The growing demand for thermoformed plastics from the food packaging industry is one of the critical reasons that will drive the thermoformed plastics market. Thermoformed plastics are not only used to manufacture trays, cups, clamshells, and containers but also tri-fold packs and blister packs. These plastics are manufactured using polystyrene, PET, and polypropylene. The global packaging industry will continue to adopt thermoformed plastics as they are flexible and increase the shelf life of packaged foods and have high corrosion resistance, performance, and durability. The increasing consumption of food and beverages and the rising population will further drive the growth of the market during the forecast period. analysts have predicted that the thermoformed plastics market will register a CAGR of over 4% by 2023.
The rise in demand from the food packaging industry
One of the growth drivers of the global thermoformed plastics market is the rise in demand from the food packaging industry. Thermoformed plastics are widely used for packaging F&B, which is expected to drive the growth of the global thermoformed plastics market during the forecast period.
Volatility in raw material prices
One of the challenges in the growth of the global thermoformed plastics market is the volatility in raw material prices. Fluctuations in crude oil prices adversely affect the prices of fractional petroleum products and the production cost of thermoformed plastics.
For the detailed list of factors that will drive and challenge the growth of the thermoformed plastics market during 2019-2023, view our report.
The market appears to be highly fragmented and with the presence of several market players. Various vehicle manufacturers are increasingly focusing on light-weighting vehicles due to regulatory bodies such as the EPA and the EU implement stringent regulations on fuel emissions. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
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