The global thermoformed plastics market is expected to reach USD 16.28 billion by 2025, according to a new report by Grand View Research, Inc. Globally, increasing demand for medical and pharmaceutical products has been a major factor driving market growth. Also, growing healthcare industry has led to rising demand for thermoformed plastics.
Rising demand in various application sectors including food packaging, automotive, healthcare & medical, electrical & electronics, construction, and consumer goods & appliances owing to cost efficient nature is projected to propel the market over the coming years. Rapid industrialization, infrastructural, and medical activities is anticipated to augment the market growth from 2017 to 2025.
Thermoforming is a process where a sheet of plastic is heated to make it flexible then fabricated and molded in required shape to make it a usable product. Different methods used for processing thermoformed plastics are thin gauge thermoforming, thick gauge thermoforming, plug assist forming, and vacuum snapback.
Thin gauge thermoforming was projected to be the largest segment over the forecast period with a market share of 35% in terms of revenue in 2016. High labor cost and fluctuation raw material prices are major factors which negatively impact the market growth. Asia Pacific is the fastest growing segment with potential growth opportunities. Rising demand from industries such as automotive, medical, food packaging, construction, and pharmaceuticals in this region is expecting to boost the market over the forecast period.
North America is expected to observe the significant regional segment over the next eight years with an estimated CAGR in terms of revenue of around 4.8% from 2017 to 2025. Increasing manufacturers and suppliers of thin gauge thermoforming plastics in this region such as Placon, Vitalo, Peninsula Plastics, among others is anticipated to spur the market growth.
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Further key findings from the report suggest:
The global thermoformed plastics demand exceeded 380 kilo tons in 2016 and is expected to grow at a CAGR of 4.2% from 2017 to 2025
Polypropylene emerged as the largest product segment in 2016 and is estimated to generate revenue over USD 3.5 billion by 2025
Polymethyl methacrylate (PMMA) is expected to be the fastest growing product segment owing to its high resistance nature towards UV light and extensive flexible properties
Thin gauge thermoforming was projected to be the largest process segment and is anticipated to witness moderate growth over the next eight years
Automotive sector was 36 kilo tons in 2016 and is expected to grow at a CAGR of 4.8% over the forecast period
Food packaging was the significant application segment in 2016 and is projected to grow at a moderate rate owing to increasing consumption of ready to eat food is expected to boost this segment
The food and medical packaging industry in Asia Pacific is projected to witness significant growth over the next eight years owing to various developments across major economies and increasing per capita income. The regional market in terms of revenue is expected to grow at a CAGR of 5.2% from 2017 to 2025.
Key players including Pactiv LLC, D&W Fine Pack LLC, Genpak LLC, and Sonoco Plastics dominated the global thermoformed plastics market accounting for significant share of the total volume in 2016
Grand View Research has segmented the global thermoformed plastics market on the basis of product, process, application, and region:
Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
Polymethyl Methacrylate (PMMA)
Acrylonitrile Butadiene Styrene (ABS)
Poly Vinyl Chloride (PVC)
High Impact Polystyrene (HIPS)
Process Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
Plug assist forming
Thick gauge thermoforming
Thin gauge thermoforming
Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
Healthcare & medical
Electrical & electronics
Consumer goods & appliances
Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
Central & South America
Middle East & Africa
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