As per the report published by Fior Markets , the global thermoformed plastics market is expected to grow from USD 11.93 Billion in 2018 to USD 17.58 Billion by 2026, at a CAGR of 4.97% during the forecast period from 2019-2026.The North America region dominated the global thermoformed plastics market with a 53.19% share of market revenue in 2018. Whereas, the Asia Pacific region is expected to grow at the highest CAGR of 7.10% over the forecast period.
“Thermoformed Plastics Market by Product (Polymethyl Methacrylate,Polyethylene, Polystyrene, Others), Process,Application, Regions”,and Global Forecast 2019-2026.
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Major players in the global thermoformed plastics market are Braskem, Pactiv LLC, Sonoco Products Company, Spencer Industries Incorporated, D&W Fine Pack LLC, Brentwood Industries, Genpak, LLC, PlaconCorporation, Silgan Plastics, Graham Packaging Company, Wilbert Plastic Services, Inc., Anchor Packaging, Greiner Packaging, Tegrant, Peninsula Packaging Company, LLC., Nelipak, CM Packaging, Berry Plastics, Clear Lam Packaging, Huhtamaki Group, Associated Packaging, Ltd. among others. Food industry generating a huge demand for the thermoformed plastics. Thus, to effectively satisfy this growing demand Braskem in 2018, launched its new Prisma 6810 polypropylene. This new thermoformed polypropylene offers unmatched balance of transparency, stiffness, and impact toughness for thermoforming applications.
The product segment is divided into Polymethyl Methacrylate (PMMA), Bio-degradable polymers, Polyethylene (PE), Acrylonitrile Butadiene Styrene (ABS), Poly Vinyl Chloride (PVC), High Impact Polystyrene (HIPS), Polystyrene (PS), and Polypropylene (PP). Polypropylene (PP) thermoformed plastics found wide ranging applications in the food packaging products such as cups, trays, margarine tubs, sandwich packs, disposable products, beverage glasses, and microwaveable containers. Consequently, the polypropylene (PP) segment emerged as the leader in with a 39.73% share of market revenue in 2018. Whereas the polymethyl methacrylate (PMMA) segment is projected to grow at an accelerated CAGR of 7.03% over the forecast period. The process segment is categorized into plug assist forming, thick gauge thermoforming, thin gauge thermoforming, and vacuum snapback. Owing to the demand for the thin gauge thermoforming packaging products as medical device packaging trays, the thin gauge thermoforming dominated the global thermoformed plastics market with a 41.12% share of market revenue in 2018. The application is segmented into healthcare & medical, food packaging, electrical & electronics, automotive packaging, construction, consumer goods & appliances, and others. Due to their property for providing an effective barrier against bacteria, odor, and moisture, the thermoformed plastics are in huge demand from the food packaging sector. Thus the food packaging application segment emerged as the leader with a 46.02% share of market revenue in 2018.
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Even though the factors such as growing utilization in the food packaging industry as well as growth of the transportation industry are driving the global thermoformed plastics market. The volatility in the raw material prices and difficulty in attaining the precise wall thickness during the thermoforming process are expected to restrain the growth of the market over the forecast period.
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