PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1419103
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1419103
Thermoformed Plastic Market size was valued at USD 14,101.12 Million in 2022, expanding at a CAGR of 4.69% from 2023 to 2030.
In the thermoforming process, plastic sheets are made and heated to a pliable state that allows them to be molded into the required shape in accordance with customer specifications. A two-dimensional thermo-polymer can be manufactured into a three-dimensional shape through the process of thermoforming.
Globally, rising demand for thermoformed plastic from the growing pharmaceutical and healthcare packaging industries. Recent advancements have seen the usage of thermoformed plastics in place of metal in heavy gauge processes, with applications in the transportation, industrial, aerospace, kiosk, and medical device industries. Thermoformed plastics are utilized in the medical business to make medical plants, accessories, and diagnostic equipment. Thermoformed plastic is utilized in the pharmaceutical business for items like blister packaging for tablets and capsules, as well as prefilled syringes, pharmaceutical bottles, and medical devices.
Furthermore, because thermoformed plastics are strong, lightweight, and durable, they are frequently employed to create lightweight automobiles. The demand for thermoformed plastics is anticipated to rise globally because of the expanding automotive sector and policies that encourage the use of light vehicles. Profitability issues are expected to arise, though, because thermoformed polymers have fluctuating raw material costs.
The Global Thermoformed Plastic Market is segmented on the basis of Product, Process, End-User, and Region.
The market is divided into six categories based on Product: polyethylene (PP), biodegradable polymers, polyvinyl chloride (PVC), polystyrene (PS), Polymethyl Methacrylate (PMAA), and others. The polyethylene (PP) segment dominates the market. High demand from medical sector for packaging are boosting segment growth.
The market is divided into four categories based on Process: plug assist forming, thin gauge thermoforming, thick gauge forming, and vacuum snapback. The thin gauge thermoforming segment dominates the market and is likely to maintain its dominance during the forecast period. These thermoformed plastics are easy for packaging and are likely to boost market growth.
The market is divided into six categories based on End-User: healthcare, food packaging, electrical & electronics, automotive, construction, and others. The food packaging segment dominates the market and is likely to maintain its dominance during the forecast period. High demand from food products packaging is expected to boost the market growth.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Thermoformed plastic market is highly competitive in nature. The producers' use of technology in producing thermoformed plastics and the quality of their products are what drive competition in the market. To reduce the risk of entering a new market, major businesses collaborate strategically with regional players and compete on the basis of application development capabilities. In order to boost its production capacity and satisfy the expanding demands of the packaging sector, Placon acquired Sonoco Products Company's Wilson, North Carolina, production site in October 2021.
In April 2023, Greiner Packaging GmbH collaborated with Brink BV and Engel to produce thin-walled plastic cups using thermoformed polymers as a production technology.
The scope of this report covers the market by its major segments, which include as follows: