The thermoformed plastics market is expected to observe growth at a CAGR of 5.5% and touch valuation of USD 66.16 bn by 2032, while it holds a revenue of USD 40.86 Bn in 2022.
Demand for thermoformed plastic is rising with the paradigm shift from two dimensional polymers to three dimensional polymers.
Thermoformed plastics can be defined as fabricated plastic that is transformed through the rising temperature, making it bendable for reshaping. This pushes the sales of thermoformed plastics.
Medical products like prefilled syringes, pharmaceuticals bottles, medical electronics. These supplies also involve capsules and tablet packing, formally known as blister packaging, increasing the demand for thermoformed plastics.
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Application of thermoformed plastics in the construction industry has risen in few last years as it thrives the thermoformed plastic market and it creates flooring, concrete and furniture.
The growing electric and petrol vehicles using hard plastic is also attributed to the thermoformed plastic growth, using it qualities in manufacturing lightweight vehicles. The use of it in automobiles is set to thrive the demand for thermoformed plastic favoring lightweight vehicles.
Key Takeaways from Market Study
• As per the new market research report on thermoformed plastics for the years 2022 to 2032, polypropylene is dominating the product segment and holds more than 21.0% of the share, pushing the overall sales of thermoformed plastics.
• The thin-gauge thermoformed plastic segment is likely to dominate the process category while holding the sales through the process. It holds a 35% revenue share in the global thermoformed plastics market.
• Application category has small segments like healthcare & medical, food packaging, electrical & electronics, automotive, construction and consumer goods & appliances, where food packaging segment holds 42% of the global revenue.
• United States holds the biggest share in thermoformed plastics market, holding the 53.8% share of the global market, attributing to the growing manufacturing and suppliers of thermoformed plastics in the region.
“Thermoformed plastic survey explains that the government initiatives, increasing plastic use coupled with latest advanced technology increasing the sales of thermoformed plastics. The increase in popularity of retail shopping and online shopping has pushed the demand for thermoformed plastic as it is applicable in the packaging of multiple brands.” says a Future Market Insights analyst.
Competitive Landscape
Key manufacturers of Thermoformed plastics are emphasizing research & development to offer differentiated products with no chemical components. Key players are working together and developing new product lines to enter untapped market places. New market players also bring new processing units that produce better plastic for specific industries, fueling the sales of thermoformed plastics.
• Greiner packaging GmbH, under its sustainability prospects has launched new thermoformed plastic solutions to cater multiple industries like medical, pharmaceuticals and food. The self-separating cup named K 3 r100 has been in news lately, appreciated for its green future program.
• Palram Americans ltd has distributed its produced plastic channels into Acrylic, PVC and Polycarbonate that define their own characteristics, applicable to various industries. The It has also expanded its manufacturing units with high demand for thermoformed plastics.
• Completing more those 55 years in the industry, Brentwood has expanded its business segments including Battery, Building and construction, cooling tower, medical and custom forming. This has pushed the demand for thermoformed plastics.
Thermoformed plastics Market by Segmentation
By Product:
• Polymethyl Methacrylate (PMMA)
• Bio-degradable polymers
• Polyethylene (PE)
• Acrylonitrile Butadiene Styrene (ABS)
• Poly Vinyl Chloride (PVC)
• High Impact Polystyrene (HIPS)
• Polystyrene (PS)
• Polypropylene (PP)
By Connectivity:
• Plug Assist Forming
• Thick Gauge Thermoforming
• Thin Gauge Thermoforming
• Vacuum Snapback
By Application:
• Healthcare & Medical
• Food Packaging
• Electrical & Electronics
• Automotive
• Construction
• Consumer Goods & Appliances
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