Thermoformed Plastics Market 2019 Analysis, Size, Share, Regional Outlook, Trend, Growth and Comprehensive Report by 2023
Thermoformed Plastics Market Categorizes the Global Market By Type, Treatment, Service, Application and Region, and Global Thermoformed Plastics Market has increased at Significant CAGR during forecast period 2019 to 2023
Pune, India – September 9, 2019 /MarketersMedia/ —
Thermoformed Plastics Market Overview
Thermoformed plastics have numerous applications in major end-use industries such as food packaging, healthcare & medical, automotive packaging, and electrical & electronics. Such a wide range of applications is likely to push sizeable growth in the global thermoformed plastics market. Elevated disposable income and a rise in the demand for the packaging of instant processed foods is fueling growth to the global thermoformed plastics market.
Further, high consumption of thermoformed plastics in the automotive packaging industry owing to it being lightweight and stronger is promoting the expansion of the thermoformed plastics market. These properties have also enabled easier application in other consumer goods and appliances. A tilting shift in favor of the usage of PET over metals is also contributing to the ascension of the global thermoformed plastics market.
A thermoplastic, also known as thermosoftening plastic is a material that is moldable in any desired shape or size at a heightened temperature and solidifies when cooled. Thermoplastics are usually shaped or reshaped using several polymer processing techniques ranging from compression molding, injection molding, extrusion, to calendaring. Market Research Future (MRFR) has recently studied the thermoformed plastics market to provide a detailed analysis of the same over the forecast period of 2017-2023.
Moreover, technological advancements have led to the introduction of products with good impact resistance, dimensional stability, excellent machinability, and lower cost. This is further driving the global thermoformed plastics market during the forecast period.
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Competitive Landscape
Silgan Plastics (U.S.), Wilbert Plastic Services, Inc. (U.S.), Sonoco Products Company (U.S.), Pactiv LLC (U.S.), D&W Fine Pack LLC (U.S.), Spencer Industries Incorporated (U.S.), Graham Packaging Company (U.S.), Placon (U.S.), Genpak, LLC (U.S.), Brentwood Industries (U.S.) are the key players operating in the global thermoformed plastics market.
Industry Updates
In October 2018, rPlanet Earth opened its recycling system plant in North America where plastic packaging waste will be converted into FDA acceptable thermoformed containers. The plant has a capacity of 80 Mn annually.
Market Segmentation
The global thermoformed plastics market has been segmented based on product, process, and application. By product, the market has been segmented into polyethylene terephthalate (PET), polyethylene (PE), acrylonitrile butadiene styrene (ABS), polystyrene (PS), polyvinyl chloride (PVC), polypropylene (PP), polymethyl methacrylate (PMMA), high impact polystyrene (HIPS), and others.
By Process, the market has been segmented into vacuum forming, pressure forming, heavy gauge (thick) thermoforming, thin thermoforming, plug assist, and others.
By Application, the market has been segmented into healthcare & medical, food packaging, electrical & electronics, automotive packaging, construction, consumer goods & appliances, and others.
Detailed Regional Analysis
Different regions have been analyzed for the consumption and demand of Thermoformed Plastics Market. These regions include North America, Asia Pacific, Latin America, Europe, and the Middle East & Africa. Owing to a massive demand for thermoformed plastics in end-use industries such as food & beverage, healthcare, electrical and electronics is likely to drive the thermoformed plastics market in Asia Pacific. The APAC region is expected to upscale at the fastest rate during the forecast period. Japan, China, and India are expected to spearhead the country-specific market for thermoformed plastics.
North America is likely to trail behind Asia Pacific in terms of growth and capture the second largest share in the global thermoformed plastics market. This can be attributed to higher production and sales of food & beverages, medical products, and automotive.
Similarly, Europe is expected to witness sizeable growth for thermoformed plastics during the assessment period. A rise in the demand for products from the food & beverage and pharmaceutical industries are likely to drive the thermoformed plastics market in the region.
The Middle East & Africa is anticipated to ascend at a significant rate during the assessment period. This can be accredited to the expanding infrastructure and construction activities in the region.
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