Technavio: Global Thermoformed Plastics Market to Witness Growth Through 2020 Owing to Application in Food Packaging Industry
Technavio's latest report revealed that the global thermoformed plastics market is expected to grow at a CAGR of close to 5 percent during the period 2016-2020.
According to a release, in this report, Technavio covers the market outlook and growth prospects of the global thermoformed plastics market for 2016-2020. The report also presents the vendor landscape and corresponding detailed profiles of the five prominent vendors operating in the market.
According to Swapnil Tejveer Sharma, a lead analyst at Technavio for plastics, polymers, and elastomers research, "Unique properties such as easy moldability, fine surface, and excellent mechanical resistance make thermoformed plastics the preferred choice for applications such as food packaging, medical appliances, and consumer and commercial products across many industries."
Technavio's chemicals and materials research analysts segment the global thermoformed plastics market into the following regions:
In 2015, with a market share of approximately 45 percent, Americas dominated the global thermoformed plastics market, followed by EMEA with 33 percent and APAC with around 22 percent.
The consumption of thermoformed plastics in the Americas is expected to exceed 2 million metric tons by 2020, growing at a CAGR of more than 5 percent. The region is the largest consumer of thermoformed plastics, with the US as the major consumer. Regulations to control emissions from vehicles and increased replacement of metal parts with engineering plastics are the major drivers for the market growth. In the Americas, a large proportion of thermoformed plastics are used in the packaging industry.
The growing population of the elderly in the US (14.5 percent of the US population is 65 years or older), increased use of disposable products, the importance of child-resistant and senior-friendly packaging, and the rise in tamper-evident packaging as well as contract packaging are the main factors driving the demand for thermoformed plastics in the Americas.
The consumption of thermoformed plastics in EMEA is expected to reach 1.5 million metric tons by 2020, growing at a CAGR of close to 5 percent. The market for thermoformed plastics in EMEA is expected to grow steadily during the forecast period.
France, Germany, and the UK are the major consumers of thermoformed plastics in the region. The increased use of high-performance engineering plastics in automobiles and in electrical and electronics applications is propelling market growth in the region.
The consumption of thermoformed plastics in APAC will exceed 986 thousand metric tons by 2020, growing at a CAGR of more than 4 percent. The market for thermoformed plastics is expected to post robust growth in APAC. The growth in the manufacturing sector, especially in developing economies such as China and India, will drive the market growth in the region. The electronic industry in APAC is expected to grow at 4.5 percent-5.5 percent during the forecast period.
Further, the rise in disposable incomes and changes in lifestyle are fostering the market for packaged foods in these countries, thereby increasing the consumption of thermoformed plastic food containers.
"However, the fluctuating cost of crude oil, the primary source of raw material for the production of thermoformed plastics, is a major challenge for manufacturers of thermoformed plastic products in the region," said Swapnil.
The top vendors in the global thermoformed plastics market highlighted in the report are:
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THE DAILY VIEW
Tea Forté Introduces ‘Matcha’ Collection
Convenience meets tradition in Tea Forté’s new Ceremonial Matcha Bowl Set and the Matcha Single Steeps.
The company said its spring harvested, shade grown, stone ground, organic matcha tea is best served in a centuries-old Japanese tea ceremony called chanoyu: a preparation technique known for its centering meditative qualities.
"The launch of Tea Forté's Matcha collection represents our continued commitment to wellness and cultivating all the potential mental and physical health benefits of tea," says Tea Forté CEO Michael Gebrael. "In addition to our high quality Pure Matcha, we've also blended four distinct flavored Matcha varieties. Prepackaged in pouches measured out for a single serving, our Single Steeps Matcha is ideal for the office, travel, or to keep with you for a boost anytime."
Tea Forté noted its handcrafted ceremonial tea bowl, handmade bamboo whisk and measuring ladle “encourages serene enjoyment of our premium Kosher, gluten-free and vegan matcha blends.” These include: Pure Matcha, Chocolate Matcha, Coconut Matcha, Ginger Matcha, and Chai Matcha.
According to a release, in addition to its distinctive taste, matcha is prized for its health benefits. Steeped green tea contains only the antioxidants that can be extracted in water, while with matcha, the whole leaf is consumed.
Available now in select stores and online at teaforte.com.
Expedia.com has released a year-end look at U.S. traveler behavior and trends for 2017, analyzing data to identify the most in-demand destinations, hotels, activities and more.
Among other insights, the roundup revealed:
- Labor Day was the busiest weekend for car rental
- Disney Theme Parks topped the list of things to do
- The average hotel stay was two nights
- Top destinations based on 2017 air travel included major global cities like New York, London and Bangkok
- Popular tourist destinations included Orlando, Cancun and Las Vegas