The thermoforming plastic market size is growing due to the rising healthcare & pharmaceuticals and food & agriculture packaging industries and increasing manufacturing activities. 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 thermoforming plastic industry is expected to grow from USD 34.8 billion in 2019 to USD 45.9 billion by 2024, at a CAGR of 5.7% during the forecast period.

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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.

North America is expected to lead the thermoforming plastic market

Technological advancements in the packaging industry primarily drive the market 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. The region is characterized by continuous technological advancements in the thermoforming plastic industry with the presence of some key regional players such as Pactiv LLC, Sonoco Products Company, D&W Fine Pack LLC, Fabri-Kal Corporation, Sabert Corporation (US) and Dart Container Corporation.

Sabert Corporation (US) is one of the prime manufacturers of thermoforming plastic in the North American region. Sabeart Corporation is a leading manufacturer of innovative food packaging products and solutions for food distributors, restaurants & caterers, grocery stores, national food chains, and consumer entertaining. The company provides a variety of food packaging for displaying, serving, & storing fine food. The company also recycles plastics going to landfill in Riverside, CA facility. The main products provided by the company include Catering Collection Packaging, Green Collection Packaging, Hot Collection Packaging, Cold Collection Packaging, and Bakery Collection Packaging. It is involved in implementing business strategies such as expansion, and acquisition to increase its market share around the globe. For instance, in February 2018, Sabert Corporation expanded its manufacturing facility, located in Greenville, Texas, for manufacturing 100% compostable packaging made from plant-based materials. This helped the company to deliver more options to its customers.

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