Rising use of plastic thermoformed parts in medical devices, growing application of thermoforming in packaging of food and consumer goods, and increasing use of thermoformed plastic sheets in automobiles are some key factors expected to drive market growth
NEW YORK, Jan. 10, 2022 /PRNewswire/ — Reports and Data has published its latest report titled “Thermoforming Plastic Market, By Plastic Type, By Thermoforming Type, By Parts Type, By Application, and By Region Forecast to 2028.”
According to the latest report by Reports and Data, the global thermoforming plastic market size was USD 36.58 billion in 2020 and is expected to reach USD 55.38 billion in 2028 and register a revenue CAGR of 5.3% during the forecast period, 2021-2028.
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Drivers, Restraints, & Opportunities
Thermoforming is a technique of plastic molding wherein a plastic sheet is heated at a specific temperature to make it easy to manipulate and convert into shapes according to molds which creates products that can be used for various applications. Thermoformed plastic products are widely used in food packaging, pharmaceutical, and electronics industry. Increasing use of thermoformed plastics to produce meat trays, ice cream tubs, deep freeze and microwave containers, bakery packaging, and blister packaging, among others is a key factor expected to drive market revenue growth over the forecast period. Thermoforming plastics also find applications in transportation, electrical and electronic, medical, aerospace, and construction industries and is expected to further contribute to revenue growth of the market going ahead.
Thermoforming is one of the widely used methods of forming plastic parts and is largely used today to produce a wide range of plastic products such as from small battery display packages to massive aircraft interior panels. Thermoplastics commonly used in the process polystyrene, polyvinyl chloride, polyethylene, and acrylonitrile butadiene styrene, among others. Thermoforming is one of the major processes used in plastics industry along with blow moulding, injection moulding, and extrusion processes. One of the major advantages of thermoforming process is high mass production rate and robust durability of the produced products. Thermoforming plastics are used to produce dashboard assemblies, interior door panels, seating parts, and bumpers, among others in automotive industry. In aerospace and defense industry, thermoformed plastic products are used to produce aircraft interior paneling, overhead luggage bins, and galley components, among others. Thermoforming plastics are widely used in medical sector in the manufacturing of medical electronics housing, imaging devices such as X-ray, MRI, and CT scanners, sterile packaging, hospital room panels, and hospital bed components and this is another key factor expected to drive market growth over the forecast period.
However, implementation of stringent regulations and policies to reduce use of plastics to minimize environmental pollution and reduce water contamination, soil erosion, and resource depletion caused due to production of plastics are some factors expected to hamper market revenue growth to a certain extent over the forecast period.
To identify the key trends in the industry, research study at https://www.reportsanddata.com/report-detail/thermoforming-plastic-market
COVID-19 Impact Analysis
Social distancing and restrictions severely disrupted businesses and operations
Lockdowns caused disruptions in transportation and logistics
Impacted manufacturing activities and mining operations globally
Took a toll on economy of various countries
Caused sudden and drastic downturn in economic activity
Disrupted agriculture, fisheries, dairy, and other sectors
Caused loss of employment and financial crisis
Supply impacts were further compounded owing to reduced disposable income
Emergence of variants continue to cause concerns and impact normal routines
Polypropylene Segment to Register Significant Revenue Growth:
Polypropylene (PP) segment is expected to register significant revenue growth over the forecast period attributable to increasing use of polypropylene in plastic molding as it provides excellent resistance, to chemicals and friction, enhanced size stability, and improved surface finish. Polypropylene is ideal for films and polymers and is widely used in food packaging applications such as disposable products, cups, trays, and sandwich packs owing to its high water resistance and high melting point.
Thin Gauge Segment Revenue to Support Market Growth:
Thin gauge segment is expected to register robust revenue growth over the forecast period attributable to increasing use of thin gauge thermoforming plastics in healthcare sector for production of various products such as medical device packaging trays, sterile packaging, bins and trays, and stands and support equipment, among others.
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Asia Pacific to Account for Largest Revenue Share:
Asia Pacific is expected to account for largest revenue share in the global market over the forecast period attributable to increasing production of thermoformed plastic products, rapid urbanization, rising disposable income among individuals, growing trend of microwavable food containers, and advancements in healthcare sector. In addition, China is the largest producer and supplier of thermoforming plastic products and this is another factor expected to contribute to revenue growth of the market in the region.
North America to Register Robust Revenue Growth Rate:
North America is expected to register significant revenue growth over the forecast period owing to rapid technological advancements in thermoforming processes, growing demand for thermoformed plastic products from medical and food packaging industries, rising popularity of ready meals and packaged food items, and rising production of robust medical trays and syringes amid the COVID-19 pandemic.
Major Companies in the Market Include:
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For the purpose of this report, Reports and Data has segmented thermoforming plastic market based on plastic type, thermoforming type, parts type, application, and region:
Plastic Type Outlook (Revenue, USD Billion; 2018-2028)
Polyethylene Terephthalate (PET)
Polyvinyl Chloride (PVC)
Polymethyl Methacrylate (PMMA)
High Impact Polystyrene (HIPS)
Acrylonitrile Butadiene Styrene (ABS)
Thermoforming Type Outlook (Revenue, USD Billion; 2018-2028)
Parts Type Outlook (Revenue, USD Billion; 2018-2028)
Application Outlook (Revenue, USD Billion; 2018-2028)
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Regional Outlook (Revenue, USD Billion; 2018-2028)
Middle East & Africa
Some points on how the report benefits stakeholders:
The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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