Thermoformed Plastics Market – Overview
Thermoformed Plastics are find usage in some of the end use application such as electrical & electronics, healthcare, automotive packaging, food packaging, and others. The Thermoformed Plastics Market is estimated to witness significant growth due to their superior stability along with excellent usage in numerous end use industries specifically in healthcare, electrical & electronics, automotive, and others. Food packaging is the leading application segment in 2016 and is predicted to retain their dominance owing to continuous expansion of packaging industry in developing countries. The factors attributed to the thermoformed plastics market growth are expanding automotive industry in emerging economies, rising expenditure on healthcare, and continuous growth of electrical & electronics industry. Moreover, rising per capita disposable income along with increasing spending on ready to eat food item has raised the consumption of packaging products which in turn has propelled the demand for thermoformed plastics over the forecast period.
Regionally, Asia Pacific is predicted to hold the leading Thermoformed Plastics Market share in 2016 which is followed by North America and further trailed by Europe. In North America the Thermoformed Plastics Market is projected to exhibit above average growth during the review period due to rising awareness regarding the benefits associated with product along with increased consumption in end use application in this region. Asia Pacific is estimated to witness substantial growth during the assessment period in Thermoformed Plastics Market owing to increasing application of Thermoformed Plastics in numerous end use application segment. In Asia Pacific, the demand for Thermoformed Plastics is anticipated to improve in various countries such as India, Japan, South Korea, Indonesia, the Philippines, Taiwan, and China on account of rising population along with shifting of manufacturing units for most of the major operating players in this region. In Europe, Thermoformed Plastics Market is expected to register moderate growth owing to shifting consumer preference towards the Thermoformed Plastics coupled with high adoption rate in food packaging, healthcare, construction, and automotive packaging application specifically in UK, France, Italy, Belgium, Germany, Poland, Spain, and Russia.
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Industry/ Innovation/ Related News:
March 2017- Patrick industries Inc, completed the acquisition of Indiana based Medallion Plastics, Inc. a manufacturer of custom thermoformed products and components. This acquisition helped company to expand their business and strengthen their position among thermoformed plastics manufacturers.
March 2017- Sonoco, a leading supplier of thermoformed plastics has completed the acquisition of Peninsula Packaging Company, one of the leading producer of thermoformed packaging for vegetables and fruit. This acquisition will help company to expand their thermoforming packaging capabilities.
November 2015- Kamco Industries Inc. expanded their thermoforming operations at their site in Morenci, Mich. This capacity expansion helped the company to meet the rising demand for thermoformed plastics across the globe.
The Thermoformed Plastics Report has analysed the degree of competition among the major producers in Thermoformed Plastics Market as well as sector growth and market scenario. The Global Thermoformed Plastics Market composed of extensive range of suppliers operating in the market which involves medium level and large scale suppliers. Some of the major players of Thermoformed Plastics which has strong hold in the market have shifted their focus towards growth association specifically by Asia Pacific as moderate level and high level suppliers belongs to this province specifically from South Korea, the Philippines, Malaysia, Japan, Australia, China, India, Taiwan, and Thailand. Furthermore, the major suppliers of Thermoformed Plastics are observed to follow various strategic plans to improve their product portfolio such as distribution agreements, joint ventures, mergers, product launches, strategic acquisition, and exclusive agreements. The major manufacturers in this market are anticipated to improve their manufacturing capacity of thermoformed plastics to meet the growing demand for Thermoformed Plastics across the globe.
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