Rising consumer spending for processed & packed goods are fueling the demand for thermoforming plastic

 

The thermoforming plastic market size is growing due to the rising healthcare & pharmaceuticals and food & agriculture packaging industries and increasing manufacturing activities. 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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Food & agriculture packaging industry dominated the thermoforming plastic market in terms of value in 2018. This growth is attributed mainly to the huge demand for packaged and branded products. Thermoforming plastic provides better protection during transportation and uses safe packaging materials; hence, they are preferred in the food & agriculture packaging industry.

North America is expected to lead the thermoforming plastic market

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, Sabert Corporation (US) and Dart Container Corporation.

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.

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High Speed Steels Market by End-Use Industry (Automotive Industry, Plastic Industry, Aerospace Industry, Energy Sector, Others) - Global Forecasts to 2021

The high speed steels market is projected to grow from USD 2.13 Billion in 2016 to USD 2.77 Billion by 2021, at a CAGR of 5.3% from 2016 to 2021. The growing demand for high speed steels to manufacture various cutting tools, such as tool bits, drills, taps, gear cutters, saw blades, planers, jointer blades, milling cutters, router bits, punches, and dies, among others is driving the growth of the high speed steels market, globally.
The report “High Speed Steels Market by Product Type (Metal Cutting Tools, Cold Working Tools, Others), End-Use Industry (Automotive Industry, Plastic Industry, Aerospace Industry, Energy Sector, Others), Region – Global Forecasts to 2021″.

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High speed steels are widely used in the automotive industry.

Among end-use industries, the automotive industry segment is projected to lead the high-speed steels market. In the automotive industry, high-speed steels are used for manufacturing pumps, valves, injectors, turbochargers, inserts, pistons, valve needles, valve balls, and valve seats, among others. High-speed steels based molds are used in the molding of plastics to form headlamps, tail lamps, and inner panels of automobiles. Growing automation in the automotive industry and rising demand for vehicles across the globe have boosted the demand for high-speed steels in the automotive industry.

Among product types, the metal cutting tools segment of the high speed steels market is projected to grow at the highest CAGR. The growth of this segment can be attributed to the fact that metal cutting tools made from high speed steels ensure effective manufacturing of critical and complex components with ease and utmost accuracy.

The Asia-Pacific high speed steels market is projected to grow at the highest CAGR during the forecast period, 2016 to 2021. The region is a major consumer of high speed steels, which are used in varied end-use industries, such as automotive, plastic, and aerospace, among others. The demand for high speed steels is increasing in various countries, such as Japan, China, India, and South Korea, among others of the Asia-Pacific region. In order to meet this growing demand for high speed steels, top manufacturers of high speed steels from the U.S. and Europe are focusing on the Asia-Pacific region to expand their businesses.

Hudson Tool Steel Corporation (U.S.), Sandvik Materials Technology AB (Sweden), Erasteel (France), Nachi-Fujikoshi Corporation (Japan), Daido Steel Co., Ltd. (Japan), Friedr. Lohmann GmbH (Germany), Kennametal Inc. (U.S.), Voestalpine AG (Austria), ArcelorMittal S.A. (Luxembourg), and ThyssenKrupp AG (Germany), among others, are the key companies operating in the high speed steels market. These players, with a wide market reach and established distribution networks, are investing increasingly in research & development activities for the development of new grades of high speed steels. They also have strong technical and market development capabilities, which enable them to upgrade their existing products for new applications.

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