Europe is estimated to account for the largest share of the market in 2019. North America led the thermoforming plastic market in 2018 due to the high demand of thermoformed structural parts and thermoformed packaging from automotive, food & agriculture packaging, consumer goods & appliances and healthcare industries in this region. The demand for thermoforming plastic will be driven by factors such as increasing electronic goods sales, high disposable income, increasing demand for packaged foods, and demographic changes. North America is home to some of the prominent thermoforming plastic manufacturers such as Pactiv LLC, Sonoco Products Company, D&W Fine Pack LLC, and so on. Technological advancements in the packaging industry primarily drive the market in this region.

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The thermoforming plastic market is projected to grow from USD 34.8 billion in 2019 to USD 45.9 billion by 2024, at a CAGR of 5.7% between 2019 and 2024. The thermoforming plastic industry is growing due to the rising healthcare & pharmaceuticals and food & agriculture packaging industries and increasing manufacturing activities. The increasing popularity of retail shopping and rising consumer spending for processed & packed goods are fuelling the demand for thermoforming plastic. 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 plastic.

The US is a key market in North America. The increasing demand for consumer durables will drive the market for in the U.S. as thermoforming plastic finds growing use in it. The demand for thermoforming plastic in the US is likely to witness robust growth during the forecast period, as a result of the rising trend of retail shopping.

The food & agriculture packaging end-use industry is expected to be the largest consumer of thermoforming plastic, globally.
Thermoforming plastic finds application in food & agriculture packaging, healthcare & pharmaceutical, construction, electrical & electronics, automotive packaging & structures, consumer goods & appliances, and others. Food & agriculture packaging industry dominated the thermoforming plastic market in terms of value in 2018. This growth is attributed mainly to the huge demand for packaged and branded products. Thermoforming plastic provides better protection during transportation and uses safe packaging materials; hence, they are preferred in the food & agriculture packaging industry.

Fabri-Kal Corp. (US), Berry Global Inc. (US), Genpak LLC (US), Pactiv LLC (US), D&W Fine Pack LLC (US), Amcor Ltd. (Australia), Dart Container Corp. (US), Anchor Packaging (US), Sabert Corporation (US), Sonoco Products Company (US) were some of the key players in the global Thermoforming Plastic market. These players have adopted various organic and inorganic developmental strategies over the past five years.