As stated in our extensive report; the Global Thermoformed Plastics Market accounted forUSD 13.1 Billionin 2021.
Only 10% of the global plastic waste (PW) created is recycled, making plastics a severe waste management issue. Plastics only make up 4%–6% of the world's consumption of fossil fuels, despite the fact that production costs are low due to the usage of fossil feedstocks. Plastics do not significantly deplete resources but pose a significant waste management challenge. Plastics quickly degrade into waste due to their poor value, which causes them to enter the environment eventually. Eight million tonnes of plastic garbage are thought to currently enter our oceans each year, with the ability to change this harmful waste material into something else.
Based on End-User, the Thermoformed Plastics Market is segmented intoFood & Agricultural Packaging, Consumer Goods & Appliances, Healthcare & Pharmaceutical, Construction, Electrical & Electronics, Automotive Packaging & Structures, and Others (Industrial & Aerospace). Furthermore, based on Plastic-Type the market is divided into PP, Polystyrene, PET, PE, PVC, ABS, and Bioplastics. In addition based on Thermoforming Type, the market is further divided into Vacuum Forming, Pressure Forming, and Mechanical Forming. Likewise, based on the Thickness, the market is segregated into Thin Gauge and Thick Gauge. Region-wise, the Global Thermoformed Plastics Market has been segmented into North America, Europe, North America, Latin America, and Middle East & Africa.
Government rules that are tight and improved awareness are the main market drivers. Since the Single-Use Plastics Directive and the publication of the new EU Commission's European Green Deal, which became increasingly important in 2020, the European Union has seen a significant dynamic. The fundamental elements of the European legislative framework for plastics are being updated right now. This creates new opportunities for the green packaging sector, which may be essential in achieving the European Union's aim of a resource- and carbon-efficient circular economy. In addition, the United States has adopted state-wide bans on plastic bags. Eight states have already passed legislation banning single-use plastic bags, and three more—California, Hawaii, and Oregon—will follow suit in 2020.
North America countries have made similar steps to prevent single-use plastics. In China, for instance, a systematic plan to abolish single-use plastics was established to outlaw non-biodegradable bags in all cities and towns by the year 2022, beginning with the largest ones. In addition, in recent years, a number of governments from different nations banned single-use plastics, which sped up the development of green packaging choices as an alternative to conventional packaging.
The adoption of green packaging solutions is expanding due to rising consumer and industry demand for sustainable products. This is due to a growing awareness of the environmental consequences and the need to lessen dependency on fossil fuels, in addition to the industry's continual advancements and discoveries in new materials with superior features and functionalities. Additionally, a lot of firms are switching to sustainable packaging by utilizing green packaging alternatives. For instance, Colgate uses recyclable toothpaste tubes. All this innovation and commitment from businesses and consumers to sustainable packaging solutions is predicted to drive the green packaging market throughout the anticipated timeframe.
North America Region to Take Over the Market
During the forecast period, the Thermoformed Plastics Market in North Americais anticipated to develop at the quickest rate. China, which has the largest economy in North America and is the main driver of the region's market, leads the worldwide market, which is dominated by the region. One of the economies in the world expanding the fastest in China. Nearly all end-user industries have grown due to rising per capita income, living standards, and population. According to a report published by the National Bureau of Statistics of China, 4.89 million tonnes of plastic were produced in China in 2019 compared to 6.12 million in 2020, which represents a significant percentage of global plastic production. Government must now concentrate on eco-friendly packaging options.
Stringent regulation and technological advancement will have a favorable impact on the overall Thermoformed Plastics Market.
Some of the key players in the Global Thermoformed Plastics Market include- Fabri-Kal Corp. (US), Berry Global Inc. (US), Genpak LLC, 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), Display Pack (US), Greiner Packaging (India), CM Packaging (US), Dongguan Ditai Plastic Products Co. Ltd. (China), Palram Americas Ltd. (US) and others.