Low cost and high efficiency of thermoformed plastic products as compared to plastic packaging are expected to drive the growth of the U.S. thermoformed plastic packaging over the projected period.
Dallas, United States - December 15, 2021 /MarketersMedia/ —
Thermoformed plastic is obtained from heating plastic sheet which forms a specific shape in a mold. The plastic is then further trimmed to obtain a usable product. Thermoformed plastic is used across various industries like food & agricultural packaging, consumer goods & appliances, healthcare & pharmaceutical, construction, electrical & electronics, automotive packaging & structures, and other industries like aerospace driving. Advances in these end-use industries are fostering growth in the US thermoformed plastic packaging market. The US thermoformed plastic packaging market size is projected to reach nearly USD 16.2 billion in 2028.
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Owing to benefits such as lighter weight built and superior strength, low tooling costs, high-speed production, wider design scope, cost-effectiveness, thermoformed plastic is experiencing rapid adoption as opposed to traditional packaging materials, thus fostering progress in the US thermoformed plastic packaging market.
However, growing regulatory restrictions for not using plastic, environmental impact are the key factors acting as major factors limiting the growth of US thermoformed plastic packaging Market. Conversely, the growing retail sector in the form of supermarkets, convenience stores, and hypermarkets, increasing demand for packaged products due to health awareness, consumer shifts from using unpacked food to packed food, changing lifestyle, lower cost of thermoformed plastic than plastic products manufactured from injection molding are anticipated to be growth opportunity to the US thermoformed plastic packaging Market.
The major players in the US thermoformed plastic packaging Market are The Visual Pak Companies, GY Packaging, PAX Solutions, First Choice Packaging, Lindar Corporation , Assemblies Unlimited, Inc., MJS Packaging, Production Materials, Inc., MCMILLANCO, LLC, Kiva Container, and Engineered Plastic Products among others. The companies have presence in over 100 countries and across the major geographic continents. They take advanced technology steps and innovative approaches to develop the thermoformed plastic, aligning with the needs of the US thermoformed plastic packaging industry.
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These companies dominate the market as they provide comprehensive products accomplishing quality, functionality, and reliability criteria driving their share in US thermoformed plastic packaging Market. The market players for market fortification are taking various strategic steps like Mergers and acquisitions, collaborations, product launches, and R&D activities to bring advancements in the products driving their performance in US thermoformed plastic packaging Market.
The US thermoformed plastic packaging Market is classified into PS, PET, PVC, ABS, PE, PP, and others based on material type. The US thermoformed plastic packaging Market is classified into living goods, food & beverage, healthcare, consumer electronics and others based on application. The PP thermoformed plastic material type segment accounted for the maximum market share of US thermoformed plastic packaging Market.
PP is used for preparing a wide range of products like including ropes, twine, carpets, clothing and others. The PP has waterproof properties which makes it much efficient in the marine sector. These are the key factors driving the growth of PP in thermoformed plastic packaging in the US thermoformed plastic packaging Market.
The presence of multinational firms like Visual Pak Companies, GY Packaging, PAX Solutions and others providing comprehensive and quality thermoformed plastic, growing industrialization, manufacturing, and other industrial activities requiring thermoformed plastic for better performance are boosting US thermoformed plastic packaging Market. Furthermore, consumer shifts from using unpacked food to packed food, changing lifestyle, lower cost of thermoformed plastic than plastic products manufactured from injection molding are driving growth in US thermoformed plastic packaging Market.
Report Scope:
Study Period: 2018 - 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Revenue forecast in 2028 : USD 16.2 billion
Growth Rate: CAGR of 4% during 2021-2028
Segment Covered :Application, Regions
Regions Covered: North America, Europe, Asia Pacific, South America, Middle East & Africa
Key Segments of the Global US thermoformed plastic packaging Market
Application Overview, 2018-2028 (USD Billion)
Polybutylene Terephthalate
Polyester
Plasticizers
Regional Overview, 2018-2028 (USD Billion)
North America
U.S.
Canada
Europe
UK
Germany
France
Rest of Europe
Asia Pacific
China
Japan
India
Rest of Asia-Pacific
Middle East and Africa
UAE
South Africa
Rest of Middle East and Africa
South America
Brazil
Rest of South America
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Adroit Market Research is an India-based business analytics and consulting company incorporated in 2018. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a market’s size, key trends, participants and future outlook of an industry. We intend to become our clients’ knowledge partner and provide them with valuable market insights to help create opportunities that increase their revenues. We follow a code– Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.
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Organization: Adroit Market Research
Website: https://www.adroitmarketresearch.com/industry-reports/us-thermoformed-plastic-packaging-market
Source: MarketersMedia
Release ID: 89056825
