The global Thermoformed Plastics Market size is expected to reach USD 20.66 billion by 2030, according to a new report by Grand View Research, Inc. Furthermore, the report forecasts the market to expand at a CAGR of 4.9% from 2022 to 2030. Globally, the increasing demand for medical and pharmaceutical products has been an important factor behind the market growth. Also, technological innovations in the manufacturing processes of these plastics are anticipated to advance the market.
The increasing demand for these plastics in various
application areas including food packaging, healthcare and medical, electrical
and electronics, automotive, construction, and consumer goods & home
appliances is expected to propel the market in the coming years. Rapid
industrialization, infrastructural developments, and medical activities are
expected to boost market growth from 2022 to 2030.
Thermoforming is a procedure in which a plastic sheet
is heated to make it flexible and then shaped and formed into the desired shape
to make a suitable product. Various methods used to process thermoformed
plastics are thick & thin gauge thermoforming, vacuum snapback, and plug
assists forming. The thin gauge thermoforming process was the largest segment
in terms of revenue in 2021.
High labor costs and fluctuating raw material prices
are major factors negatively affecting market growth. Asia Pacific is the
fastest-growing regional segment, with potential growth opportunities in
countries such as China, India, and South Korea. The rising demand from
industries such as automotive, construction, medical, food packaging, and
pharmaceuticals in this region is expected to boost the market progress during
the forecast period.
North America, led by the U.S., is one of the key
regions where thermoformed plastics are manufactured and used across various
industries. Also, the presence of key companies such as Peninsula Plastics,
Vitalo, and Placon, among others have spurred the regional market growth.
Related Press Release@ Thermoformed Plastics Market Report
Thermoformed Plastics Market
Report Highlights
- The global thermoformed plastics industry revenue exceeded USD
13.45 billion in 2021 and is expected to expand at a CAGR of 4.9% from
2022 to 2030
- Polypropylene emerged as the largest product segment in 2021 and is
estimated to generate revenue of over USD 4.55 billion by 2030
- The thin gauge thermoforming process is projected to be the largest
segment in 2030 and is valued at USD 7.22 billion
- The automotive sector was valued at USD 1.42 billion in 2021 and is
expected to expand at a CAGR of 5.5% during the forecast period
- Food packaging was a very significant application segment in 2021
and is projected to expand at a moderate rate in the coming years, owing
to the increasing consumption of ready to eat food among the global
population
- The medical and food packaging industry in the Asia Pacific is
projected to witness significant growth in the next few years, owing to
various technological developments in the 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.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
No comments:
Post a Comment