SAN FRANCISCO, May 23, 2022 /PRNewswire/ — The global thermoformed plastics market size is expected to reach $20.66 billion by 2030, according to a new report by Grand View Research, Inc. Furthermore, the report forecasts the market to grow at a CAGR of 4.9% from 2022 to 2030. Globally, the growing demand for medical and pharmaceutical products has been a significant factor driving the growth of the market. Additionally, technological innovations in the manufacturing processes of these plastics are expected to drive the market forward.
Growing demand for these plastics in various application areas, including food packaging, health and medical, electrical and electronics, automotive, construction, consumer goods and household appliances, is expected to propel the market in the years to come. Rapid industrialization, infrastructure development, and medical activities are expected to drive the market growth from 2022 to 2030.
Main information and conclusions of the report:
- The worldwide turnover of the thermoformed plastics industry has exceeded $13.45 billion in 2021 and is expected to grow at a CAGR of 4.9% from 2022 to 2030.
- Polypropylene has become the largest product segment in 2021 and is expected to generate revenues of more than $4.55 billion by 2030.
- The thin gauge thermoforming process is expected to be the largest segment in 2030 and is valued at $7.22 billion.
- The automotive sector was valued at $1.42 billion in 2021 and is expected to grow at a CAGR of 5.5% over the forecast period.
- Food packaging was a very large application segment in 2021 and is expected to grow at a moderate pace in the coming years, owing to the growing consumption of ready-to-eat foods among the global population.
- The medical and food packaging industry in the Asia Pacific is expected to experience significant growth over the next few years, due to various technological developments in the region.
Read the 128-page Market Research Report, “Thermoformed Plastics Market Size, Share, and Trend 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 and Trends
Thermoforming is a procedure in which a sheet of plastic is heated to make it flexible, then shaped and shaped into the desired shape to make a suitable product. The various methods used to process thermoformed plastics are thick and thin thermoforming, vacuum back, and set-assisted forming. The thin gauge thermoforming process was the largest segment by revenue in 2021.
High labor costs and fluctuating raw material prices are the major factors that negatively affect the growth of the market. Asia Pacific is the fastest growing regional segment, with potential growth opportunities in countries such as China, Indiaand South Korea. Rising demand from industries such as automotive, construction, medical, food packaging, and pharmaceuticals in this region is expected to drive the progress of the market over the forecast period.
North America, led by the United States, is one of the key regions where thermoformed plastics are manufactured and used in various industries. Additionally, the presence of key companies such as Peninsula Plastics, Vitalo, and Placon, among others, has boosted the growth of the regional market.
Segmentation of the thermoformed plastics market
Grand View Research has segmented the global thermoformed plastics market based on product, process, application, and region:
Product Outlook (Volume, Kilotons, Revenue, USD Million, 2019 – 2030)
- Polymethyl methacrylate (PMMA)
- Biodegradable polymers
- Polyethylene (PE)
- Acrylonitrile butadiene styrene (ABS)
- Polyvinyl chloride (PVC)
- High Impact Polystyrene (HIPS)
- Polystyrene (PS)
- Polypropylene (PP)
Process Outlook (Volume, Kilotons, Revenue, USD Million, 2019 – 2030)
- Plug Assist Forming
- Thick thermoforming
- Low thickness thermoforming
- vacuum snapback
Application Outlook (Volume, Kilotons, Revenue, USD Million, 2019 – 2030)
- Health and medicine
- Food packaging
- Electrical and Electronic
- Consumer goods and 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 Thermoformed Plastics Market Key Players
- Pactiv LLC
- Genpak LLC
- Sonoco Product Company
- CM packaging
- Placon Corporation
- Anchor Packaging LLC
- Brentwood Industries
- Greiner Packaging GmbH
- Dongguan Ditai Plastic Products Co., Ltd
- Palram Americas Ltd.
Check out other related studies published by Grand View Research:
- Thermoformed plastics for the printing market – The global thermoformed plastics for printing market size is expected to reach $51.5 million by 2027, according to a new report from Grand View Research, Inc. It is expected to grow at a CAGR of 5.4% from 2020 to 2027. , is expected 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 The thermoformed plastics market size is expected to reach $8.86 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 3.8% from 2021 to 2028. Rising adoption of thermoformed plastic resin in consumer goods, food packaging , Medical & Healthcare Electronics, electronics and automotive sectors are expected to fuel the market growth over the forecast period.
- plastic packaging market – The global plastic packaging market size is expected to reach $486.2 billion by 2028, according to a new report from Grand View Research, Inc., recording a CAGR of 4.2% over the forecast period. The rapid expansion of the food and beverage, personal care, and pharmaceutical sectors, coupled with the growing penetration of organized and e-commerce retail across the globe, is expected to fuel the growth of the market.
Browse plastics, polymers and resins industry research reports from Grand View Research.
About Grand View Research
Grand View Research, a US-based market research and consulting firm, provides syndicated and custom research reports and consulting services. Checked in California and whose head office is at San Francisco, the company has more than 425 analysts and consultants, adding more than 1,200 market research reports to its extensive database each year. These reports offer in-depth analysis of 46 industries in 25 major countries around the world. Using an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and assess upcoming opportunities.
Corporate Sales Specialist, USA
Grand View Research, Inc.
Toll Free: 1-888-202-9519
E-mail: [email protected]
The Web: https://www.grandviewresearch.com
Grand View Compass | Grand View Pipeline
Follow us: LinkedIn | Twitter
SOURCEGrand View Research, Inc.