Market Size of Heavy Gauge and Thin Gauge Thermoformed Plastics Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Heavy Gauge & Thin Gauge Thermoformed Plastics Market Analysis
The global heavy gauge and thin gauge thermoformed plastics market was valued at USD 68,000 million in 2020 and is expected to reach USD 96,900 million by 2026, recording an estimated CAGR of over 5.5% over the forecast period, 2021-2026.
The market was negatively impacted by COVID-19 in 2020. Owing to the pandemic, various countries across the world imposed lockdown in 2020. Due to this, the ongoing construction projects, production activities, water treatment plants in many industries were halted. This had negatively affected the market demand in various applications. Additionally, most of the countries, like India, Italy, France, Poland, the United Kingdom, and South Africa, went into lockdown in 2020 affecting the production in various industries, thereby affecting the market studied. The spread of new variants may lead to disruptions in 2021 too. Globally, the heavy gauge and thin gauge thermoformed plastics consuming industries, like automotive, electrical and electronics, Industrial and machinery have been severely hit by the COVID-19 pandemic.
- Over the medium term, major factors driving the market studied are increasing demand from lightweight vehicles and electric vehicles, growing demand from food packaging industry, and accelerating usage in the pharmaceutical and medical sector.
- On the flipside, unfavorable conditions arising due to the COVID-19 outbreak and environmental problems related to plastic waste expected to hinder the growth of the market studied.
- Asia-Pacific is expected to dominate the global market during the forecast period.
- The thin gauge accounted for the largest market share. It is also expected to register the fastest CAGR over the forecast period. In the thin gauge applications, the food packaging segment accounted for the largest market share.
Heavy Gauge & Thin Gauge Thermoformed Plastics Industry Segmentation
The market is segmented by application and geography. By application, the market is segmented into heavy gauge and thin gauge. The report also covers the market size and forecasts for the heavy gauge and thin gauge thermoformed plastic market in 11 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of revenue (USD million).
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Heavy Gauge and Thin Gauge Thermoformed Plastics Market Size Summary
The heavy gauge and thin gauge thermoformed plastics market is poised for significant growth, driven by increasing demand from various sectors such as automotive, electronics, and particularly the food packaging industry. The market experienced a downturn due to the COVID-19 pandemic, which disrupted production and halted projects globally. However, the recovery is expected to be bolstered by the rising need for lightweight and electric vehicles, as well as the expanding use of thermoformed plastics in the pharmaceutical and medical sectors. Despite challenges posed by environmental concerns related to plastic waste, the market is anticipated to grow steadily, with Asia-Pacific leading the charge due to its burgeoning consumer base and industrial activities.
The food packaging segment, especially in thin gauge applications, dominates the market, fueled by the global shift towards processed and packaged foods. This trend is supported by factors such as population growth, increased purchasing power, and the demand for convenience in daily life. The Asia-Pacific region, particularly countries like China and India, is witnessing rapid growth due to rising disposable incomes and changing lifestyles, which are driving the demand for packaged food products. The region's strong electronics production base and the significant role of the packaging industry in India further contribute to the market's expansion. Key players in the market, including Pactiv Evergreen and Berry Global Inc., are actively engaging in strategic acquisitions to enhance their market presence and capabilities.
Heavy Gauge and Thin Gauge Thermoformed Plastics Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Increasing Demand from Lightweight Vehicles and Electric Vehicles.
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1.1.2 Growing Demand from Food Packaging Industry
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1.1.3 Accelerating Usage in the Pharmaceutical and Medical Sector
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1.2 Restraints
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1.2.1 Unfavorable Conditions Arising Due to the COVID-19 Outbreak
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1.2.2 Environmental Problems Related to Plastic Waste
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1.3 Industry Value-Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION
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2.1 Application
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2.1.1 Heavy Guage
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2.1.1.1 Automotive and Transportation Parts
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2.1.1.2 Consumer Goods
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2.1.1.3 Electrical and Electronics
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2.1.1.4 Industrial and Machinery
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2.1.1.5 Packaging
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2.1.1.6 Medical Equipment and Devices
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2.1.1.7 Other Applications
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2.1.2 Thin Guage
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2.1.2.1 Medical Packaging
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2.1.2.2 Food Packaging
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2.1.2.3 Retail Packaging
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2.1.2.4 Other Applications
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2.2 Geography
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2.2.1 Asia-Pacific
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2.2.1.1 China
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2.2.1.2 India
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2.2.1.3 Japan
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2.2.1.4 South Korea
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2.2.1.5 ASEAN Countries
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2.2.1.6 Rest of Asia-Pacific
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2.2.2 North America
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2.2.2.1 United States
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2.2.2.2 Canada
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2.2.2.3 Mexico
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2.2.3 Europe
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2.2.3.1 United Kingdom
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2.2.3.2 France
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2.2.3.3 Germany
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2.2.3.4 Italy
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2.2.3.5 Rest of Europe
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2.2.4 Rest of the World
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Heavy Gauge and Thin Gauge Thermoformed Plastics Market Size FAQs
What is the current Heavy Gauge and Thin Gauge Thermoformed Plastics Market size?
The Heavy Gauge and Thin Gauge Thermoformed Plastics Market is projected to register a CAGR of greater than 5.5% during the forecast period (2024-2029)
Who are the key players in Heavy Gauge and Thin Gauge Thermoformed Plastics Market?
Sonoco Products Company, Berry Global Inc., Anchor Packaging, Greiner AG and Pactiv Evergreen are the major companies operating in the Heavy Gauge and Thin Gauge Thermoformed Plastics Market.
