The global thermoformed plastics market was worth US$ 40.86 Billion in the year 2022 and is expected to reach US$ 66.16 Billion by the year 2032 at a CAGR of 5.5% between 2022 and 2032.
The pharmaceuticals packaging sector is the major end-user of thermoformed plastics. The process of thermoforming does involve fabricating plastic sheets by heating them; so as to convert them into bendable form that could actually be molded into the shape desired. Of late, thermoformed plastics are being used as replacements to metals by making use of heavy gauge process that addresses applications in verticals like industrial equipment, transportation, kiosks, aerospace, and medical devices.
Delving deeper into medical vertical, the thermoformed plastics are utilized for producing accessories, diagnostic systems, and medicinal plants. As thermoforming implies conversion of 2D thermos-polymer into 3D one, products like pharmaceutical bottles, prefilled syringes incorporate it. Plus, blister packaging, capsules, and tablets ask for thermoforming plastics.
Besides, thermoformed plastics are used for producing lightweight vehicles as they render greater durability.
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Coming to food packaging, trays, cups, sandwich packs, margarine tubs, beverage glasses, disposable products, and microwave containers make use of polypropylene. PMMA (polymethyl methacrylate) is expected to rule the roost in the near future due to extended service life.
Thick gauge thermoformed plastics are used in rear and front bumpers along with interior trim components in heavy trucks industry. They are used in interior trim components and rear and front bumpers in heavy trucks vertical; also in the enclosures for weights and treadmills in fitness equipment, fenders in the farming sector, dash components, cowlings, and signage. Plus-assist forming helps in uniform food packaging with reduction in starting gauge. AMUT Group has produced a thermoforming machine abreast with servo-driven plug assist on upper and lower mold platens. Different heat oven configurations are also offered.
Future Market Insights has walked through these facts with future perspectives in its latest market study entitled ‘Thermoformed Plastics Market’. It has its determined team of analysts and consultants to look through a 360-degree approach across macros and micros.
“The fact that thermoformed plastics could be recycled is expected to catalyze the thermoformed plastics market going forward”, says an analyst from Future Market Insights.
Key Takeaways from Thermoformed Plastics Market
- North America holds more than 30% of the market share on the back of higher consumption of thermoformed plastics and the future scenario is expected to remain unchanged even going forward.
- Europe and the Asia-Pacific are expected to grow along the similar grounds in thermoformed plastics market in the forecast period.
Competitively Thermoformed Plastics
- Palram Americans Ltd. is known for distributing its plastic channels into PVC, Acrylic, and Polycarbonate catering to several industries.
- Greiner Packaging GmbH, as a part of its sustainability prospects, has come up with thermoformed plastic solutions for addressing multiple industries such as pharmaceuticals, medical, and food. This self-separating cup is called K 3 r100 has been appreciated for the green future program.
- Brentwood, completing more than 5.5 decades in industry, did expand the business segments inclusive of building and construction, battery, medium and custom forming, and cooling tower of late.
- Sabert Corporation, in November 2019, did announce inking a definitive agreement for acquiring LBP Manufacturing LLC. As such, the company’s position in QSRs, in conjunction with the former’s worldwide presence and sales network, will let it reach globally.
- Fabri-Kal, in January 2020, started collaborating with The Michigan Department of Environment for doubling packaging products’ recycling by the year 2025.
- Papacks, in October 2020, did invest 10 Million Euros in Arnstadt mill based out of Germany. The basic objective was that of producing molded paper fiber of higher quality using thermoforming process along with extending support to manufacturing capacity up to 360 pieces yearly.
- Sonoco, in November 2022, announced that it had inked an agreement for acquiring Clear Pack Company (a privately operated vertically integrated producer of extruded and thermoformed plastic containers and materials based out of Franklin Park, (III).
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Global Thermoformed plastics Market Key Players
- Greiner Packaging GmbH
- Dongguan Ditai Plastic Products Co Ltd
- Palram Americas Ltd
- Pactiv LLC
- Genpak LLC
- Sonoco Products Company
- CM Packaging
- Placon Corporation
- Anchor Packaging LLC
- Brentwood Industries
What does the Report Cover?
- The research study is based on product (PMMA (polymethyl methacrylate), bio-degradable polymers, PE (polyethylene), ABS (Acrylonitrile Butadiene Styrene), PVC (Poly Vinyl Chloride), HIPS (High Impact Polystyrene), PS (Polystyrene), and PP (Polypropylene)), by connectivity (plug assist forming, thick gauge thermoforming, thin gauge thermoforming, and vacuum snapback), and by application (healthcare & medical, food packaging, electrical & electronics, automotive, construction, and consumer goods & appliances).
- With various verticals incorporating plastic engineering in their manufacturing hubs, the global thermoformed plastics market is expected to grow on a stupendous note in the forecast period.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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