Thermoformed Plastics Market Business Opportunities, Future Scope And Covid - 19 Impact By 2028
Global Thermoformed Plastics Market Overview
A thermoplastic, also known as
thermosoftening plastic is a material that is moldable in any desired shape or
size at a heightened temperature and solidifies when cooled. Thermoplastics are
usually shaped or reshaped using several polymer processing techniques ranging
from compression molding, injection molding, extrusion, to calendaring. Market
Research Future (MRFR) has recently studied the thermoformed plastics market to
provide a detailed analysis of the same over the forecast period of 2017-2023.
Thermoformed plastics have numerous
applications in major end-use industries such as food packaging, healthcare
& medical, automotive packaging, and electrical & electronics. Such a
wide range of applications is likely to push sizeable growth in the global thermoformed
plastics market. Elevated disposable income and a rise in the demand for the
packaging of instant processed foods is fueling growth to the global
thermoformed plastics market.
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Key
Players
Some of the distinguished players in the
global thermoformed plastics market include Pactiv LLC (U.S.), Sonoco Products
Company (U.S.), Spencer Industries Incorporated (U.S.), D&W 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.), and Wilbert Plastic Services,
Inc. (U.S.).
Further, high consumption of thermoformed
plastics in the automotive packaging industry owing to it being lightweight and
stronger is promoting the expansion of the thermoformed plastics market. These
properties have also enabled easier application in other consumer goods and
appliances. A tilting shift in favor of the usage of PET over metals is also
contributing to the ascension of the global thermoformed plastics market.
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Moreover, technological advancements have
led to the introduction of products with good impact resistance, dimensional
stability, excellent machinability, and lower cost. This is further driving the
global thermoformed plastics market during the forecast period.
Market
Segmentation
The global thermoformed plastics market has
been studied for various types of thermoformed plastics products, processes
used for the production of the same, multiple applications, and specific
regions. Different types of products coming under thermoformed plastics include
polyvinyl chloride (PVC), polypropylene (PP), polystyrene (PS), polyethylene
terephthalate (PET), polyethylene (PE), acrylonitrile butadiene styrene (ABS),
polymethyl methacrylate (PMMA), and high impact polystyrene (HIPS).
The different processes used for the
production of thermoformed plastics market include pressure forming, vacuum
forming, heavy gauge (thick) thermoforming, thin thermoforming, and plug
assist. On the other hand, thermoformed plastics have a broad scope of
application. Various end-user industries consuming thermoformed plastics
include food packaging, healthcare & medical, automotive packaging,
construction, electrical & electronics, as well as consumer goods &
appliances.
Detailed
Regional Analysis
Different regions have been analyzed for
the consumption and demand of thermoformed plastics. These regions include
North America, Asia Pacific, Latin America, Europe, and the Middle East &
Africa. Owing to a massive demand for thermoformed plastics in end-use
industries such as food & beverage, healthcare, electrical and electronics
is likely to drive the thermoformed plastics market in Asia Pacific. The APAC
region is expected to upscale at the fastest rate during the forecast period.
Japan, China, and India are expected to spearhead the country-specific market
for thermoformed plastics.
North America is likely to trail behind
Asia Pacific in terms of growth and capture the second largest share in the
global thermoformed plastics market. This can be attributed to higher
production and sales of food & beverages, medical products, and automotive.
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Similarly, Europe is expected to witness
sizeable growth for thermoformed plastics during the assessment period. A rise
in the demand for products from the food & beverage and pharmaceutical
industries are likely to drive the thermoformed plastics market in the region.
The Middle East & Africa is anticipated
to ascend at a significant rate during the assessment period. This can be
accredited to the expanding infrastructure and construction activities in the
region.
Industry
Update
July 2019: US-based Rohrer is a packaging
solutions provider that recently opened its thermoforming facility in Tijuana,
Mexico. This facility is conditionally operational while its official opening
is scheduled to take place in late 2019.
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