Heavy Gauge & Thin Gauge Thermoformed Plastics Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Heavy Gauge & Thin Gauge Thermoformed Plastics Market Analysis
The global heavy gauge and thin gauge thermoformed plastics market was valued at USD 68,000 million in 2020 and is expected to reach USD 96,900 million by 2026, recording an estimated CAGR of over 5.5% over the forecast period, 2021-2026.
The market was negatively impacted by COVID-19 in 2020. Owing to the pandemic, various countries across the world imposed lockdown in 2020. Due to this, the ongoing construction projects, production activities, water treatment plants in many industries were halted. This had negatively affected the market demand in various applications. Additionally, most of the countries, like India, Italy, France, Poland, the United Kingdom, and South Africa, went into lockdown in 2020 affecting the production in various industries, thereby affecting the market studied. The spread of new variants may lead to disruptions in 2021 too. Globally, the heavy gauge and thin gauge thermoformed plastics consuming industries, like automotive, electrical and electronics, Industrial and machinery have been severely hit by the COVID-19 pandemic.
- Over the medium term, major factors driving the market studied are increasing demand from lightweight vehicles and electric vehicles, growing demand from food packaging industry, and accelerating usage in the pharmaceutical and medical sector.
- On the flipside, unfavorable conditions arising due to the COVID-19 outbreak and environmental problems related to plastic waste expected to hinder the growth of the market studied.
- Asia-Pacific is expected to dominate the global market during the forecast period.
- The thin gauge accounted for the largest market share. It is also expected to register the fastest CAGR over the forecast period. In the thin gauge applications, the food packaging segment accounted for the largest market share.
Heavy Gauge & Thin Gauge Thermoformed Plastics Market Trends
This section covers the major market trends shaping the Heavy Gauge & Thin Gauge Thermoformed Plastics Market according to our research experts:
Food Packaging Application to Dominate the Thin Gauge Market
- Thin gauge thermoformed plastics are used in the food industry for meeting their packaging requirements. As the global market is inching towards a growing culture of processed and packaged food due to various factors, such as growing population, increasing purchasing power, growing market for frozen food, and hectic life of the people, the market for thin gauge thermoformed plastics market is widely driven by the growth of food packaging industry.
- Food packaging dominates the overall market for thermoformed plastics in the world and is expected to do so through to the forecast period.
- There have been studies that indicated cucumbers when wrapped in plastic can last 11 days longer than unwrapped cucumbers. Similarly, bananas wrapped in plastic last 21 days longer than their unwrapped counterparts, and beef wrapped in vacuum plastic packaging with an oxygen barrier film lasts 26 days longer. Thus, such factors have led to an increased usage of packaging in the food industry, which is further driving the growth of the food packaging industry.
- Therefore, with increasing demand for food packaging (due to such factors) the demand for thin gauge thermoformed plastics market is also witnessing a growth simultaneously. The demand for processed and frozen food and packaging demand for the agriculture industry is further likely to increase with population growth, hectic life, and food culture, which, in turn, is expected to continue driving the growth of the thin gauge thermoformed plastic market.
- However, the type of food packaging material used is widely regulated by various national food and environmental agencies around the globe, which may serve as a restraint in terms of packaging material.
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.
- Due to its strength and other properties, heavy and thin gauge thermoformed plastics are highly preferred in various industries, including the electrical and electronics industry, automotive industry, medical and pharma packaging industry, etc. Additionally, thermoformed plastics are customized to desired levels of stiffness and hardness. China has the most extensive electronics production base, offering tough competition to upstream producers like South Korea, Singapore, and Taiwan. Electronic products, such as smartphones, OLED TVs, and tablets, among others, witnessed the highest growth in the consumer electronics segment of the market.
- Furthermore, the Indian packaging industry has made a mark with its exports and imports, thereby driving the technology and innovation growth in the country while adding value to various manufacturing sectors. The packaging industry plays the role of a catalyst in the growth of the market studied in India. Furthermore, the country has been exhibiting significant demand for packed food for the past few years. This scenario is expected to continue during the forecast period, thus, boosting the demand in the heavy gauge and thin gauge thermoformed plastics market.
- 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 Japanese food packaging industry witnessed major growth over the past decade, boosting the demand for heavy gauge and thin gauge thermoformed plastics. The revenue generated by the food industry in Japan increased from USD 131,616 million in 2010 to USD 138,488 million in 2019. Moreover, Japan is the third-largest package food market in the world after the United States and China. Retail sales in the Japanese packaged food market was estimated at USD 198.1 billion in 2020, representing a growth of 5.9% or USD 11 billion since 2016.
- Owing to the above-mentioned factors, the market for heavy and thin gauge thermoformed plastics in the Asia-Pacific region is projected to grow significantly during the study period.
