Thermoformed Plastic Products Market
The global thermoformed plastics market size was estimated at USD 12.3 billion in 2019 and is expected to register a CAGR of 4.9% from 2020 to 2027. The increasing demand for thermoformed plastics from healthcare. And pharmaceutical packaging sectors is projected to be a key factor driving the market growth over the forecast period.
The thermoforming process involves the fabrication of plastic sheets. After which they are heated so as to convert them into a flexible form which can be molded into the desired shape which varies based on the end-use application. Thermoformed plastics are increasingly used as a metal replacement using the heavy gauge process, making them suitable for applications. Such as transportation, industrial equipment, aerospace, kiosks, and medical devices.
Different raw materials used for manufacturing thermoformed plastic parts include acrylics. Bio-degradable polymers, polycarbonates, acrylonitrile butadiene styrene (ABS), polyethylene (PE), polypropylene (PP), polymethyl methacrylate (PMMA), polystyrene (PS), and polyvinyl chloride (PVC). Thermoformed plastic products are usually lighter in weight and relatively. Stronger compared to traditional packaging materials such as glass and wood. Thus, they are most widely used in different packaging applications in the electronics, healthcare, and food packaging industries.
Based on the application
The global thermoformed plastic product market can be segmented into six categories: Food packaging, appliances, electronic packaging, healthcare packaging, automotive, and others. Thermoformed plastic product finds the largest application in the food packaging industry. Thermoformed plastic product is used in the food packaging industry as a barrier to bacteria, odor, and moisture to food products.
In terms of geography
North America dominates the global thermoformed plastic products market due to the growing packaging industry and rapid industrialization. The U.S. represents the largest market for the thermoformed plastic product followed by Canada in North America. In Europe, France, Germany, Italy, Spain. And the U.K. Holds a major share of the thermoformed plastic products market. The thermoformed plastic products market in the Asia Pacific is expected to witness high growth rates in the next five years due to rising disposable income. And increasing demand for food and healthcare packaging in the region. Japan, China. And India is expected to be the fastest-growing thermoformed plastic products markets in the Asia Pacific.
Increasing disposable income
Increasing demand for ready-to-eat food and demand for food. And healthcare packaging is some of the major driving factors of the thermoformed plastic product market. Increasing demand for thermoformed plastic products in the food industry is mainly driven by increased sales of canned and packaged food products. Increased demand for canned and packaged food products are mainly driven by changing the lifestyle of people, rising urbanization. And hectic life schedule. Increasing disposable income in developing countries. Such as India and China are expected to increase the growth of the thermoformed plastic product market. Increasing disposable income allows customers to spend more on convenience, ready-to-eat. And packaged food. Which indirectly boosts demand for thermoformed plastic products in the food packaging industry.
The global thermoformed packaging market will grow by 5.9%
As an ideal package for consumables and non-consumables. The thermoformed package has a broad market prospect. According to a business intelligence study published by Transparency Market Research. The global market for thermoformed packaging will grow at a compound annual growth rate of 5.9 percent. During the forecast period from 2017 to 2024. In terms of revenue. The market opportunity is estimated to be worth $57.6 billion by the end of 2024.
Many factors provide traction to this market. But none more so than the food and beverage industry. The rapid growth of urban populations in emerging economies is showing the eating habits of suppliers of packaged food. And thermoforming is one of their preferred methods.
Some of the major companies operating in the thermoformed plastic product market are Pactiv, LLC., Anchor Packaging, Inc. CNMOULDING TECHNIC CO., LTD. Associated Packaging, Ltd., Peninsula Packaging Company, LLC., Placon Group, Berry Plastics, CM Packaging, Clear Lam Packaging, Graham Packaging, D&W Fine Pack, Huhtamaki Group, and Silgan Plastics.