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The global thermoformed plastics market size is expected to reach USD 59.74 billion by 2027. The growing demand for in-mold labels in food packaging industries owing to its automated packaging techniques will spur opportunities for the market, mentioned in a report, titled “Thermoformed Plastics Market Size, Share & COVID-19 Impact Analysis, By Plastic Type (Polyethylene, Polypropylene, Polystyrene, Polyvinyl Chloride, Acrylonitrile butadiene styrene, Bio-degradable polymers), By Thermoforming Type (Vacuum Snapback, Thin Gauge Thermoforming, Thick Gauge Thermoforming, and Plug Assist Forming), By Application (Healthcare & Medical, Food Packaging, Electrical & Electronics, Automotive Packaging, Construction, Consumer Goods & Appliances), and Geography Forecast, 2020-2027.” The market size stood at USD 40.59 billion in 2019 and is predicted to exhibit a CAGR of 5.7% between 2020 to 2027.
Acquisition of Panoramic Inc by Anchor Packaging to Boost Growth
Anchor Packaging LLC, a major leader of food packaging announced that it has acquired Panoramic Inc, a leading manufacturer of thermoformed products used in fresh food applications, including bakery, produce, and confectionery based in Janesville, Wisconsin. The new development will help Anchor to position itself in the food industry owing to the diverse customer base of Panoramic. The emphasis on innovation, custom design, and velocity at Anchor Packaging will improve its business and prospects of becoming the biggest producer in the world. The acquisition is expected to broaden the offering of Anchor to attract bakery, produce, deli, and confectionery customers. Furthermore, it will also expand the capabilities to serve the needs of the customers, thus adding to the revenue of the company. The joint venture will benefit the companies in terms of opportunities, subsequently boosting the customer-centric innovative vision in the forthcoming years. Also, the new development is expected to create lucrative business openings for the market due to the growing demand for packaged food items.
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Stringent Environmental Regulations to Hamper Market Growth
The increasing environmental degradation including water pollution, soil degradation, solid waste pollution, chemical pollution, and reduced fossils due to the high use of plastics will create numerous problems for the market. The rising governmental policies and regulations to curb pollution will consequently restrict the adoption of plastics, in turn, hampering the growth of the market. The declined plastic production in developed nations owing to the stringent guidelines by governments. However, the growing use of thermoformed plastics in the automotive and construction industries will augur well for the market. Besides, the significant demand for ready-to-eat food will influence the healthy growth of the market.
Key Strategies Adopted by Main Companies to Reinforce Industry
The prominent players Fabri-Kal Corp., Pactiv LLC, Amcor Ltd., Berry Global Inc., and others are focused on product development, capacity enlargement, acquisition, and joint venture, and partnership to establish a strong foot in the market. For instance, Fabri-Kal announced that it has signed a partnership agreement with local companies for providing medical face shields during the pandemic, thus enhancing its presence and dominance in the market. Besides, the growing concentration on recycling by companies can have a tremendous impact on the market. For instance, in May 2020, Berry Global announced an innovative advanced recycling technology project with Mondelēz International.
The Report Lists the Main Companies in the Thermoformed Plastics Market:
Further Report Findings:
The Thermoformed Plastics Market is Segmented into:
Value (USD Billion); Volume (Million Ton)
Plastic Type; Thermoforming Type; Application; and Geography
By Plastic Type
By Thermoforming Type