with IML. IML technology is a huge opportunity for thermoformers in the thermoforming plastic market.

Rising demand from emerging economies such as China, India, and Brazil is the potential opportunity in the market. The increase in per capita income, double-income families, industrialization, and technological advancements in manufacturing could lead to tremendous growth in the thermoforming plastic market in these countries. The rise in living standards and changes in lifestyles in developing countries contribute to the development of the convenience packaging market and consequently impact the thermoforming plastic market. According to the India Brand Equity Foundation (IBEF), the Indian healthcare sector is projected to progress at a 15% CAGR to reach USD 158.2 billion by 2017. However, the biggest challenge for market growth is compliance with stringent regulations for thermoforming plastic.

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The top players in the thermoforming plastic market have implemented various strategies in the market. For instance, in April 2018, Sonoco Products Company (US) acquired Highland Packaging Solutions (US), a leading manufacturer of thermoformed packaging for fresh fruits, vegetables, and eggs. This helped the company to expand its thermoforming packaging capabilities for fresh products. In September 2018, D&W Fine Pack LLC expanded its line of TamperSmart brand packaging. This was done to provide even more products with tamper-evident features. This helped the company to fulfill the growing demand for the grab-and-go sector of food packaging.

Key Development Strategies Adopted by the Leading Players for the Growth of the Thermoforming Plastic Market.

The thermoforming plastic market size is growing due to the rising healthcare & pharmaceuticals and food & agriculture packaging industries and increasing manufacturing activities. The increasing popularity of retail shopping and rising consumer spending for processed & packed goods are fuelling the demand for thermoforming plastic. Factors such as changing demographics and lifestyles have shifted the market toward e-retailing channels and convenient packaging, which in turn will drive the demand for thermoforming plastic. The thermoforming plastic industry is expected to grow from USD 34.8 billion in 2019 to USD 45.9 billion by 2024, at a CAGR of 5.7% during the forecast period.

Over the past few years, companies have strengthened their position in the global thermoforming plastic market by adopting strategies such as new product launch, expansion, acquisitions, and partnership. From 2015 to 2019, acquisition and new product launch were the key strategies adopted by the market players to maintain growth in the global thermoforming plastic market. These strategies accounted for 38% and 33%, respectively, of the overall strategy adopted between 2015 and 2019. The market players concentrated mainly on consolidation through new product launch and expansion with the focus on increasing their market shares and enhancing their sustainability.

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The major manufacturers profiled in this report are, Fabri-Kal Corp. (US), Berry Global Inc. (US), Genpak LLC (US), Pactiv LLC (US), D&W Fine Pack LLC (US), Amcor Ltd. (Australia), Dart Container Corp. (US), Anchor Packaging (US), Sabert Corporation (US), Sonoco Products Company (US). These companies have adopted various organic and inorganic growth strategies. Some companies are also involved in horizontal integration to expand their presence in the market.  For instance, Sonoco Products Company Highland Packaging Solutions (US), Clear Lam Packaging, Inc. (US), and Peninsula Packaging Company (US) are some examples that have undertaken integration in the last three years to increase its market share in the food packaging industry.  

Pactiv LLC (US), Amcor Ltd. (Australia), and Dart Container Corp. (US) are the major players in the thermoforming plastic market. Pactiv LLC (US) is one of the leading companies and the largest contributor to the growth of the global thermoforming plastic market. As a part of its growth strategy, the company focused on production expansion to meet the requirements of end-use industries, globally. For instance, in March 2015, the company expanded its operations in Kinston, creating 59 new jobs in Lenoir County. The company invested more than USD 24 million in the expansion of the Kinston plant. This helped the company to increase its production capacity.

Amcor Ltd. (Australia) is the second-largest player in the thermoforming plastic market. The company is involved in improving its position in the value chain with particular emphasis on innovation, high value-added products, and services. The company is engaged in providing innovative and effective solutions for food packaging around the globe.  In September 2018, the company acquired Bemis Company Inc. (US), creating the global leader in packaging. This helped the company to increase its packaging operations in the US.

Related Reports:

Thermoforming Plastic Market by Plastic Type (PP, PS, PET, PE, PVC, Bio-plastics, ABS), Thermoforming Type (Vacuum Formed, Pressure Formed, Mechanical Formed), Parts Type (Thin Gauge, Thick Gauge), End-use Industry, and Region - Global Forecast to 2024