The global thermoformed plastics market size is expected to reach USD 17.9 billion by 2027, according to a new report by Radiant Insights, Inc., registering a CAGR of 4.9% over the forecast period. Increasing demand for medical and pharmaceutical products globally has been a major factor driving market growth. In addition, advancements in the healthcare industry has led to a rising demand for thermoformed plastics.
Rising product demand in various application sectors including food, healthcare, and medical packaging; automotive; electrical and electronics; construction; and consumer goods and appliances owing to its cost-effectiveness is projected to drive the market in the coming years. Rapid industrialization, increase in infrastructural activities, and advancements in medical activities is anticipated to drive the market growth over the forecast period.
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Thermoforming is a process where a sheet of plastic is heated to make it flexible after which it is fabricated and molded in the required shape to make it fit for use. Different methods used for processing thermoformed plastics are thin gauge thermoforming, thick gauge thermoforming, plug assist forming, and vacuum snapback. Thin gauge thermoforming was the largest segment in 2019 with a market share of over 60.0% in terms of revenue.
Asia Pacific is projected to be the fastest-growing market in terms of value over the forecast period. Rising demand from industries such as automotive, medical, food packaging, construction, and pharmaceutical in this region is expected to boost the market in the coming years.
North America is expected to register a significant growth rate in terms of both value and volume over the forecast period. The presence of several manufacturers and suppliers of thin gauge thermoforming plastics in the region such as Placon, Vitalo, and Peninsula Plastics is anticipated to drive the regional market growth. On the other hand, high labor cost and fluctuation of raw material prices are the major factors which negatively impact the overall market growth.
Further key findings from the report suggest:
• The global demand for thermoformed plastics was estimated at 428.8 kilotons in 2019 and is expected to register a CAGR of 4.2% from 2020 to 2027 owing to the rapidly increasing demand for packaging from various sectors
• Polypropylene emerged as the largest product segment in 2019 and is estimated to generate a revenue of over USD 3.9 billion by 2027 as it is cost-efficient and offers high chemical resistance
• Polymethyl methacrylate (PMMA) is expected to be the fastest-growing product segment owing to its extensive flexible properties and high resistance to UV light
• The automotive packaging segment stood at 41.4 kilotons in 2019 and is expected to register a CAGR of 4.8% over the forecast period. Thermoformed plastics are preferred for automotive packaging since they are lightweight, highly durable, and offer high chemical resistance
• Food packaging was the largest application segment in 2019 and is projected to grow at a moderate rate over the forecast period owing to increasing consumption of ready-to-eat food products
• The food packaging and healthcare and medical segments in Asia Pacific are projected to register a high demand for thermoformed plastics over forecast period owing to various developments across major economies and increasing per capita income
• Key players such as Pactiv LLC, D&W Fine Pack LLC, Genpak LLC, and Sonoco Plastics collectively accounted for a significant share of the total thermoformed plastics market volume in 2019.
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Table of Contents
Chapter 1. Methodology and Scope
1.1. Information Procurement
1.1.1. Purchased Database
1.1.2. Radiant Insights, Inc. Internal Database
1.1.3. Secondary Sources & Third-Party Perspectives
1.1.4. Primary Research
1.2. Information Analysis
1.2.1. Data Analysis Models
1.3. Market Formulation & Data Visualization
Chapter 2. Executive Summary
2.1. Market Snapshot
Chapter 3. Thermoformed Plastics Market Variables, Trends & Scope
3.1. Market Lineage Outlook
3.1.1. Global Plastics Market Outlook
3.1.2. Global Thermoformed Plastics Market Outlook
3.2. Penetration & Growth Prospect Mapping
3.3. Industry Value Chain Analysis
3.3.1. Raw Material Trends
3.3.2. Major Raw Materials Analysis
3.4. Technology Trends
3.5. Regulatory Framework
3.5.1. Standard & Compliances
3.5.2. Safety
3.6. Market Dynamics
3.6.1. Market Driver Analysis
3.6.2. Market Restraint Analysis
Continued…
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Market SegmentationThe global thermoformed plastics market is segmented on the basis of the product, process, application, and region.Based on the product, the global thermoformed plastics market is segmented into polyethylene terephthalate (PET), polyethylene (PE), acrylonitrile butadiene styrene (ABS), polystyrene (PS), polyvinyl chloride (PVC), polypropylene (PP), polymethyl methacrylate (PMMA), high impact polystyrene (HIPS), and others.On the basis of the process, the global thermoformed plastics market is segmented into vacuum forming, pressure forming, heavy gauge (thick) thermoforming, thin thermoforming, plug assist, and others.The market is segmented on the basis of the application as healthcare & medical, food packaging, electrical & electronics, automotive packaging, construction, consumer goods & appliances, and othersAccess Report Details @ https://www.marketresearchfuture.com/reports/thermoformed-plastics-market-5821Regional AnalysisThe global thermoformed plastics market is segmented into five regions Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.The high demand for thermoformed plastics in various end-use industries such as healthcare, food & beverage, electrical & electronics, etc.
due to the growing trade of these products.The North American market is majorly driven by the high production and sales of food & beverage, medical & personal care products, and automotive.The rising demand for thermoformed plastics from food & beverage and pharmaceutical industries is the primary driver for the growth of the European market.The Middle East & Africa region is growing due to the expanding infrastructure and construction activities in this region.Competitive AnalysisSome of the manufacturers operating in the global thermoformed plastics market are Pactiv LLC (U.S.), Sonoco Products Company (U.S.), Spencer Industries Incorporated (U.S.), D Fine Pack LLC (U.S.), Brentwood Industries (U.S.), Genpak, LLC (U.S.), Placon (U.S.), Silgan Plastics (U.S.), Graham Packaging Company (U.S.), Wilbert Plastic Services, Inc. (U.S.).Market OverviewThermoformed plastics are made by heating a plastic sheet and converting it into a usable product.The global thermoformed plastics market share is segmented on the basis of the product into polyethylene terephthalate (PET), polyethylene (PE), acrylonitrile butadiene styrene (ABS), polystyrene (PS), polyvinyl chloride (PVC), polypropylene (PP), polymethyl methacrylate (PMMA), high impact polystyrene (HIPS), and others.
Polyethylene terephthalate is the leading segment of the thermoformed plastics market, due to their biocompatibility and consequent applications in various sectors such as food & beverage, pharmaceuticals, personal care, and others.
The shifting trend towards the use of PET over metals is likely to propel the market growth.
Polyethylene (PE) is the second largest segment and is expected to drive the market over the review period due to easy availability and biodegradability.
Moreover, the technological trends have resulted in products such as high impact polystyrene (HIPS) with properties such as good impact resistance, excellent machinability, dimensional stability, easy to glue and paint, and low cost which is anticipated to fuel the market growth.
