Health & Beauty

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:

-Americas

-EMEA

-APAC

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:

-Anchor Packaging

-Sonoco

-Pactiv

-Peninsula Packaging

-Placon

More information:

www.technavio.com

((Comments on this story may be sent to newsdesk@closeupmedia.com))

THE DAILY VIEW

  • Alexandra Scarborough
    Papyrus Joins Forces with Designer Lela Rose

    Papyrus is looking to bring the “elegance and style” of fashion to its greeting cards via a new designer collaboration series.

    According to a release, the collaboration marks the first time a fashion design house and greeting card brand have joined forces to develop a custom greeting card collection.

    Papyrus said it is partnering with American fashion designer Lela Rose to introduce the series. Rose will feature her "sophisticated yet modern style" in the debut card and gift collection, slated to launch during New York Fashion Week. The collection will be available in New York City Papyrus stores and select retailers in September, with availability expanding to all Papyrus locations and retailers in October.

    "The fashion designer collaboration series is a celebration of the commitment Papyrus has to the arts, including a focus on the fashion industry, quality craftsmanship and trend-forward design," said Christy Kaprosy, President of Papyrus-Recycled Greetings. "We are delighted to have Lela Rose's elegant line lead the first Papyrus fashion designer collaboration program, and we are excited to bring more fashion designers to our loyal customers in the future."

    The company noted the collection, which draws inspiration from some of Rose's recent runway designs, consists of 16 cards and five gift accessories, including gift bags, gift tissue, roll wrap and a gift tag set. It also will be available online at papyrusonline.com

    "I'm thrilled to be the first designer to collaborate with Papyrus on their exclusive new fashion series," said Lela Rose. "This is a unique way to showcase our designs, silhouettes and prints, and extend the brand into a new category."

 

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