Gurugram, India, June 29, 2023 (GLOBE NEWSWIRE) -- Driven by the rising consumption of thermoformed plastics material in healthcare and packaging industries, Global Thermoformed Plastics Market is forecasted to Cross US$60 Bn by 2028 says Ken Research Study.
Thermoforming is a plastic manufacturing process that applies a vacuum or pressure force to stretch a sheet of heated thermoplastic material over an engineered mold to create a 3-dimensional shape or part. After forming, the shaped part is trimmed and finished to a specification to meet an end user’s requirements. The process and thermoplastic materials are extremely versatile and can be utilized to manufacture parts for a wide range of applications.
“Ken Research shares 3 key insights on this high-opportunity market from its latest research study”
1. Increasing Consumption of Thermoformed Plastics in the Packaging Industry.
According to Ken Research Analysis, the Global Thermoformed Plastics Market was valued at ~US$ 40 billion in 2022 and is forecasted to reach a market size of ~US$ 60 billion, growing at a CAGR of ~7% by 2028, due to increasing usage of thermoformed plastics in healthcare and packaging industries. Thermoform packaging is known to be a high-quality packaging solution for any kind of food and healthcare product. Packaging of some kind of food products requires the incorporation of functional and innovative design while providing good moisture barriers, physical stress, temperature, contamination protection, and tamper resistance.
The thermoforming process enhances the properties of plastic materials and makes it suitable to be recycled again. Thermoform packaging not only protects the products but also extend the shelf-life, owing to its durability resilience nature.
The players in the food industry are increasingly looking for packaging solutions that enable them to reduce the carbon footprint. As thermoformed packaging are increasingly being manufactured using 100% recyclable products, the demand is expected to grow during the forecast period. The rising trend for the development of sustainable packaging is expected to propel the players in the market to come up with product developments that enable them to meet the increasing demand.
- In October 2019, Charpak Ltd., a manufacturer of thermoformed packaging products, designed and launched a new thermoformed packaging tub that is 100% recyclable, tamper-evident, that can be used for ambient, chilled or frozen sectors, food, and non-food products.
- According to SouthPack, a custom manufacturer of packaging, stated that thermoformed packaging cost up to 15% less than packaging made from plastic injection molding.
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2. Surging Demand for Thermoformed Plastics in Healthcare Industry is Fuelling the Market Globally
The consumption of plastic packaging in the healthcare industry is expected to rise due to government funding for healthcare and pharmaceutical centers. Increasing drug production and government initiatives toward the development of healthcare and pharmaceutical sectors generate significant growth opportunities for the thermoform plastic healthcare packaging market in the coming years. For instance, In December 2021, the Guangzhou Sino-Israel Bio-industry Investment Fund (GIBF) announced fund of US$ 300 million for joint drug development ventures. The drug development process includes the equipment and procedures that requires the use of thermoformed plastics.
Furthermore, plastic healthcare packaging formats are preferred by consumers, as these not fragile and are easy to handle compared to alternative packaging solutions available in the market. Manufacturers prefer plastic packaging for healthcare owing to anti-microbial properties and reduced risk of breakage. Moreover, the increasing demand for surgical masks during the pandemic has created a golden opportunity for the plastic packaging industry. According to United Nations International Children's Emergency Fund (UNICEF), in 2020, about 301.3 million surgical masks and 22.2 million N95 ventilator kits were distributed in 127 countries. The steady increase in manufacturing, production, and distribution activities required use of thermoformed plastics, which helped in the growth of the market.
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3. Volatile Raw Material Prices for Thermoformed Plastics is the Major Challenge Faced by The Thermoformed Plastics Market
Crude petroleum is an important raw material used in the production of organic chemicals, which are in turn used as inputs into the production of more-processed goods, such as plastics products. Major Asian petrochemical manufacturers are under immense pressure as geopolitical turmoil in the Middle East is severely affecting the supply of crude oil.
