Thermoformed Plastics Market Overview:
Thermoformed plastics market was estimated to be worth USD 13.39 Billion in 2021, registering a CAGR of 4.95% during the forecast period (2022-2030), and is projected to be worth USD 20.68 Billion by 2030.
Plastic products developed by the thermoforming process are generally known as thermoformed plastics. Thermoforming process employs numerous techniques like pressure and vacuum molding in order to mold the plastic into desirable shape. In recent times plastics have preoccupied a pivotal role into multiple industries including food packaging, electronics, medical and many more vital industries.
Soaring spending power in recent times have resulted into high level of consumption for processed food. In addition to this elevated hygiene awareness among consumers have further fueled the demand for thermoformed plastics for packaging purpose in food and beverage industry. Furthermore, rising standard of living in developing countries is estimated to propel the growth of medical industries in this region which will result into higher consumption of thermoplastics as they are widely utilized in fabrication of medical equipment.
North America region is estimated to dominate this market owing to the presence of large number of industries which are at forefront of consumption as well as technological advancements. High consumer spending power is the main contributing factor in this regions domination.
Thermoforming plastics are a subtype of plastic which are generally developed by employing the thermo-molding process. In thermo-molding process the plastic sheets are fabricated by applying heat in order to mold them into desired shapes. These plastics possess several crucial mechanical properties like heat resistance, chemical resistant, impact resistant, and flame retardant. Also they are physically tough, flexible, stabile, elastic, weather resistance, UV resistance, moisture resistance these properties make them suitable for development of several instruments for medical industry as well they have several application in automobile, electronic and food packing industries.
Food packaging sector and its continuous growth are the main drivers for the demand of thermoforming plastics. Properties like ability to resist chemicals and water, flexibility, mechanical strength, low production cost, among others makes it perfect packaging material in food and beverage industry. Surge in disposable incomes especially in APEC countries are propelling the demand for consumer goods which are generally made from thermoforming plastics. Furthermore, elevated government spending in order to improve medical facilities particularly in developing countries is also expected to foster the growth of thermoformed plastics market. Because thermoplastic have large number of applications in medical sector particularly in development of medical instruments.
Thermoplastics are non-bio degradable in nature and could remain intact for hundreds of years causing soil and water degradation if not recycled. Furthermore, these plastics are developed from crude and petroleum derivatives which itself face heavy restrictions from various governments and conservation agencies. Because of its scares availability. At the same time with rising awareness about negative impact of thermoplastics on wildlife and environment have attracted several backlashes from consumers and environment conservationist. Furthermore, push from government and business in order to develop ecofriendly alternatives for plastics also pose as a major challenge for this market’s growth. Thus, aforementioned factors are estimated to be few constraints in this market’s growth.
Initially COVID -19 had negative impact on this industry as several restrictions were imposed by governments across the globe in order to curb the spread of COVID virus. These restrictions resulted into partial closure of manufacturing actives throughout key industries thus the demand for thermoplastics took a blow. Furthermore, supply chain interruptions caused delivery delays into many regions ultimately causing demand for consumerable goods to fall. Hence halted manufacturing activities in association to supply chain disruptions transpired into impacted demand for thermoplastics.
But now in 2022 the economy is showing positive trends in growth. The supply chain is back at pre-COVID levels with no major constraints. These factors are estimated to last for prolonged tenure and propel the growth of thermoformed plastics market in forthcoming years. Furthermore, this pandemic has given major push to sanitizer and disinfectant demand which resulted into augmented demand for thermoplastic as they are preferable as the packaging material.
