Thermoformed Plastics Market
The global thermoformed plastics market size is expected to reach USD 59.74 billion by 2027, exhibiting a CAGR of 5.7% during the forecast period. The growing awareness about hygienic packaged food products is expected to foster healthy growth of the market, states Fortune Business Insights, in a report, titled “Thermoformed Plastics Market Size, Share & Industry Analysis, By Plastic Type (Polyethylene, Polypropylene, Polystyrene, Polyvinyl Chloride, Acrylonitrile butadiene styrene, Bio-degradable polymers), By Thermoforming Type (Vacuum Snapback, Thin Gauge Thermoforming, Thick Gauge Thermoforming, and Plug Assist Forming), By Application (Healthcare & Medical, Food Packaging, Electrical & Electronics, Automotive Packaging, Construction, Consumer Goods & Appliances), and Geography Forecast, 2020-2027.” The market size stood at USD 40.59 billion in 2019.
Thermoformed plastics are highly versatile and offer several advantages, including cost efficiency, lightweight properties, and design flexibility. These attributes make them an attractive choice for a wide range of applications. The market is segmented based on material type, process type, application, and region:
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The Report Lists the Main Companies in the Thermoformed Plastics Market:
- Fabri-Kal Corp. (U.S.)
- Pactiv LLC (U.S.)
- Amcor Ltd. (Australia)
- Berry Global Inc. (U.S.)
- D&W Fine Pack LLC (U.S.)
- Genpak LLC (U.S.)
- Dart Container Corp. (U.S.)
- Sabert Corporation (U.S.)
- Anchor Packaging (U.S.)
- Sonoco Products Company (U.S.)
- M. Packaging (Netherlands)
- Other Key Players
The report on the thermoformed plastics market emphasizes:
- Wide-ranging analysis of the market
- Valuable insights into the regions
- Key market trends and drivers
- Severe impact of COVID on the industry
- Significant about prominent players
Market Driver:
Significant Demand for Packaged Food to Enable Growth
The thermoformed plastics market has witnessed substantial growth in recent years, driven by advancements in manufacturing processes, increased demand across various industries, and a heightened focus on sustainable materials. Thermoforming, a process that involves heating a plastic sheet and molding it into a specific shape, is widely used across industries such as packaging, healthcare, automotive, and construction. The global market for thermoformed plastics is poised for significant expansion, with innovations and environmental concerns shaping its trajectory.
The increasing demand for packaged food owing to the evolving habits of consumers will foster the healthy growth of the market. The increasing income and expenditure are factors expected to contribute positively to the market growth. The high-barrier properties, extended shelf-life, contamination prevention of thermoformed plastics make it suitable for food packaging, thus boosting the growth of the market. Moreover, the growing need for sturdy packaging in convenience foods products will spur demand for such plastics. The surging population has resulted in increasing food production to cater to the needs of consumers, in turn aiding the growth of the market. The increasing urbanization in rural areas will have a positive effect on the market. The infrastructural development and technological advancements in packaging techniques will bolster the significant growth of the market.
Key Growth Drivers
1. Rising Demand in Packaging
Packaging is the largest application segment for thermoformed plastics, driven by the food and beverage industry. Thermoformed plastic trays, clamshells, and containers are widely used for their durability, transparency, and ability to maintain the freshness of products. The growing demand for ready-to-eat meals and convenience foods further fuels this trend.
2. Expanding Healthcare Sector
In the healthcare industry, thermoformed plastics are used for medical device packaging, surgical instrument trays, and diagnostic equipment. The increased need for sterile and durable packaging solutions, especially during the COVID-19 pandemic, has amplified the demand for thermoformed plastics in this sector.
3. Automotive Applications
Thermoformed plastics are gaining traction in the automotive industry due to their lightweight nature, which contributes to fuel efficiency. Applications include interior panels, dashboard components, and protective covers. The shift towards electric vehicles (EVs) is expected to further boost the adoption of thermoformed plastics.
4. Sustainability Initiatives
The push for sustainable materials has led to the development of bio-based and recyclable thermoformed plastics. These innovations address environmental concerns and align with regulatory mandates, driving adoption across industries.
Challenges in the Market
While the market presents numerous opportunities, it also faces challenges such as:
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Raw Material Volatility: Fluctuations in the prices of raw materials like petroleum-based plastics can impact production costs.
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Environmental Concerns: Despite advancements in recycling, the disposal of thermoformed plastics remains a challenge, particularly in regions with limited recycling infrastructure.
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Competition from Alternative Materials: The growing popularity of materials such as molded fiber and biodegradable options poses competition to traditional thermoformed plastics.
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Disturbed Production of Plastics to Impede Business Amid Coronavirus
The declined plastic production and supply is expected to have a drastic impact on the global market. The closed manufacturing facilities due to lockdown imposed by governments will aggravate the business in the forthcoming years. The disruption caused by the pandemic has severely affected the supply chain of dairy products, medicines, sanitizers, food, disinfectants, face masks, and others. However, the improving situation will urge governments to lift lockdowns, in turn, stabilizing the manufacturing sector and promoting the market.
Regional Analysis:
Prospering Healthcare Sector to Aid Growth in North America
The market in North America is expected to experience a high growth rate during the forecast period owing to the rapid industrialization and technological advancements in the packaging industry. The growing demand for medicines and drugs in the healthcare sector will contribute excellently to the market. The evolving consumer lifestyle and disposable income will favor the healthy growth of the market in the region. Asia Pacific is expected to hold a considerable share during the forecast period owing to the growing polymer formulations in developing nations such as China and India. China is the largest supplier of plastics products. The rapid urbanization and improved living standard of people can have a tremendous effect on the market in the region. Moreover, the growing automotive and construction sector is likely to fuel demand for thermoformed plastics in the region.
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