GLOBAL – Future market insight (FMI) report reveals that thermoforming machine market size to reach a valuation of US$961.0 million in 2022, and further expand at a CAGR of 4.3% from 2022 to 2032.
According to the report, the market is likely to reach US$1.5billion by 2032 with top 3 companies anticipated to hold 30-35% of the global market share by the end of 2022.
By operating type, the automatic segment is projected to create a growth opportunity of US$166.5 million during the forecast period.
Rising demand for automatic machines with the surging adoption of the latest technologies by end-use industries is projected to aid growth.
The thermoforming machines market accounts for around 1-2% of the global packaging machinery market, which was worth US$58 billion in 2021. According to FMI, the global market was valued at US$925.0 million in 2021.
Demand for horizontal machines in terms of orientation is projected to rise in the next decade and top 5 key players are set to hold around 25-30% of the global thermoforming machines market share by the end of 2022.
The report indicates that the rising demand for thermoformed packaging solutions is anticipated to augur well for the global market.
The surging need for packed products in the food and pharmaceutical industries is also estimated to augment sales of these machines.
Owing to the above-mentioned factors, the market is anticipated to expand 1.5 times the current value during the forecast period.
Compared to the 2015- 2021 demand outlook, which exhibited a CAGR of 3.2%, the market is expected to grow at a rapid pace in the forecast period owing to various advantages of these machines, including low cost and minimal carbon footprint, and easy-to-use features.
The rapid growth is also attributed to the increased use of thermoformed plastics as a metal replacement in medical devices, transportation, kiosks, aerospace and industrial equipment.
Besides, the high demand for packaged fruit juice, carbonated drinks, milk, and mineral water across the globe is likely to drive the market.
In addition, the expansion of Cosmetics Industry will also drive the growth as these machines are widely used to pack personal care and cosmetics items in the form of tubes or sachets.
As cosmetics need to be protected from damage, thermoformed packaging provides them with a long shelf life and can enhance their appearance.
According to findings released by Cosmetics Europe, in 2021, the combined market value of cosmetics and personal care products sold across Europe was approximately US$84 billion.
The increasing number of cosmetics companies worldwide are rapidly adopting unique packaging solutions to attract more customers, which would push growth in the global thermoforming machines market.
Additionally, manufacturers’ efforts to upgrade their product portfolio and automate their operations will greatly contribute to the growth of thermoformed machines market either directly or indirectly.
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