The market for Heavy Gauge and Thin Gauge Thermoformed Plastics is expected to grow at a CAGR of more than 7% during the forecast period. Major factors driving the market studied are the increasing demand for thin gauge thermoforming packaging products in the food and healthcare industry. Volatility in price and availability of raw materials is expected to hinder the growth of the market studied.
- North America is expected to dominate the global market during the forecast period.
- For Thin Gauge applications, food packaging industry has dominated the market, whereas consumer goods has dominated the Heavy Gauge applications and is expected to grow during the forecast period owing to the increasing consumption of Ready-To-Eat (RTE) foods and augmentation of industrialization and infrastructure development activities.
- The shifting focus towards the production of bio-derived, and recyclable polymers as alternatives to conventional petroleum-based polymers coupled with the adoption of state-of-the-art technologies is likely to provide an opportunity for the market in the coming years.
Key Market Trends
Food Packaging Application to Dominate the Thin Gauge Market
- Thin gauge thermoforming accounts for the largest segment, occupying almost three-fourth of the total market, owing to the wide applications in food and medical packaging industry.
- Thin gauge thermoformed plastics are used in food industry for meeting their packaging requirements. Asia-Pacific region is one of the largest markets in the food and retail sector, and hence the market for thin gauge thermoformed plastics market is widely driven by growth of food packaging industry.
- Thin gauge thermoformed plastic can be reused either in house or turned into plastic flakes and resold for other uses and due to its recyclable and disposable nature of packaging. It has more advantages in comparison to thick gauge ones. Hence, it has less concerns in terms of environmental regulations being imposed on the usage of plastic packaging products.
- Therefore, with increasing demand for food packaging, the market for thin gauge thermoformed plastics is also witnessing a robust growth.
Asia-Pacific Region to Witness the Highest Growth Rate
- Asia-Pacific region is expected to witness the highest growth rate during the forecast period.
- The rise in disposable incomes and changing consumer’s lifestyle is fostering the market for food packaged products in countries, such as China and India, which is augmenting the heavy gauge & thin gauge thermoformed plastics market.
- China is the most attractive market for polyethylene, a widely used raw material for thermoformed plastic, and is likely to be the principal driver for Asia-Pacific thermoformed plastics demand.
- Moreover, the surging demand from various other applications is also likely to further add to the consumption of heavy gauge and thin gauge thermoformed plastics in the region.
- The top players associated with this region include Anchor Packaging, Pactiv, Associated Packaging Technologies, Peninsula Packaging, Placon, Tegrant, Genpak and CM Packaging which focuses on the major markets such as Food Packaging, Medical, Consumer and Commercial Products, Electrical and Electronics and Automotive.
The global Heavy Gauge and Thin Gauge Thermoformed Plastics market is fragmented. The major companies include Pactiv LLC, Sonoco Products Company, D&W Fine Pack, Genpak, LLC, and Brentwood Industries, Inc., among others.
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