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      Thermoformed Plastics Market Forecast to Reach $ 36 Billion by 2027

      admin by admin
      April 12, 2022
      in Press Releases
      Thermoformed Plastics Market Forecast to Reach $ 36 Billion by 2027
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      Thermoformed Plastics Market

      (EMAILWIRE.COM, April 12, 2022 ) Thermoformed Plastics Market is forecast to reach US$ 36 Billion by 2027, after growing at a CAGR of 5.5% during the forecast period 2022-2027. Thermoformed Plastics are primarily categorized into polyvinyl chloride, acrylonitrile butadiene styrene, bio-degradable polymers, polymethyl methacrylate, polyethylene, polypropylene, polyacetal, and others. The thermoforming process includes the fabrication of plastic sheets so that they can be heated and converted into a flexible form that can be molded into the desired shape depending on the end-use application. They are used in a wide range of applications such as packaging, building & construction, automotive, medical, aerospace & aviation, electricals & electronics, consumer goods & appliances. According to recent insights published on Interpack in 2020, the global packaging industry is expected to grow by an annual rate of 3.5% within the next four years. An increase in demand from the medical and packaging industry acts as a major driver for the market. On the other hand, strict environmental regulations regarding the use of plastics may act as a major constraint for the market.

      COVID-19 Impact
      There is no doubt that the COVID-19 lockdown has significantly reduced manufacturing, and production activities which in turn, has resulted in a country-wise shutdown of manufacturing sites, shortage of labor, and the decline of supply and demand chain all over the world, thus, affecting the market. Studies show that the outbreak of COVID-19 sharply declined the production of raw materials in 2020 due to a lack of operations across multiple countries around the world. However, the COVID-19 pandemic has increased the demand for packaging all over the world. For instance, recent insights from Flexible Packaging states that the food packaging industry witnessed a sharp increase in demand during the pandemic due to a high number of consumers turning into online grocery shopping. By the end of 2021, U.S. online grocery sales are estimated to increase up to 12.4% of the countrys overall e-commerce sales. It further states that the U.S. digital grocery buyers are expected to grow up to 137.9 million in 2021, representing a growth of 4.8% in comparison to 2020. Supermarkets witnessed a huge surge in demand for packaging materials for the wrapping of food and other grocery products.

      Furthermore, increasing demand for surgical masks as the primary medium of protection during the pandemic created a huge opportunity for the continuation of the packaging industry. A recent report from UNICEF stated that it has distributed around 301.3 million surgical masks and 22.2 million N95 respirators, which reached around 127 countries in 2020. In this way, a steady increase in manufacturing, production, and distribution activities also requires the use of thermoformed plastics for the packaging of these goods and supplies, which indicates a slow and steady recovery of the market in the upcoming years.

      Thermoformed Plastics Market Segment Analysis – By Product Type

      Polypropylene held a significant share in the Thermoformed Plastics Market in 2021 and is expected to grow at a CAGR of 5.6% between 2022 and 2027, owing to its increasing demand due to the characteristics and benefits it offers over other types. For instance, it offers a wide range of characteristics such as high impact strength, lighter weight, effective sealing, higher sustainability along with higher resistance to temperature, chemical, and electricity in comparison to Polyvinyl Chloride, Polystyrene, Acrylonitrile Butadiene Styrene, Bio-degradable Polymers, Polymethyl Methacrylate, Polyactetal, and other types of thermoformed plastics. Moreover, polypropylene is comparatively an inexpensive material and can be easily repaired from damage. Hence, all of these factors are most likely to boost market growth in the upcoming years.

      Request for Sample Report @ https://www.industryarc.com/pdfdownload.php?id=503563
      Report Price: $ 4500 (Single User License)

      Thermoformed Plastics Market Segment Analysis – By Process

      The pressure thermoforming process held a significant share in the Thermoformed Plastics Market in 2021, owing to its increasing demand due to the properties and advantages they offer. Pressure-thermoformed parts are sharper, with crisp surface details and features, the texture is more precise and uniform, they have a higher tolerance, and the tooling and overall costs are much more affordable in comparison to mechanical and vacuum thermoforming processes. In addition to this, logos, images, text, along with complex graphics and geometries such as undercuts can be easily created with pressure thermoforming in contrast to mechanical and vacuum thermoforming. All of these factors will eventually increase the demand for pressure thermoforming for the production of thermoformed plastics, thus, boosting the market growth.

      Thermoformed Plastics Market Segment Analysis – By Application

      The Packaging Application held the largest share in the Thermoformed Plastics Market in 2021 and is expected to grow at a CAGR of 5.7% between 2022 and 2027, due to its increasing demand from the packaging industry. For instance, China holds the largest market share around the world when it comes to food packaging. According to a recent study published on Interpack, the consumption of food packaging is expected to increase to 447,066 million in 2023. Likewise, it also states that the Chinese packaging companies such as 3D, SIP, and WLCSP alone achieved a revenue of around US$5.88 billion with end packaging.

      According to the Packaging Industry Association of India, the Indian packaging industry was valued at around US$ 50.5 billion in 2019 and is expected to increase up to US$ 204.81 billion by the end of 2025. It further states that packaging is considered to be one of the industries with high growth in India and is rising at 22-25% per year. In this way, an increase in packaging activities will require the use of Thermoformed Plastics. This is most likely to lead to market growth in the upcoming years.

