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Thermoforming Plastic Global Market Projected to Reach $70.85 Billion by 2028: Driven by Consumer Durables and Technological Innovations
Global Thermoforming Plastic Market
Dublin, April 10, 2024 (GLOBE NEWSWIRE) -- The "Thermoforming Plastic Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global thermoforming plastic market has shown significant growth, expanding from a valuation of $48.76 billion in 2023 to a forecasted $52.13 billion in 2024 at a CAGR of 6.9%. This growth trajectory is expected to continue, with the market size reaching $70.85 billion by 2028, representing a CAGR of 8.0%. Factors contributing to this robust growth include rising consumer product demand, particularly in durable goods, and advancements in sectors such as medical, retail, and food packaging.
Key Drivers and Regional Insights
The market is experiencing dynamic growth due to the increasing need for consumer durables and a significant shift in the retail landscape towards e-commerce. The incorporation of innovative technologies, such as 3D printing for the development of thermoforming molds and templates, is also propelling the market forward. The Asia-Pacific region is identified as the fastest-growing region, with extensive market progress expected in the forecast period.
Expansion of Online Retail and Demand for Packaged Food
A surge in the online retail sector has greatly influenced the demand for reliable and secure packaging solutions, resulting in increased applications of thermoforming plastic. The packaging industry's role in preserving product integrity during the distribution process is critical, thus bolstering the market growth.
Technological Advancements and Strategic Industry Moves
Innovation remains at the forefront of market expansion with companies introducing cutting-edge solutions. Recent strategic acquisitions, such as Coral Products' acquisition of Alma Products, highlight the industry's foresight and commitment to catering to specialized market niches.
Application Spectrum and Materials
The versatility of thermoforming plastic is evident in its wide range of applications, from healthcare and medical to automotive and construction. The market utilizes a diverse array of materials, including polyethylene, polypropylene, polystyrene, and bio-degradable polymers, to meet varying industry requirements.
Market Composition and Value Definition
The market comprises high-impact polystyrene (HIPS) and polyethylene terephthalate sales. The published values represent 'factory gate' figures, denoting the value of goods sold directly from manufacturers or creators. The stated market values encompass the revenues businesses earn from their marketed goods and/or services within the specified market segment and geography. The global thermoforming plastic market is demonstrating unwavering growth with projections for continued expansion through 2028. This market enhancement is fueled by several pivotal drivers and is poised to deliver a wide array of opportunities for various industries and regions across the globe.
Key Attributes
Report Attribute | Details |
No. of Pages | 200 |
Forecast Period | 2024 - 2028 |
Estimated Market Value (USD) in 2024 | $52.13 Billion |
Forecasted Market Value (USD) by 2028 | $70.85 Billion |
Compound Annual Growth Rate | 8.0% |
Regions Covered | Global |
A selection of companies mentioned in this report includes, but is not limited to:
Amcor plc
Pactiv Evergreen Inc
Berry Global Inc.
Sonoco Products Company
Huhtamaki Global
Dart Container Corporation
Sabert Corp
D&W Fine Pack
Graham Packaging Company
Genpak LLC
S.D. International Pvt. Ltd
Europack Machines Pvt. Ltd
Zibo Tianheng Nano New Materials Technology Co. Ltd.
Shandong Top Leader Plastic Packing Co Ltd
Indu Thermoformers Pvt. Ltd
Dongguan DiTai Plastic Products CO. Ltd
Pulixin Packaging Materials
Plas Tech Ltd
Thermoform Ltd
Daventry Thermoforming Ltd
DS Smith
COEXPAN
Kiefel GmbH
Piovan Group
AD Plastik Group
FORTY
Ina Plastics
JV RosanPak Ltd
Silgan Plastics
Placon Corporation
Fabri-Kal Corp
Anchor Packaging
Sealed Air
Kruger Inc.
Mondi Group
Matritech S.A.C
ACEBRI
SABIC Innovative Plastics
Takween Advanced Industries Co
Al Wasl Pack
Mapal Plastics
Lovell Industries
Sasol Polymers
Berry Astrapak
Powerking Plastics
For more information about this report visit https://www.researchandmarkets.com/r/ac46u4
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