Building & construction segment accounted for the largest share of the foam plastics market

Foam plastics are resins used in manufacturing polymer foams, which are used in various end-use industries such as building & construction, furniture & bedding, packaging, and automotive among others. The Foam plastics market size for is projected to grow from USD 51.6 billion in 2020 to USD 65.4 billion by 2025, at a CAGR of 4.8%. Foam plastics are largely used in building & construction, packaging, and furniture & bedding. The polyurethane segment is estimated to account for the largest share of the overall market due to its properties such as low heat conduction coefficient, low density, low water absorption, relatively good mechanical strength, and good insulating properties.

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Foam plastics are used to make foams used in the building & construction industry for forging, doors, roof board, and slabs. PU is the dominant resin used in the building & construction industry for insulation. It has low heat conduction coefficient, low density, low water absorption, and relatively good mechanical strength and insulating properties, which are helpful in the building & construction sector. The COVID-19 pandemic has affected various end-use industries, and almost all divisions of the supply chain continue to be affected, which also includes the construction industry. According to the National Association of Home Builders (NAHB), US, the GDP growth rate during the first two quarters is expected to be negative. This decline can be compared to the aftermath of the global performance of the 2008 Great Recession. However, the fourth quarter of 2020 is expected to be a rebound period.

Recent Developments

In February 2020, Huntsman Corporation announced that it completed the acquisition of Icynene-Lapolla, a leading North American manufacturer and distributor of spray polyurethane foam (SPF) insulation systems for residential and commercial applications. Huntsman acquired the business from an affiliate of FFL Partners, LLC, for USD 350 million, subject to customary closing adjustments, in an all-cash transaction funded from available liquidity.

APAC is the largest foam plastics market, globally.

APAC is the leading market for foam plastics. The growth in the region is fueled by the booming economies of China, India, Indonesia, and Vietnam. PU resin based foams are preferred choice in the building & construction industry in APAC. It is in high demand, as it is a low-cost material that provides low heat conduction coefficient, low density, low water absorption, relatively good mechanical strength, and good insulating properties. APAC is a rapidly developing region with growth opportunities for companies willing to invest in high-growth markets.

The key players profiled in the foam plastics market report are BASF SE (Germany), Covestro (Germany), Huntsman International LLC (US), The Dow Chemical Company (US), and Wanhua Chemical Group Co., Ltd. (China).

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Replacement of metals with plastics in automotive applications is driving the Black Masterbatches Market

The black masterbatches market size is estimated to be USD 2.4 billion in 2021 and is projected reach USD 3.0 billion by 2026, at a CAGR of 4.4 % between 2021 and 2026. . This growth is mainly supported by the increasing need for innovative and attractive plastic products from the packaging industry. Most of the polymer manufacturers have switched the processing method of plastics from compounding to masterbatch. This process is cost-effective and saves processing time as compared to compounded materials. American and European black masterbatch manufacturers are focusing on expanding their manufacturing facilities in emerging economies owing to cost-effective labor, low setup cost, tax benefits, and high demand for black masterbatch.

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Plastics provide superior mechanical, physical, thermal, and electrical properties than metals. Engineering plastics are widely used in various automotive components such as steering wheels, airbags, seatbelts, bumpers, and dashboards. Continuous innovation and demand for lightweight materials in the automotive industry are encouraging the replacement of metals with plastics. It is estimated that for every 10% reduction in the weight of vehicles, fuel efficiency can be increased by 7–8%. In addition, plastics offer better design, safety, and environmental sustainability than metals. Automotive and airplane manufacturers utilize lightweight plastics such as PP and PC for windows, hoods, and interior applications.

Plastics used in the manufacture of automotive components are PBT, PET, PVC, ABS, PA, PS, PC, and PE. Implementation of stringent regulations on vehicular emissions in developed nations has led to automobile manufacturers working on weight reduction of vehicles. As plastic is used for weight reduction in vehicles, the demand for plastics in the automotive industry is increasing rapidly. Black masterbatch is used in exterior applications such as vehicle bodies, bumper, headlamp lenses, body side protection strips, window sealing profiles, and tires in the automotive industry.

The APAC comprises major emerging nations such as China and India. Hence, the scope for the development of most industries is high in this region. The black masterbatches market is growing significantly and offers opportunities for various manufacturers. The APAC region constitutes approximately 61.0% of the world’s population, and the manufacturing and processing sectors are growing rapidly in the region. The APAC is the largest black masterbatches market with China being the major market which is expected to grow significantly. The rising disposable incomes and rising standards of living in emerging economies in the APAC are the major drivers for this market.

Key players in this market are LyondellBasell (US), Avient Corporation (US), Ampacet Corporation (US), Cabot Corporation (US), Plastika Kritis S.A. (Greece), Plastiblends India Ltd. (India), Hubron International (UK), Tosaf Group (Israel), and Penn Color, Inc. (US). The global and regional players have sizable shares in the black masterbatch market. The key players in the market are focusing on strategies, such as new product launches, partnerships & agreements, acquisitions, and expansions, to expand their businesses globally.

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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.

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.

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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.

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