THERMOFORMED PLASTICS MARKET ANALYSIS

Thermoformed Plastics MarketSize and Trends

The global thermoformed plastics market size was valued at US$ 12.9 Bn in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 2.9% from 2023 to 2030. Thermoformed plastics market witnessing strong growth and this is attributed to the rising demand from automotive, medical, food &beverage, and electrical &electronics sector. Moreover, rapid urbanization and industrialization are playing important in the overall development of thermoformed plastics market. However, fluctuating price of raw materials is expected to restrict market growth over the forecast period.

Global Thermoformed Plastics Market Trends:

Growing trend of lightweight vehicle to augment demand for plastics

Thermoformed plastics are widely used to produce lightweight components of vehicle. According to the International Energy Agency, sales of electric cars reached another record high in 2021 despite the Covid-19 pandemic and supply chain challenges, including semiconductor chip shortages.

Sustainable thermoformed plastics is a new trend

Key players in the market are adopting various strategies to develop sustainable thermoformed plastics. This is expected to fuel market growth. For instance, in March 2023, Neste and ILLIG have joined together in an attempt to promote more sustainable thermoformed packaging options. Using case studies to showcase how renewable and recycled materials can serve as drop-in solutions in demanding applications, the companies recreate value chains on a small scale for demonstration purposes.