The Thermoforming Plastics Market is expected to grow at > 6.1% during 2021-2026, according to a report from Stratview Research.
COVID-19 pandemic – Boon or a Curse to the industry?
The outbreak of COVID-19 has severely impacted several industries across the world. Tough government measures such as lockdown of major economies, has pressed the ‘pause button’ for most of the industries. For most of the industries, the revenue has gone down in 2020 and has resumed an uptrend gradually from 2021.
Key insights on Thermoforming Plastics Market
Thermoforming Plastics Market is likely to witness a promising CAGR of 6.1% during the forecast period. Rapidly increasing demand for thermoforming plastic foam from food packaging and healthcare and pharmaceutical industries is likely to give a thrust to the material’s long-term demand. The increasing popularity of retail shopping and rising consumer spending for processed & packaged goods are fueling the demand for thermoforming plastics. 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 plastics.
North America is estimated to be the largest market during the forecast period, with the USA offering lucrative growth opportunities. This growth can be attributed to the region’s implacable drive towards new technology adoption and advancement. Some of the prime factors driving the region’s market are increasing electronic goods sales, high disposable income, increasing demand for packaged foods, and demographic changes. Another key factor creating a spur in the market is the continuous demand for consumer durables, coupled with a rising trend of retail shopping in the USA. Europe and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.
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Market Scope & Market Segmentation
Thermoforming Plastics Market Share: By End-Use Industry Type
Based on the end-use industry type, the thermoforming plastics market is segmented as food & agriculture packaging, consumer goods & appliances, healthcare & pharmaceutical, construction, electrical & electronics, automotive packaging & structures, and others. The food & agriculture packaging segment held the largest share of the market in 2020, and is expected to remain dominant during the forecast period owing to the huge demand for packaged and branded products. Using safe packaging materials, thermoforming plastic provides better protection during transportation, leading to their preference in the food & agriculture packaging industry.
Thermoforming Plastics Market Share: By Plastic Type
Based on the plastic type, the thermoforming plastics market is segmented as polypropylene, polystyrene, polyethylene terephthalate, polyethylene, poly vinyl chloride, bio-plastics, acrylonitrile-butadiene-styrene, and others. The propylene or PP segment is expected to assert its supremacy in the market till 2026. Key advantages such as excellent strength-to-weight ratio, stellar energy management, outstanding chemical resistance, and good durability make it an ideal choice for packaging applications.
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Which key questions will this report answer?
This market research report focuses to deliver relevant information regarding the market trends, structure and growth during the forecast period of 2020-2025. It also offers insights into different market segments and other factors affecting the market.
Some of the key questions answered by the report are:
Stratview Research’s reports are generated after accumulating data from various authenticated sources. > 10 primary interviews with industry experts are conducted by us for every report. Insights gained from primary interviews, in-depth analysis of company statements and annual reports, accompanied by a number of articles, whitepapers, and reports help us to connect the dots and triangulate the market in the most effective manner.
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