Thermoformed Plastics Market Will Reflect Significant Growth Prospects by 2026 | Top Key Players are Clariant AG, A. Schulman, Inc., Granula Ltd., PolyOne Corporation
Thermoforming is a manufacturing process in which a material is heated to its forming temperature to attain the required shape, and is subsequently cooled to create a finished, usable product. Thermoformed plastic products are majorly used for food & beverages packaging, and are used as metal replacements products. As compared to plastic products manufactured from injection molding, the cost of thermoforming plastic products is nearly 10–15% less.
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Increase in use of thermoformed plastics for lightweight packaging and rise in demand from industries such as pharmaceuticals, construction, food packaging, medical, and automotive are the key factors that drive the growth of the global thermoformed plastics market. However, implementation of stringent regulations on the usage & disposal of plastic, high labor cost often incurred in the manufacturing process, and volatility in raw material prices are major factors restraining the growth of the market. Furthermore, rise in concerns about the disposal of plastics and their recycling is a major challenge for the market growth. Conversely, investments on technological advancements in the thermoforming process is expected to offer lucrative growth opportunities during the forecast period.
The global thermoformed plastics market is segmented into product, process, end-use industry, and region. Depending on product, the market is divided into polystyrene (PS), poly methyl methacrylate (PMMA), polyethylene terephthalate (PET), polypropylene (PP), polyethylene (PE), polycarbonate (PC), high impact polystyrene (HIPS), polyvinyl chloride (PVC), acrylonitrile-butadiene-styrene (ABS), and others. Among these, the polymethyl methacrylate segment is expected to dominate the market, due to its superior flexibility and high resistance to UV light. On the basis of process, the market is classified into thin-gauge thermoforming, thick-gauge thermoforming, vacuum forming, pressure forming, twin-sheet forming, plug assist thermoforming, and others. The global thermoformed plastics market is fragmented into various end-use industries, including packaging, healthcare & medical, automotive, transportation, construction & infrastructure, electronics & electrical, agriculture, and others. Thermoformed plastics are majorly used in the packaging industry for packaging of food, FMCG items, and cosmetics.
Region wise, the global market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is anticipated to grow at the highest rate, due to increase in demand from the healthcare, food packaging, electronics, automotive, and other industries.
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The key players operating in the global thermoformed plastics market are D&W Fine Pack, SABIC, Pactiv LLC, Berry Plastics Corporation, Dart Container Corporation, Hanwool Corporation, Lyondellbasell, BASF SE, Genpak LLC, and Silgan Plastics. These players have adopted various strategies such as acquisitions, partnerships, collaboration, joint ventures, agreements, expansions, and new product launches to maintain a strong foothold in the global thermoformed plastics market.
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• Major countries in the regions have been mapped according to their individual revenue contribution.
• The key drivers, restraints, and market opportunities and their detailed impact analysis are elucidated in the study.
• The market analysis covers in-depth information of major industry participants.
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