Thermoformed Plastics Market Share Potential Growth, Demand and Analysis Of Key Players- Research Forecast To 2030
Thermoformed Plastics Market Overview
The thermoformed plastics market size was estimated at USD 12.38 billion in 2020 and is expected to register a CAGR of 3.9% from 2021 to 2028.. 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 been studied to provide a detailed analysis of the same over the forecast period of 2022–2030.
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.).
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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.
Further, the 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.
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.
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).
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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.
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.
Thermoformed Plastics Industry Update
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 2022.
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