Thermoformed Plastics Market, By Product (Polymethyl Methacrylate (PMMA), Bio-degradable Polymers Polyethylene (PE), Acrylonitrile Butadiene Styrene (ABS), Polyvinyl Chloride (PVC) High Impact Polystyrene (HIPS), Polystyrene (PS) Polypropylene (PP)), By Process (Plug Assis Forming, Thick Gauge Thermoforming, Thing Gauge Thermoforming, Vacuum Snapback), By Application (Healthcare & Medical, Food Packaging, Electrical & Electronics, Automotive Construction, Consumer Goods & Appliances), and By Geography (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)

Published In : May 2023

Code : CMI5692

Pages :139

Formats :

Excel and PDF

Industry : Advanced Materials

Market Challenges And Opportunities

Global Thermoformed Plastics Market Drivers:

Growing demand for food and beverage sector to augment market growth

Thermoformed plastics are used for improved shelf life, secure seals, and quality designs of food packaging. Polyethylene and polypropylene thermoformed molded packaging containers that are widely used for food packaging application. Packaging products produced by using thermoformed plastics are some tubs, blister packages, and clamshells.

Rising demand from medical sector to propel market growth

They are widely used in medical device packaging trays. Thermoformed plastics are gaining demand due to their cost-effectiveness and negligible packaging waste. They enhance the overall quality of medical goods and can be customized to offer packaging solutions, which are air-tight, anti-bacterial, and durable. These products offer protection against infections. Moreover, they are chemical resistant and transparent, thus allow widespread usage in laboratories and hospitals.

Global Thermoformed Plastics Market Restraints:

Fluctuating price of raw materials to restrict market growth

Key raw materials used in production of thermoformed plastics include hydrocarbon fuels such as natural gas, crude oil, and coal. These raw materials are highly susceptible to price volatility due to various economic factors such trade war, law, and policies. This is expected to hamper the market growth.

Strict regulation on usage of plastics to hamper market growth

Plastics have negative impact on environment as well as human health as are difficult to decompose in soil which lead to accumulation of plastics waste on landfill as well as ocean. Government are imposing laws and regulations to reduce the impact of plastic on human health and environment.

Global Thermoformed Plastics Market Opportunities:

Growing popularity of thick gauge thermoforms to offer profitable market opportunities. Thick gauge thermoforms are sturdy and rigid enclosures that can be used to pack electronic equipment. They are used in a wide variety of products such as medical device packaging trays, front and rear bumpers and interior trim components for heavy trucks, enclosures for treadmills and weights, cowlings, dash components, and fenders in the agricultural sector and cab interiors and engine covers in the construction equipment industry.

Growing number of merger and acquisition in the market is expected provide significant growth opportunities. For instance, in July 2020, Anchor Packaging LLC acquired Panoramic INC., Wisconsin based manufacturer of thermoformed products. This merger enables Anchor to serve the combined customer base along with providing more complete outcomes for the entire food industry in North America and other regions.