Heavy Gauge & Thin Gauge Thermoformed Plastics Industry Overview
The market studied is highly fragmented with no single player holding a significant share. The key players in the market studied include Pactiv Evergreen, Berry Global Inc., Sonoco Products Company, Greiner AG, Anchor Packaging, and Silgan Plastics.
Heavy Gauge & Thin Gauge Thermoformed Plastics Market Leaders
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Sonoco Products Company
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Berry Global Inc.
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Anchor Packaging
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Greiner AG
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Pactiv Evergreen
*Disclaimer: Major Players sorted in no particular order
Heavy Gauge & Thin Gauge Thermoformed Plastics Market News
- In Sept 2021, Pactiv Evergreen signed an agreement to purchase Fabri-Kal, a leading provider of foodservice and consumer brand packaging solutions, for USD 380 million.
- In July 2020, Anchor Packaging LLC acquired Panoramic Inc., a prominent manufacturer of thermoformed products used for fresh food applications.
Heavy Gauge & Thin Gauge Thermoformed Plastics Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing Demand from Lightweight Vehicles and Electric Vehicles.
4.1.2 Growing Demand from Food Packaging Industry
4.1.3 Accelerating Usage in the Pharmaceutical and Medical Sector
4.2 Restraints
4.2.1 Unfavorable Conditions Arising Due to the COVID-19 Outbreak
4.2.2 Environmental Problems Related to Plastic Waste
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION
5.1 Application
5.1.1 Heavy Guage
5.1.1.1 Automotive and Transportation Parts
5.1.1.2 Consumer Goods
5.1.1.3 Electrical and Electronics
5.1.1.4 Industrial and Machinery
5.1.1.5 Packaging
5.1.1.6 Medical Equipment and Devices
5.1.1.7 Other Applications
5.1.2 Thin Guage
5.1.2.1 Medical Packaging
5.1.2.2 Food Packaging
5.1.2.3 Retail Packaging
5.1.2.4 Other Applications
5.2 Geography
5.2.1 Asia-Pacific
5.2.1.1 China
5.2.1.2 India
5.2.1.3 Japan
5.2.1.4 South Korea
5.2.1.5 ASEAN Countries
5.2.1.6 Rest of Asia-Pacific
5.2.2 North America
5.2.2.1 United States
5.2.2.2 Canada
5.2.2.3 Mexico
5.2.3 Europe
5.2.3.1 United Kingdom
5.2.3.2 France
5.2.3.3 Germany
5.2.3.4 Italy
5.2.3.5 Rest of Europe
5.2.4 Rest of the World
6. COMPETITIVE LANDSCAPE
6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%) Analysis**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Anchor Packaging Inc.
6.4.2 Berry Global Inc.
6.4.3 Brentwood Industries, Inc.
6.4.4 D&W Fine Pack
6.4.5 Genpak, LLC
6.4.6 Greiner Ag
6.4.7 Pactiv Evergreen
6.4.8 Peninsula Plastics Company Inc.
6.4.9 Placon
6.4.10 Silgan Plastics
6.4.11 Sonoco Products Company
6.4.12 SPENCER INDUSTRIES INCORPORATED
6.4.13 Fabri-Kal
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Innovative Product Applications
Heavy Gauge & Thin Gauge Thermoformed Plastics Industry Segmentation
The market is segmented by application and geography. By application, the market is segmented into heavy gauge and thin gauge. The report also covers the market size and forecasts for the heavy gauge and thin gauge thermoformed plastic market in 11 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of revenue (USD million).
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Heavy Gauge & Thin Gauge Thermoformed Plastics Market Research FAQs
What is the current Heavy Gauge and Thin Gauge Thermoformed Plastics Market size?
The Heavy Gauge and Thin Gauge Thermoformed Plastics Market is projected to register a CAGR of greater than 5.5% during the forecast period (2024-2029)
Who are the key players in Heavy Gauge and Thin Gauge Thermoformed Plastics Market?
Sonoco Products Company, Berry Global Inc., Anchor Packaging, Greiner AG and Pactiv Evergreen are the major companies operating in the Heavy Gauge and Thin Gauge Thermoformed Plastics Market.
Which is the fastest growing region in Heavy Gauge and Thin Gauge Thermoformed Plastics Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Heavy Gauge and Thin Gauge Thermoformed Plastics Market?
In 2024, the Asia-Pacific accounts for the largest market share in Heavy Gauge and Thin Gauge Thermoformed Plastics Market.
What years does this Heavy Gauge and Thin Gauge Thermoformed Plastics Market cover?
The report covers the Heavy Gauge and Thin Gauge Thermoformed Plastics Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Heavy Gauge and Thin Gauge Thermoformed Plastics Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Heavy Gauge and Thin Gauge Thermoformed Plastics Industry Report
Statistics for the 2024 Heavy Gauge and Thin Gauge Thermoformed Plastics market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Heavy Gauge and Thin Gauge Thermoformed Plastics analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
