Food Packaging Industry Credited for Projected Global Thermoformed Plastics Market Growth Through 2020
September 14, 2016
The global thermoformed plastics market is expected to grow at a CAGR of close to 5% during the period 2016-2020, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global thermoformed plastics market for 2016-2020. The report also presents the vendor landscape and corresponding detailed profiles of the five prominent vendors operating in the market.
According to Swapnil Tejveer Sharma, a lead analyst at Technavio for plastics, polymers, and elastomers research, “Unique properties such as easy moldability, fine surface, and excellent mechanical resistance make thermoformed plastics the preferred choice for applications such as food packaging, medical appliances, and consumer and commercial products across many industries.”
Technavio’s chemicals and materials research analysts segment the global thermoformed plastics market into the following regions:
In 2015, with a market share of approximately 45%, Americas dominated the global thermoformed plastics market, followed by EMEA with 33% and APAC with around 22%.
Americas: largest consumer of thermoformed plastics
The consumption of thermoformed plastics in the Americas is expected to exceed 2 million metric tons by 2020, growing at a CAGR of more than 5%. The region is the largest consumer of thermoformed plastics, with the US as the major consumer. Regulations to control emissions from vehicles and increased replacement of metal parts with engineering plastics are the major drivers for the market growth. In the Americas, a large proportion of thermoformed plastics are used in the packaging industry.
The growing population of the elderly in the US (14.5% of the US population is 65 years or older), increased use of disposable products, the importance of child-resistant and senior-friendly packaging, and the rise in tamper-evident packaging as well as contract packaging are the main factors driving the demand for thermoformed plastics in the Americas.
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EMEA: use of high-performance engineering plastics in automobiles to promote growth
The consumption of thermoformed plastics in EMEA is expected to reach 1.5 million metric tons by 2020, growing at a CAGR of close to 5%. The market for thermoformed plastics in EMEA is expected to grow steadily during the forecast period.
France, Germany, and the UK are the major consumers of thermoformed plastics in the region. The increased use of high-performance engineering plastics in automobiles and in electrical and electronics applications is propelling market growth in the region.
APAC: growth in the manufacturing sector to boost growth
The consumption of thermoformed plastics in APAC will exceed 986 thousand metric tons by 2020, growing at a CAGR of more than 4%. The market for thermoformed plastics is expected to post robust growth in APAC. The growth in the manufacturing sector, especially in developing economies such as China and India, will drive the market growth in the region. The electronic industry in APAC is expected to grow at 4.5%-5.5% during the forecast period.
Further, the rise in disposable incomes and changes in lifestyle are fostering the market for packaged foods in these countries, thereby increasing the consumption of thermoformed plastic food containers.
“However, the fluctuating cost of crude oil, the primary source of raw material for the production of thermoformed plastics, is a major challenge for manufacturers of thermoformed plastic products in the region,” says Swapnil.
The top vendors in the global thermoformed plastics market highlighted in the report are:
- Anchor Packaging
- Peninsula Packaging
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