Thermoformed Plastics Market To Report Exponential Growth, Revenue To Surge To US$ 13.98 Billion By 2022
With the presence of a large pool of participants, the global thermoformed plastics market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Pactiv LLC, D&W Fine Pack LLC, Tegrant Corporation, Peninsula CM Packaging, Placon Corporation, Anchor Packaging, Spencer Industries, Genpak LLC, and Sonoco Plastics Brentwood Industries are some of the key vendors of thermoformed plastics across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the thermoformed plastics market study.
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Citing an instance, in August 2018, Graham Partners – a private equity firm financing acquisitions, management-led buyouts, growth financings, and recapitalizations of privately held middle market companies – decided to invest in thermoformed packaging sector by selecting Nuconic Packaging LLC based in the U.S.
As estimated in this report, the global thermoformed plastics market stood at US$ 10.43 billion in 2016. Witnessing a tremendous rise during the period from 2017 to 2022, the revenue in this thermoformed plastics market is expected to reach US$ 13.98 billion by the end of the forecast period. The main products available in this thermoformed plastics market are Acrylics, Bio-Degradable Polymers, Polycarbonates, Acrylonitrile Butadiene Styrene (ABS), Polyethylene (PE), Polypropylene (PP), Polymethyl Methacrylate (PMMA), Polystyrene (PS), and Poly Vinyl Chloride (PVC). Among them, the demand for Polymethyl Methacrylate (PMMA) is relatively higher and the trend is anticipated to remain so over the next few years, notes the thermoformed plastics market research report.
Vast Spectrum Of Product Applications Across Myriad Sectors To Spur Growth
“Plethora of product applications in healthcare, food & beverage packaging, consumer goods, medicine, construction, and electrical & electronics sectors is likely to boost thermoformed plastics market trends over the coming years,” says the author of this study. Apart from this, massive demand for the product for manufacturing light-weight components of vehicle to enhance its fuel efficiency will contribute substantially towards thermoformed plastics market revenue in the upcoming years.
Fluctuations in the raw material costs and rise in the labor charges, however, are anticipated to impede the growth of thermoformed plastics market over the coming years.
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Huge Presence Of Manufacturers & Distributors To Succor Regional Growth
Regionally, North America has been leading the worldwide thermoformed plastics market and is anticipated to continue on the dominant position in the years to come, states the thermoformed plastics market study. Hectic work schedule, changing lifestyles, swift industrialization, high consumer demand, and flourishing packaging sector are the key factors behind the dominance of the North America thermoformed plastics market. The huge presence of manufacturers and distributors of thermoformed plastic products in North America is another significant factor that is supporting the growth of this regional thermoformed plastics market.
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