Thermoformed Plastics Report Coverage:
|Report Attributes||Report Details|
|Market Size in 2030 (USD Billion)||20.68 USD Billion|
|By plastic type||Polyethylene, Polypropylene, Polyvinyl Chloride, Polyvinyl chloride, Polystyrene, Biodegradable polymers.|
|By thermoforming process||Thin Gauge Thermoforming, Thick Gauge Thermoforming, Vacuum Snapback, Plug Assist Forming|
|By application||healthcare &medical, food packaging and others|
|By Geography||North, America, Europe, Asia Pacific, Latin America, Middle East and Africa.|
|Key Players||Placon Corporation, Palram Americas Ltd., Anchor Packaging LLC, Dongguan Ditai Plastic Products Co., Ltd, Sonoco Products Company, Genpak LLC, Pactiv LLC, CM Packaging, Brentwood Industries, Greiner Packaging GmbH.|
By Plastic Type
The plastic type segment is separated into polyethylene, polypropylene, polyvinyl chloride, polyvinyl chloride, polystyrene, biodegradable polymers. The polypropylene segment has the largest market share out of all other types. The main rational being its prolific applications in multiple industries such as medical, automotive, consumer durable and food and beverage industry. These plastics especially have crucial applications in food industry as packaging due to the wide usage in manufacturing of disposable, microwaveable types of packaging products. With rising spending power, the demand for pre-packed processed food is estimated to push this market to new highs. Furthermore, with recent advancements in developments of environment-friendly plastics, the thermoforming techniques are widely applied hence these developments are estimated to rise the demand in coming years.
By Thermoforming Process
The thermoforming process segment is categorized into thin gauge thermoforming, thick gauge thermoforming, vacuum snapback and plug assist. Thin Gauge Thermoforming plastic segment is estimated to remain at dominating position in the forecasted period. These types of plastics are manufactured by employing hot air, radiant and contact techniques. The thin gauge type plastics are generally used in medical industry.
On the other had thick gauge plastic segment is expected to witness moderate growth. They too have multiple applications in products that perquisite extreme mechanical strength for instance they are used in production of auto mobile internal and external components like rear and front bumpers. In addition to this many construction equipment could also be developed with thick gauge plastics at low cost.
Plug assist forming segment is estimated to have highest growth CAGR in the forecasted period with main driving factors being its wide use in food packaging industry. According to a report published by statista.com. The food industry itself is growing at CAGR of 7.3% annually. This growth will positively impact the demand for plug assist forming type plastics.
Based on applications this market could be segmented into healthcare &medical, food packaging and others. The food packing segment was found to be most dominating segment and with rise in living standards this segments is further expected to grow.
The automotive industry is estimated to showcase fastest growth rate in forecasted period. The reason being Thermoformed plastics are widely used in electric vehicles in order to reduce their weight which is already very high due to involvement of batteries as power source. The growth of auto motive industry could directly be liked with the growth of thermoformed plastics demand.
Other end use industries are also growing at significant rates due to rising spending power and overall consumptions due to surge in global population. Thermoplastics have applications in nearly all major industries in some way or the other hence their growth could also be liked directly.
Thermoformed plastics market regional segment includes Asia Pacific, Europe, North America, the Middle East, Africa and Latin America. North America is the dominating region in this market by the virtue of technological advancements and rapid industrialization into food processing and medical sector which is estimated to foster the demand for thermoplastic. Furthermore, high consumer spending associated with this region is another major contributing factor in North America’s market domination.
Asia pacific region is growing with highest CAGR amongst all regions. The main factors driving this growth are rapid economic growth and industrialization in countries like India and china. With China being largest producer and supplier of thermoplastics in the world Furthermore, this region also enjoys high concentration of endues industries of thermoplastics like automobile, medical and food processing Furthermore, this massive growth is fueled by rising disposable incomes due to rapid economic growth.
The European region is also estimated to showcase significate growth in forecasted period.
Major drivers for this growth could be associated with rapid expansion of automobile industry especially in electric vehicle segment. Furthermore, high consumer spending and purchasing power will drive the demand for packaged foods which will in turn augment the demand for thermoplastics for packaging purpose.
The Middle East, Africa and Latin America will also showcase growth with the rational being gradual growth in construction, auto mobile and food industries. Construction sector is the main driver in Middle East region for the demand. Furthermore, availability of raw material at large volumes will also have positive impact on this market.
The competitive landscape of the thermoforming plastic market has been analyzed thoroughly in this report, with in depth profiles of the key players operating in this industry. Furthermore, augmented spending in R&D, product innovation, business strategies, and product launches have accelerated the growth of the thermoplastics market. Some of the key market player are-
- Placon Corporation
- Palram Americas Ltd.
- Anchor Packaging LLC
- Dongguan Ditai Plastic Products Co., Ltd
- Sonoco Products Company
- Genpak LLC
- Pactiv LLC
- CM Packaging
- Brentwood Industries
- Greiner Packaging GmbH
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