The North America Thermoformed Plastics Market size is expected to reach USD 8.86 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 3.8% from 2021 to 2028. Increasing adoption of the thermoformed plastic resin in the consumer goods, food packaging, medical and healthcare, electronics, and automotive sectors is projected to fuel the market growth during the forecast period. Thermoformed plastics reduce the overall weight of the vehicles, which helps in increasing energy efficiency.
The COVID-19 pandemic has made packaged foods and
consumer electronics an intrinsic part of consumer’s lifestyles. Many
thermoformed plastic manufacturing companies have already started developing
their facilities to cater to the rising concerns due to the COVID-19 pandemic.
For instance, in December 2020, Placon Corporation commenced the construction
of USD 15 million additional capacity at its Elkhart, Indiana facility. This is
expected to house the production of custom plastic packaging for the
medical and healthcare industries.
In July 2021, California-based Plastion Industries,
Inc. announced to establish a new 100,000-square-foot manufacturing facility in
Texas. This new manufacturing facility is expected to produce components for
Tesla’s forthcoming Austin factory. The facility is expected to open this fall.
Plastion Industries, Inc. provides injection molding, thermoforming, and other
services to industries including consumer goods, medical, and automotive. This
facility is expected to provide Plastion Industries, Inc. an opportunity to
strengthen its foothold in the automotive sector.
Environmental awareness has propelled many electronics
companies to produce electronic devices from bio-based polymers as a part of
their sustainability goals. This can prove to be one of the major driving
factors for the production of thermoformed plastics over the forecast period.
In July 2021, SABIC announced the development of bio-based polycarbonate Lexan
film and sheet products derived from certified renewable feedstock, which is
expected to cater to the rising demand in a wide range of applications,
including automotive, construction, specialty glazing, and electrical and
electronics.
Related Press Release@ North America Thermoformed Plastics Market Report
North America Thermoformed
Plastics Market Report Highlights
- The polypropylene product segment accounted for the largest revenue
share in 2020 and is further expected to witness prominent growth over the
forecast period
- The food packaging application segment dominated the market and
accounted for a revenue share of more than 40.0% in 2020
- In 2020, the U.S. accounted for the largest revenue share of more
than 75.0%. The presence of well-established automotive manufacturing
players such as Tesla, General Motors Company, and Stellant is anticipated
to provide impetus to the market growth
- Various strategic initiatives were recorded over the past few years
to boost the growth of the market. For instance, in May 2021, Tide Rock
Holdings acquired Plastics Design & Manufacturing, a heavy gauge
thermoformed plastic manufacturer. This strategic initiative by Tide Rock
Holdings is aimed at the expansion of its plastics manufacturing business
in the western region
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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