Thermoformed Plastics Industry Overview
The global thermoformed plastics market size was estimated at USD 13.45 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.9% during the forecast period. Globally, the increasing demand for these products in the healthcare and pharmaceutical packaging sector is projected to be a key factor driving the market growth during the projection period.
The thermoforming process involves the fabrication of plastic sheets by heating them, to convert them into a bendable form that can be molded into the desired shape as per the customer’s specifications. More recently, thermoformed plastics are being used as a metal replacement using the heavy gauge process, which provides applications in industries such as transportation, industrial equipment, aerospace, kiosks, and medical devices.
In the medical industry, thermoformed plastics are used in the manufacturing of diagnostic systems, accessories, and medical plants. Thermoforming includes a manufacturing process of converting a two-dimensional thermo polymer into a three-dimensional shape. In the pharmaceutical industry, thermoformed plastics are used for products such as prefilled syringes, pharmaceutical bottles, and medical electronics, as well as for capsules and tablet packing such as blister packaging.
Gather more insights about the market drivers, restrains and growth of the Global Thermoformed Plastics market
Thermoformed plastics are widely used to produce lightweight vehicles due to their properties such as lightweight, durability, and strength. The growing automotive industry, coupled with the regulations favoring light vehicle usage, is expected to benefit the thermoformed plastics demand across the globe. However, volatile raw material costs associated with thermoformed plastics are anticipated to pose hindrances in terms of profitability.
In 2021, food packaging dominated the application segment of the thermoforming plastics industry. The growing demand for packaged mineral water, milk, carbonated drinks, and fruit juice is projected to boost the segment. In addition, a large number of consumers are moving from unpacked to packaged food items, thus propelling the growth of the thermoformed plastics market. In addition, increasing retail store businesses such as convenience stores, hypermarkets, and supermarkets are projected to propel the food packaging industry, which is expected to fuel the demand for thermoformed plastics.
Browse through Grand View Research’s Plastics, Polymers & Resins Industry Research Reports.
- High Temperature Thermoplastic Market – High temperature thermoplastics are a type of plastic material that can withstand exposure to extreme temperatures without melting or deforming. These materials are commonly used in applications where extreme thermal stability is required, such as in the automotive, aerospace, electronics, and industrial sectors.
- Medical Elastomers Market – Medical elastomers are a class of materials used in the healthcare industry for their unique properties such as flexibility, durability, biocompatibility, and resistance to chemicals and temperature changes. These materials are used in various medical applications such as tubing, syringe plungers, surgical instruments, and implants among others.
Thermoformed Plastics Market Segmentation
Grand View Research has segmented the global thermoformed plastics market on the basis of product, process, application, and region:
Product Outlook (Volume, Kilotons, Revenue, USD Million, 2019 – 2030)
- Polymethyl Methacrylate (PMMA)
- Bio-degradable Polymers
- Polyethylene (PE)
- Acrylonitrile Butadiene Styrene (ABS)
- Poly Vinyl Chloride (PVC)
- High Impact Polystyrene (HIPS)
- Polystyrene (PS)
- Polypropylene (PP)
Process Outlook (Volume, Kilotons, Revenue, USD Million, 2019 – 2030)
- Plug Assist Forming
- Thick Gauge Thermoforming
- Thin Gauge Thermoforming
- Vacuum snapback
Application Outlook (Volume, Kilotons, Revenue, USD Million, 2019 – 2030)
- Healthcare & Medical
- Food Packaging
- Electrical & Electronics
- Automotive
- Construction
- Consumer Goods & Appliances
Regional Outlook (Volume, Kilotons, Revenue, USD Million, 2019 – 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Market Share Insights
- October 2021: Placon purchased Sonoco Products Company’s production facility in Wilson, North Carolina to increase its production capacity and meet the growing demand for sustainable packaging products.
Key Companies profiled:
Some of the notable participants in the global thermoformed plastics market include:
- Pactiv LLC
- Genpak LLC
- Sonoco Products Company
- CM Packaging
- Placon Corporation
- Anchor Packaging LLC
- Brentwood Industries
- Greiner Packaging GmbH
- Dongguan Ditai Plastic Products Co., Ltd
- Palram Americas Ltd.
Order a free sample PDF of the Thermoformed Plastics Market Intelligence Study, published by Grand View Research.
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