The thermoformed plastics market share will post an incremental growth of 10,489.78 million, progressing at a CAGR of 5.28% during the forecast period. The 10,489.78 million will offer immense growth opportunities to market vendors. The market is fragmented, and the vendors are deploying growth strategies such as low-pricing strategies and strengthening the local customer base to compete in the market.
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The thermoformed plastics market is segmented by type (vacuum formed and pressure formed), application (food packaging, medical, consumer products, and others), and geography (APAC, North America, Europe, Middle East and Africa, and South America).
The growth of the thermoformed plastics market size in the vacuum-formed segment will be significant during the forecast period. Vacuum-formed thermoformed plastics are also used in a wide range of applications, including recreational vehicles, dunnage material handling trays and pallets, automotive aftermarket - interior/exterior, fitness equipment, and others.
APAC is estimated to contribute 39% to the growth of the global market during the forecast period. The growth of the market in APAC can be attributed to end-user industries such as the packaging and automotive industries in China, India, Indonesia, South Korea, and Japan.
The diverse applications of thermoformed plastics will directly influence the sales of the thermoformed plastics market. In addition, the use of recycled plastics in thermoform packaging applications is one of the major thermoformed plastics market trends that will positively impact the market growth. However, factors such as the threat of substitutes will hamper the thermoformed plastics market growth.
The market is fragmented due to the presence of several players. Some of the major thermoformed plastics market vendors are Allied Plastics Inc., Amcor Plc, Anchor Packaging LLC, Berry Global Inc., Brentwood Industries Inc., Coveris Management GmbH, D and W Fine Pack, Dart Container Corp., Dordan Manufacturing Co., Fabri Kal Corp., Greiner Packaging International GmbH, JJR ENGINEERING and FABRICATION, Lindar Corp., Penda, Placon Corp., Reynolds Group Ltd., Sabert Corp., Sonoco Products Co., The Jim Pattison Group, and Winpak Ltd.
To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions.
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Precise market size estimation during the forecast period 2023-2027.
CAGR of the thermoformed plastics market forecast during 2023-2027.
Market-level data on units, average selling prices, and values of the thermoformed plastics market share.
Prediction of the upcoming trends, drivers, and factors that challenge the growth of the thermoformed plastics market.
Thermoformed plastics industry growth across APAC, North America, Europe, Middle East and Africa, and South America.