Global Thermoformed Plastics Market Trends, Applications, Analysis, Growth, and Forecast: 2018 to 2027

Global Thermoformed Plastics Market Overview

"The Thermoformed Plastics Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031."

This report is based on the synthesis, analysis, and interpretation of various sources of information gathered regarding the target market. Our analysts have analyzed the information and data and gained insights using a mix of primary and secondary research efforts to provide a holistic view of the market. In addition, an in-house study has been made of the global economic conditions and other economic indicators and factors to assess their respective impact on the market historically, as well as the current impact to make informed forecasts about the scenarios in future.

Thermoforming process includes the fabrication of plastic sheets, heating them to convert into a bendable form which can be molded into desired shape as per the customer requirements. Thermoformed plastics are used as a substitute for metal using heavy gauge process which has applications in industries such as industrial equipment, transportation, aerospace, and medical devices.

Based on product, the polypropylene segment is estimated to hold major revenue share in the global thermoformed plastics market and is expected to maintain its dominance over the forecast period. Polypropylene is a thermoplastic polymer widely used to manufacture food packaging products such as trays, cups, beverage glasses, margarine tubs, disposable products, sandwich packs, and microwaveable containers. Increasing demand for packaging products manufactured using polypropylene will drive market growth over the forecast period.

On the basis of application, food packaging segment is estimated to hold major revenue share in the global thermoformed plastics market on account of growing demand for packed vegetables, fruits, meat, confectionery products, and readymade food to boost the segment growth over the forecast period. Moreover, thermoformed plastics provide superior quality packaging to ensure protection against odor, moisture, and bacteria, which is expected to be other factor driving market growth.

North America market is estimated to hold major revenue share in the global thermoformed plastics market, in 2017 and is expected to maintain its dominance over the forecast period. Rapid industrialization coupled with growing packaging industry in the US and Canada is expected to be a major factor driving market growth in the region. North America accounts for largest revenue share contribution of the target market, followed by markets in Asia Pacific, Europe, Latin America, and the Middle East & Africa respectively. Increasing manufacturers of thermoformed plastic products in the region is expected to boost the industry growth. Moreover, increasing demand for automotive products and medical equipment is anticipated to boost the thermoformed plastics market in the region.

Market segmentation and key players operating in the global thermoformed plastics market:

By product:

• Poly Methyl Methacrylate (PMMA)
• Polypropylene (PP)
• Acrylonitrile-Butadiene-Styrene (ABS)
• Polyvinyl Chloride (PVC)
• Polyethylene (PE)
• Polycarbonate (PC)
• Biodegradable polymers
• High Impact Polystyrene (HIPS)

By application:

• Food packaging
• Automotive packaging
• Electrical & electronics
• Construction
• Consumer goods & appliances
• Others (medical appliances and healthcare packaging)

By region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa