The global Thermoformed Plastics Market Size has been projected to exhibit fast-track growth and reach a significant valuation over the forecast period of 2022-2030, as per the analysis of Market Research Future (MRFR). The diversity of applications of thermoformed plastics across various industry verticals is one of the primary reasons triggering the growth of the global thermoformed plastics market. Thermoformed plastics find major applications n the food packaging industry which is one o the preliminary factors boosting the growth of the market. Thermoformed plastics are used in food packaging due to its advantages of decreased per unit packaging costs, reduced consumption of packaging materials, and increased pallet density for the outbound product. Moreover, thermoformed plastics are recyclable and can be redesigned to comply with regulatory requirements. Stringent regulatory norms regarding the use and recycling of plastics also spur the adoption of thermoformed plastics since they fulfill all the criteria for recycling standards. Increasing disposable income which induces demand for ready-to-go processed foods have augmented the growth of the market. The medical industry too makes use of thermoformed plastics. Its anti-bacterial property and moisture and odor resistance make them ideally suited for application in surgical gloves and urology disposables. Thermoformed plastics find application in automotive packaging as well. Being stronger than conventional packaging materials such as glass and wood apart from being lightweight justifies their use in the automotive industry. Furthermore, the construction industry is a significant end user of the global thermoformed plastics market where they are used for manufacturing concrete, flooring and furniture. Properties such as heat deflection, dielectric strength, and chemical strength account for the adoption of thermoformed plastics in electrical and electronic appliances. Moreover, the development of better high impact thermoformed plastics has influenced the growth of the market positively. All these factors are likely to support the growth of the global thermoformed plastics market.
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Segmentation
The global thermoformed plastics market has been segmented based on product, process, and application. By product, the market has been segmented into polyethylene terephthalate (PET), polyethylene (PE), acrylonitrile butadiene styrene (ABS), polystyrene (PS), polyvinyl chloride (PVC), polypropylene (PP), polymethyl methacrylate (PMMA), high impact polystyrene (HIPS), and others.
By process, the market has been segmented into vacuum forming, pressure forming, heavy gauge (thick) thermoforming, thin thermoforming, plug assist, and others.
By application, the market has been segmented into healthcare & medical, food packaging, electrical & electronics, automotive packaging, construction, consumer goods & appliances, and others.
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Regional Analysis
Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa are the five key markets for thermoformed plastics. Asia Pacific is the largest market for thermoformed plastics. The growth of the packaging industry in countries such as China, India, and Japan can be attributed to this growth. Asia Pacific is poised to be the fastest growing region due to high demand for thermoformed plastics in end-use industries such as healthcare, food & beverage, electrical and electronics.
The Europe market is expanding owing to high demand from the food & beverage and pharmaceutical industries.
Expansion in infrastructural activities coupled with growing constructional activities is a major driver of the Middle East & Africa market.
Competitive Landscape
Silgan Plastics (U.S.), Wilbert Plastic Services, Inc. (U.S.), Sonoco Products Company (U.S.), Pactiv LLC (U.S.), D&W Fine Pack LLC (U.S.), Spencer Industries Incorporated (U.S.), Graham Packaging Company (U.S.), Placon (U.S.), Genpak, LLC (U.S.), Brentwood Industries (U.S.) are the key players operating in the global thermoformed plastics market.
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Industry Updates
In October 2018, rPlanet Earth opened its recycling system plant in North America where plastic packaging waste will be converted into FDA acceptable thermoformed containers. The plant has a capacity of 80 Mn annually.
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