The latest report by IMARC Group, titled “Thermoformed Plastics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“. The global thermoformed plastics market size reached US$ 42.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 59.2 Billion by 2028, exhibiting a growth rate (CAGR) of 5.5% during 2023-2028.
Thermoforming is a plastic molding process that utilizes the force or pressure of a vacuum to expand thermoplastic material over a mold for creating a three-dimensional (3D) shape and part of plastic products. It comprises heating plastic sheets, forming plastic sheets in mold cavities, and trimming form sheets to produce quality products. It relies on several plastic materials, such as acrylonitrile butadiene styrene (ABS), high impact polystyrene (HIPS), high-density polyethylene (HDPE), polyvinyl chloride (PVC), polyethylene terephthalate (PET), and polyethylene terephthalate glycol (PETG). It assists in creating paintable plastics that are aesthetically pleasing and improve the appearance of various products. It is also used to manufacture thermoformed plastics that aid in producing car doors and dash panels, refrigerator liners, and plastic pallets. Thermoformed plastic is eco-friendly, recyclable, cost-effective, and suitable for packaging, storage, and transportation. It can be easily molded into several shapes that enable various sealing options to extend the shelf life and enhance the protection against contamination of products. It is employed to manufacture doors, bumpers, floor mats, headlight covers, microwave and deep freeze containers, snack tubs, meat trays, panels, roofs, sprayer shells, medical trays, toys, computer keyboard keys, and raincoats. As a result, it finds applications in the healthcare, food and beverage (F&B), automotive, agriculture, electrical and electronics, and construction industries across the globe.
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Thermoformed Plastics Market Trends and Drivers:
At present, the rising adoption of thermoformed plastics for food sealing as they prevents bacteria, odors, and moisture particles represents one of the key factors driving the market. Besides this, the growing utilization of thermoformed plastics in the healthcare industry to manufacture pre-filled syringes, capsules, tablets, and pharmaceutical bottles is offering a positive market outlook. Additionally, there is a rise in the demand for thermoformed plastics in the packaging industry to provide protection during the transportation of products. This, coupled with the growing awareness among the masses about the benefits of thermoformed plastics, is positively influencing the market. Apart from this, various benefits offered by thermoformed plastics, such as reusability, antibacterial property, and sustainability, are bolstering the growth of the market. Moreover, governing agencies of various countries are implementing stringent policies to promote the usage of recyclable and eco-friendly plastics, which is offering lucrative growth opportunities for industry investors. In addition, the increasing utilization of thermoformed plastics in chemical laboratories due to their chemical resistance properties to store chemicals is strengthening the market growth. Furthermore, the escalating demand for thermoformed plastics in electric and petrol vehicles due to their hard plastic is propelling the growth of the market.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Product:
- Polymethyl Methacrylate (PMMA)
- Bio-degradable Polymers
- Polyethylene (PE)
- Acrylonitrile Butadiene Styrene (ABS)
- Poly Vinyl Chloride (PVC)
- High Impact Polystyrene (HIPS)
- Polystyrene (PS)
- Polypropylene (PP)
Breakup by Process:
- Plug Assist Forming
- Thick Gauge Thermoforming
- Thin Gauge Thermoforming
- Vacuum Snapback
Breakup by Application:
- Healthcare and Medical
- Food Packaging
- Electrical and Electronics
- Automotive Packaging
- Construction
- Consumer Goods and Appliances
- Others
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Amcor plc
- Anchor Packaging LLC
- Berry Global Inc
- Brentwood Industries Inc
- D&W Fine Pack
- Dart Container Corporation
- Fabri-Kal Corp. (Two Mitts Inc.)
- Genpak LLC (C-P Flexible Packaging)
- Greiner Packaging GmbH
- Pactiv LLC
- Placon Corporation
- Sabert Corporation
- Sonoco Products Company
Explore full report with table of contents: https://www.imarcgroup.com/thermoformed-plastics-market
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