In April 2019, the attacks on Saudi Aramco’s oil processing facilities at Abqaiq and Khurais on resulted in an immediate price spike of 10% to 12%. The plastic industry faces the effects of the continuous rise and dips in the prices of crude oil. The most basic ingredients for the manufacturing of plastic, such as ethylene and propylene, are obtained from crude oils. The monomers are then converted into polymers such as polyethylene, polypropylene, and other materials. The supply-demand shifts cause price volatility in plastics globally. As a result, changes in crude oil prices significantly impact the cost of thermoformed polymers.
Market Taxonomy
Product Type
- Polymethyl Methacrylate (PMMA)
- Bio-degradable polymers
- Polyethylene (PE)
- Acrylonitrile Butadiene Styrene (ABS)
- Poly Vinyl Chloride (PVC)
- High Impact Polystyrene (HIPS)
- Polystyrene (PS)
- Polypropylene (PP)
Thermoforming Type
- Vacuum Forming
- Pressure Forming
Thickness
- Thin Gauge
- Thick Gauge
End-User
- Food Packaging
- Agriculture Packaging
- Consumer goods & appliances
- Healthcare & Pharmaceutical
- Construction
- Electrical & electronics
- Automotive Packaging & Structures
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By Region
North America
- USA
- Canada
- Mexico
Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- South Korea
- India
- Indonesia
- AustraliaRest of Asia Pacific
LAMEA
- Latin America
- Middle East
- Africa
Key Players
- D&W Fine Pack.
- Genpak LLC
- Greiner Packaging
- Pactiv LLC
- Placon
- Silgan Holdings Inc.
- Sonoco Products Company
- Dongguan Ditai Plastic Products Co.,Ltd
- SPENCER INDUSTRIES INCORPORATED
- Berry Global Inc.
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According to Ken Research Analysis, the Global Oleochemicals Market is expected to record a positive CAGR of ~9% during the forecast period (2022-2028) and is expected to reach approximately US$ 50 billion by 2028. The opportunity to replace conventional petroleum-based products in various sectors along with the easy availability of raw materials required for the production of oleochemicals is positively impacting the market. Petroleum is a fossil fuel that when used poses a risk to the environment. Governments are enforcing stricter regulations for the sparing use of petroleum which can be replaced by oleochemicals.
According to Ken Research Analysis, the Global Composites Market is expected to record a positive CAGR of ~8% during the forecast period (2022-2028) and is expected to reach approximately US$ 120 billion by 2028. The desirable performance of composites as well as the high adoption of composites in various end-user industries owing to their properties is positively impacting the market growth. Customers' needs for a wide range of intricately engineered parts, design patterns, and structures are met through the use of composite materials.
Over the next five years, the Biocomposites market in North America is forecasted to grow at least 12% CAGR, owing to the stable long-term usage among end-user industries and government efforts for use of more eco-friendly products, especially in developed countries such as the USA. Consumer products such as music instruments, casings and cases, furniture, tables, toys, combs, and trays are made from wood and natural fiber plastic granulates. Customer preferences for these products due to their distinct appearance and feel, great quality, and value will help the Biocomposites market to grow.
India adhesives market showcased a stagnant growth rate in the last few years and recorded a CAGR of 7.5% during FY’15-FY’20. Surging demand for water based adhesives in India is contributing to the growth of the adhesives industry in India. Government initiatives such as Make in India and Smart Cities projects are contributing to adhesive market growth. There is significant demand from the Western Region of India. Fluctuating raw material prices (VAM), which move in tandem with crude oil prices, high setup costs and high R&D expenditure required in the adhesives market is posing as a challenge to the adhesives industry in India. Global companies are expanding their presence to target a larger target audience across India. The market witnessed a decline in the demand for adhesives during the Q2 of 2020 owing to COVID-19 situation.
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Ken Research Private Limited
Ankur Gupta, Director Strategy and Growth
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