New Jersey, NJ, Oct. 15, 2019 (GLOBE NEWSWIRE) -- Increasing demand from the end-user industries such as packaging, healthcare, automotive, etc. are expected to drive the global thermoformed plastics market. 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, according to the new report published by Fior Markets.
Thermoformed plastics are plastic materials that are manufactured via the thermoforming process. Thermoforming is a manufacturing process where a plastic sheet is heated to a specific temperature until it becomes pliable, and then molded or trimmed into a usable product. Plastics are thermoformed using various processes such as vacuum snapback, plug assist forming, and gauge thermoforming. Polymethyl methacrylate, polyethylene, polystyrene are some of the most common plastic materials that are used in the thermoforming process. Thermoformed plastics are lightweight and relatively stronger as compared to the traditional plastic packaging materials. Thermoformed plastics also exhibit the odor- and moisture-free properties. Thus, growing utilization of thermoformed plastics in the food packaging and healthcare sector is driving the global thermoformed plastics market.
Even though the factors such as growing utilization in the food packaging industry as well as the 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. However, increasing application in the healthcare and pharmaceutical sector and increasing demand from the Asia Pacific region is anticipated to drive the market growth in upcoming years.
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Key players in the global thermoformed plastics market are Pactiv LLC, Sonoco Products Company, Spencer Industries Incorporated, D&W Fine Pack LLC, Brentwood Industries, Genpak, LLC, Placon Corporation, 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., and among others. To enhance their market position in the global thermoformed plastics market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
- Healthcare sector is registering the fastest demand for thermoformed plastic materials. Thus, to effectively satisfy this growing demand, major firms are increasingly focusing on augmenting their production capacities via merger and acqusition route. For instance, Nelipak in 2017, announced the acquisition of Computer Designs Inc. It is a thermoforming company that specializes in thermoformed rigid packaging materials. This acquisition is anticipated to further develop its thermoformed packaging products and service capabilities for the healthcare market.
- Food industry is 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 an unmatched balance of transparency, stiffness, and impact toughness for thermoforming applications.
The polymethyl methacrylate segment is anticipated to grow at a CAGR of 7.03% in 2019-2026
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 USD 4.74 billion 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 thin gauge thermoforming segment had a market value of USD 4.91 billion in 2018
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 USD 4.91 billion revenue in 2018.
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The food packaging segment had a market value of USD 5.49 billion 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 USD 5.49 billion revenue in 2018.
Region Segment Analysis of the Thermoformed Plastics Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The North America region emerged as the largest market for the thermoformed plastics with a 53.19% share of market revenue in 2018. Based on factors such as unabated demand for the packaging materials form the well-developed food processing industry coupled with growing utilization of thermoformed plastics in the healthcare industry led the North America region to dominate the global thermoformed plastics in 2018. The Asia Pacific region is projected to grow at an accelerated CAGR of 7.10% over the forecast period. Factors such as increased per capita income leading increased demand for the packaged food as well as rapid growth of the healthcare and automotive industry in the region were responsible for this increased growth rate.
About the report:
The global thermoformed plastics market is analysed on the basis of value (USD Billion), volume (Kilotons), consumption (Kilotons), import (Kilotons), and export (Kilotons). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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