SAN FRANCISCO, May 23, 2022 /PRNewswire/ -- The global thermoformed plastics market size is expected to reach USD 20.66 billion by 2030, according to a new report by Grand View Research, Inc. Furthermore, the report forecasts the market to expand at a CAGR of 4.9% from 2022 to 2030. Globally, the increasing demand for medical and pharmaceutical products has been an important factor behind the market growth. Also, technological innovations in the manufacturing processes of these plastics are anticipated to advance the market.
The increasing demand for these plastics in various application areas including food packaging, healthcare and medical, electrical and electronics, automotive, construction, and consumer goods & home appliances is expected to propel the market in the coming years. Rapid industrialization, infrastructural developments, and medical activities are expected to boost market growth from 2022 to 2030.
Key Insights & Findings from the report:
- The global thermoformed plastics industry revenue exceeded USD 13.45 billion in 2021 and is expected to expand at a CAGR of 4.9% from 2022 to 2030.
- Polypropylene emerged as the largest product segment in 2021 and is estimated to generate revenue of over USD 4.55 billion by 2030.
- The thin gauge thermoforming process is projected to be the largest segment in 2030 and is valued at USD 7.22 billion.
- The automotive sector was valued at USD 1.42 billion in 2021 and is expected to expand at a CAGR of 5.5% during the forecast period.
- Food packaging was a very significant application segment in 2021 and is projected to expand at a moderate rate in the coming years, owing to the increasing consumption of ready to eat food among the global population.
- The medical and food packaging industry in the Asia Pacific is projected to witness significant growth in the next few years, owing to various technological developments in the region.
Read 128-page market research report, "Thermoformed Plastics Market Size, Share & Trends Analysis Report By Product, By Process, By Application (Healthcare, Food Packaging, Electrical & Electronics, Automotive, Construction, Consumer Goods), And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Thermoformed Plastics Market Growth & Trends
Thermoforming is a procedure in which a plastic sheet is heated to make it flexible and then shaped and formed into the desired shape to make a suitable product. Various methods used to process thermoformed plastics are thick & thin gauge thermoforming, vacuum snapback, and plug assists forming. The thin gauge thermoforming process was the largest segment in terms of revenue in 2021.
High labor costs and fluctuating raw material prices are major factors negatively affecting market growth. Asia Pacific is the fastest-growing regional segment, with potential growth opportunities in countries such as China, India, and South Korea. The rising demand from industries such as automotive, construction, medical, food packaging, and pharmaceuticals in this region is expected to boost the market progress during the forecast period.
North America, led by the U.S., is one of the key regions where thermoformed plastics are manufactured and used across various industries. Also, the presence of key companies such as Peninsula Plastics, Vitalo, and Placon, among others have spurred the regional market growth.
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
- Consumer Goods & Appliances
Regional Outlook (Volume, Kilotons, Revenue, USD Million, 2019 - 2030)
- North America
- Asia Pacific
- South Korea
- South America
- Central & South America
- Middle East & Africa
List of Key Players in the Thermoformed Plastics Market
- 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.
Check out more related studies published by Grand View Research:
- Thermoformed Plastics For Printing Market - The global thermoformed plastics for printing market size is anticipated to reach USD 51.5 million by 2027, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.4% from 2020 to 2027. Rapidly increasing expenditure on advertisements from major economies, especially in the U.S., is projected to largely contribute to the growth in demand for thermoformed plastics for printing over the forecast period.
- North America Thermoformed Plastics Market - The North America thermoformed plastics market size is expected to reach USD 8.86 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 3.8% from 2021 to 2028. Increasing adoption of the thermoformed plastic resin in the consumer goods, food packaging, medical and healthcare, electronics, and automotive sectors is projected to fuel the market growth during the forecast period.
- Plastic Packaging Market - The global plastic packaging market size is expected to reach USD 486.2 billion by 2028, according to a new report by Grand View Research, Inc., registering a CAGR of 4.2% over the forecast period. The rapid expansion of the food & beverages, personal care, and pharmaceuticals sectors coupled with the rising penetration of organized and e-retail across the world is expected to fuel market growth.
Browse through Grand View Research's Plastics, Polymers & Resins Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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