Ottawa, June 27, 2023 (GLOBE NEWSWIRE) -- The global thermoformed plastics market size is expected to touch around USD 44.96 billion in 2023. Globally, the growing need for these products in the healthcare sector and pharmaceutical processing sector is foreseen to be a factor driving the market size during the forecast period. The thermoforming technique includes the moulding of plastic sheets by the use of heat, converting it into a bendable form which can be molded into the shape as per the consumer's descriptions. Recently, thermoformed plastics are used as a metal substitute by using the heavy gauge process, that facilitates applications in manufacturing units of transportation, kiosks, industrial equipment, aerospace and medical equipments.
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North America was leading the worldwide market with a share of around 54.8% in 2022. Rapid urbanization and development in the packaging industry are estimated to drive the local market for thermoformed plastics during the forecast period. The U.S. is a potential market for thermoforming plastic which is followed by Canada.
The Asia Pacific is foreseen to be the rising regional market during the forecast period. Developing economies in the market such as India and China have been showing strong economic growth. China is the largest manufacturer and distributor of thermoformed plastics equipment using latest technologies in this region.
Report Highlights:
- On the basis of the product the polypropylene segment is expected to dominate the market. Polypropylene is a thermoplastic polymer which is used in many food packaging products like margarine tubs, trays, cups etc an increase in the number of manufacturers are using polypropylene for packaging the products and they shall drive the demand for thermoformed plastics
- The thin gauge thermoformed plastic segment will remain the largest process segment as during this process thermoform plastics are manufactured through hot air heating techniques, radiant heating techniques and contact heating techniques.
- Food packaging segment is the leading application segment of the thermoform plastics market. As food packaging requires good quality of packaging material to ensure the protection of odor, bacteria and moisture there is a great demand in the food industry for this product.
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Scope of this report:
| Coverage | Details |
| Market Size by 2030 | USD 62.1 Billion |
| Market Size in 2023 | USD 44.96 Billion |
| CAGR (Growth Rate) | 4.72% from 2022 to 2030 |
| Largest Market Share in 2022 | 54.2% in 2022 |
| Base Year | 2022 |
| Forecast Year | 2022 to 2030 |
| Segment Covered | Product, Process, Based on Thickness, Application, and Geography |
| Key Players | AIR LIQUIDE, Beijing PERIC Hydrogen Technologies Co., Air Products and Chemicals, Inc., Hydrogen Refueling Solutions, Linde Engineering, McPhy Energy S.A., Chart Industries, Nel Hydrogen, Powertech Labs Inc., Praxair, Inc., and Others |
Market Dynamics:
Drivers
In the medical industry, thermoformed plastics are used in manufacturing of medical plants, diagnostic systems, and accessories. Thermoforming involves a manufacturing process of developing a two-dimensional thermo polymer into a three-dimensional shape. In the pharmaceutical sector, thermoformed plastics are used for manufacturing equipments such as pharmaceutical containers, prefilled syringes and medical devices as well as for capsules and tablet packing like blister packaging.
Thermoformed plastics are majorly used to manufacture lightweight vehicles due to their qualities such as durability, lightweight and rigidity. The expanding automotive industry, clubbed with the regulations encouraging light vehicle usage, is expected to benefit the thermoformed plastics usage across the globe.
Restraints
Strict government norms on plastics is expected to hinder the market growth.
The impacts of plastic packaging on the environment include water contamination, soil erosion and degradation, solid waste production, chemical contamination, and reduction of resources like fossils. Petroleum and crude oil being the primary raw material for manufacturing plastics, thus norms over preserving resources prove to be a restraining impact for the plastic industry, which in turn, directly declines the market. Moreover, governmental norms and regulation for controlling pollution through the reduction of plastic use is also a significant restraining factor to market growth.
However, volatile raw material prices of thermoformed plastics are expected to pose hindrances in terms of revenue.
Opportunities
In 2022, food packaging was leading the application segment of the thermoforming plastics sector. The increasing demand for packaged water, purified milk, carbonated and non-carbonated drinks, and fruit juice is projected to boost the segment. In addition, a huge number of customers are shifting from unpacked to packaged food and drinks, thus boosting the growth of the thermoformed plastics market. In addition, growing retail store outlets such as convenience stores, supermarkets and hypermarkets are projected to boost the food packaging industry, which is predicted to fuel the demand for thermoformed plastics.
Challenges
Petroleum and crude oil being the primary raw material for manufacturing plastics, hence norms over storing of such sources act as a restraining factor for the plastic industry, which directly shows a negative impact on the market. Moreover, governmental restrictions and regulation for pollution control by means of banning of plastic use is considered to be a significant restraining factor to market growth. The pollution of various natural resources such as land, water, air and fossils also proves to be a significant challenge for the growth of the market.
Related Reports:
- Antimicrobial Plastics Market: The global thermoformed plastics market size is predicted to reach around USD 62.1 billion by 2030 from USD 53.88 billion in 2022, progressing a CAGR of 4.72% during the forecast period 2022 to 2030.
- Blow Molded Plastics Market: The global blow molded plastics market size was valued at USD 81.5 billion in 2022 and is estimated to reach around USD 130.9 billion by 2032, growing at a CAGR of 4.85% throughout the projection period 2023 to 2032.
- Polycarbonate Market: The global polycarbonate market size is projected to be worth around USD 39.64 billion by 2032 from USD 25.13 billion in 2022, registering at a CAGR of 4.66% during the forecast period 2023 to 2032.
Recent Developments:
- January 2020 – A leading provider of custom thermoformed packaging solutions called Fabri-Kal, is uniting with The Michigan Department of Environment to increase the recycling rate of packaging products by the year 2025.
- October 2020 – Arnstadt mill located in Germany received an investment of a total amount of 10 million Euro by the Papacks. This new manufacturing unit will give an output of high quality molded paper fiber by the thermoforming process , in the mean while also supporting production capacity of upto 360 million pieces yearly.
Market Segmentation:
By Product
- Polymethyl Methacrylate (PMMA)
- Bio-degradable polymers
- Polyethylene (PE)
- Poly Vinyl Chloride (PVC)
- High Impact Polystyrene (HIPS)
- Polystyrene (PS)
- Polypropylene (PP)
By Process
- Plug Assist Forming
- Thick Gauge Thermoforming
- Thin Gauge Thermoforming
- Vacuum Snapback
By Based on Thickness
- Thin Gauge
- Thick Gauge
By Application
- Automotive
- Construction
- Healthcare & Medical
- Food Packaging
- Electrical & Electronics
- Consumer Goods & Appliances
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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