      Thermoformed Plastics Market Segment Analysis – By Geography

      North America held the largest share in the Thermoformed Plastics Market in 2021 up to 30%, owing to the increasing demand of thermoformed plastics from the automotive industry. For instance, according to a recent study published by the German Association of Automotive Industry during the fourth quarter of 2020, the new registration of motor vehicles reached up to 12,733 units in North America. Likewise, recent insights from the European Automobile Manufacturers’ Association (ACEA) states that total passenger car production during the fourth quarter of 2020 reached around 9.6 million in North America. According to OICA (International Organization of Motor Vehicle Manufacturers), the total automobile production which includes cars and commercial vehicles in Canada reached up to 1,376,623 units in total during the fourth quarter of 2020.

      Hence, an increase in demand for the production of automotive will also require the use of thermoformed plastics in automotive applications such as dashboard assemblies, interior door panels, interior paneling, exterior body panels, bumpers, air ducts, and seating parts, and other similar applications. This is most likely to lead to the growth of the Thermoformed Plastics Market in the upcoming years.

      Thermoformed Plastics Market Drivers

      An increase in demand from the medical industry is most likely to increase demand for the product

      Thermoformed plastics are used in the medical industry for multiple applications such as medical imaging (X-Ray, CT scan, MRI) enclosures, sterile packaging, bins and trays, hospital room panels, hospital bed components, stands, and support equipment. For instance, according to the International Trade Administration, the medical device industry in Canada was valued at around US$ 8.6 billion in 2020 and is expected to grow in the upcoming years. Medical device imports in Canada account for almost 75% of the medical device market.

      According to the International Trade Administration (ITA), the medical device industry in France had gross revenue of US$ 34.9 billion for the year 2019. The industry revenue for medical devices exported from France was valued at US$ 9.9 billion, which was around 26% of the total market. There are more than 1,300 medical device firms in France. Out of these 1,300 enterprises, 92% of them are small and Medium Enterprises (SMEs), among which 88% exclusively produce medical devices.

      Furthermore, according to the Indian Economic Survey 2021, the healthcare market is estimated to grow 3x in the next decade. Similarly, under Union Budget 2021-22, the Ministry of Health and Family Welfare has been allotted INR 73,932 crore (US$ 10.35 billion) and the Department of Health Research has been allotted INR 2,663 crore (US$ 365.68 billion). The government allotted INR 37,130 crore (US$ 5.10 billion) to the ‘National Health Mission’. Hence, an increase in production activities from the medical industry will increase the demand for thermoformed plastics for applications such as medical imaging (X-Ray, CT scan, MRI) enclosures, sterile packaging, bins and trays, and other similar applications. This is most likely to drive market growth in the upcoming years.

      An increase in demand from the packaging industry is most likely to increase demand for the product

      According to PMMI (The Association for Packaging and Processing), the North American beverage industry is expected to increase by 4.5% from 2018 to 2028, with the United States leading the beverage packaging sector. Likewise, recent insights from the Packaging Federation of the United Kingdom states that the UK packaging manufacturing industry reached an annual sales of GBP 11 billion (US$ 15.2 billion) in 2020, owing to the increasing demand for packaging from multiple sectors of the region. In this way, an increase in demand for packaging activities will require the use of Thermoformed Plastics. This is most likely to lead to the growth of the market in the upcoming years.

      Direct Purchase @ https://www.industryarc.com/purchasereport.php?id=503563

      Thermoformed Plastics Market Challenges

      Strict environmental regulations regarding the use of plastics can cause an obstruction to the market growth

      According to the United States Environmental Protection Agency (EPA) Plastics Molding and Forming Effluent Guidelines and Standards (40 CFR Part 463), the guidelines are applicable to any plastics molding and forming process that releases or may release pollutants to waters or that releases pollutants into a publicly owned treatment works. Research and development laboratories that generate plastic products by making use of plastics molding and forming processes are also subject to the discharge limitations guidelines and standards. None of the processes should release any discharge over the permissible limit or it will be charged with a penalty. Hence, strict regulations regarding the use of plastics molding or forming may confine the market growth.

      Thermoformed Plastics Market Landscape

      Technology launches, acquisitions, and R&D activities are key strategies adopted by players in Thermoformed Plastics Market. Thermoformed Plastics Market top companies are:

      Fabri-Kal Corp.

      Berry Global Inc.

      Genpak LLC

      Pactiv LLC

      D&W Fine Pack LLC

      Amcor Ltd.

      Dart Container Corp.

      Anchor Packaging

      Sabert Corporation

      Sonoco Products Company

      Recent Developments

      In October 2021, Placon, a North American thermoformer in sustainable plastic packaging, is expanding its production capacity and employee base with the acquisition of a former Sonoco packaging operation in Wilson, North Carolina. Placon will purchase all operating equipment and hire more than 80 employees at the 112,000-sq. ft location. The deal will help meet existing capacity needs in retail and medical markets and further expand the company’s role in thermoforming sustainable post-consumer recycled polyethylene terephthalate (PET) packaging.

      In July 2019, Berry Global acquired RPC Group Plc at around $6.5 billion. The main motive of the acquisition was to provide the company a chance to leverage its innovative material science, product development, along with manufacturing technologies.

      Key Takeaways

      Packaging Application in Thermoformed Plastics Market is expected to see the fastest growth, owing to its increasing demand from the food packaging, and automotive industries.

      Thermoformed Plastics provide properties with a number of benefits such as protection against moisture, bacteria, and odor. They are cost-effective and play a major role in increasing the overall shelf-life of packaged products.

      North America dominated the Thermoformed Plastics Market in 2020, owing to the increasing demand for thermoformed plastics from the automotive industry.

      Relevant Reports

      A. Global Thermoformed Packaging Industry Market
      https://www.industryarc.com/Research/Global-Thermoformed-Packaging-Industry-Market-Research-511782

      B. Flexible Packaging Market
      https://www.industryarc.com/Report/15186/flexible-packaging-market.html

      For more Chemicals and Materials Market reports, please click here

      About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.



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