The global thermoformed plastics market size is expected to reach USD 16.28 billion by 2025 registering a CAGR of 4.9%, according to a new report by Grand View Research, Inc. Increasing demand for medical and pharmaceutical products globally, has been a major factor driving the market. Growing healthcare industry has also led to rising demand for thermoformed plastics. Rising demand in various application sectors including food packaging, automotive, healthcare & medical, electrical & electronics, construction, and consumer goods & appliances is projected to propel the market growth over the coming years.
Rapid industrialization and infrastructure development activities are anticipated to augment the market growth further. Thermoforming is a process where a sheet of plastic is heated to make it flexible and is then fabricated and molded in required shape. Different methods used for processing thermoformed plastics are thin gauge thermoforming, thick gauge thermoforming, plug assist forming, and vacuum snapback. Thin gauge thermoforming is projected to be the largest segment over the forecast period, in terms of revenue.
High labor cost and fluctuating raw material prices are major factors that may negatively impact the market growth. Asia Pacific is the fastest-growing regional market with potential growth opportunities. Rising demand from industries, such as automotive, medical, food packaging, construction, and pharmaceuticals, in this region is expected to boost the growth further. North America is expected to be the largest market over the next few years. Increasing number of manufacturers and suppliers of thin gauge thermoforming plastics, such as Placon, Vitalo, and Peninsula Plastics, in this region is anticipated to drive the market.
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Further key findings from the study suggest:
- The global thermoformed plastics demand exceeded 400 kilotons in 2018 and is expected to register a CAGR of 4.2% from 2019 to 2025
- Polypropylene (PP) emerged as the largest product segment in 2018 and is estimated to generate revenue of over USD 3.57 billion by 2025
- Polymethyl Methacrylate (PMMA) is expected to witness the fastest CAGR owing to its excellent flexibility and high resistance against UV light
- Thin gauge thermoforming is projected to be the largest process segment and is anticipated to witness moderate growth over the forecast years
- Food packaging was the largest application segment in 2018 and is projected to maintain its dominance due to increasing consumption of Ready-To-Eat (RTE) foods
- The food and medical packaging industry in Asia Pacific is projected to witness significant growth in future owing to various developments across major economies and increasing per capita income
- Key companies in the market including Pactiv LLC; D&W Fine Pack LLC; Genpak LLC; and Sonoco Plastics
Grand View Research has segmented the global thermoformed plastics market on the basis of product, process, application, and region:
Thermoformed Plastics Product Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
- Polymethyl Methacrylate (PMMA)
- Bio-degradable Polymers
- Polyethylene (PE)
- Acrylonitrile Butadiene Styrene (ABS)
- Poly Vinyl Chloride (PVC)
- High Impact Polystyrene (HIPS)
- Polystyrene (PS)
- Polypropylene (PP)
Thermoformed Plastics Process Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
- Plug Assist Forming
- Thick Gauge Thermoforming
- Thin Gauge Thermoforming
- Vacuum Snapback
Thermoformed Plastics Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
- Healthcare & Medical
- Food Packaging
- Electrical & Electronics
- Automotive Packaging
- Construction
- Consumer Goods & Appliances
- Others
