Market Study on Thermoformed Plastic Products: Food Packaging to Remain Major Application Area
New York, Sept. 27, 2022 (GLOBE NEWSWIRE) -- The global thermoformed plastic products market stands at US$ 13.5 Bn as of now and is expected to reach US$ 22 Bn by the year 2032 at a CAGR of 5%.
Plastic products made out of thermoforming process are termed as “thermoformed plastics”. The process makes use of plastic molding techniques like pressure forming and vacuum for shaping the plastic. Increasing applications in domains include packaging, healthcare, electrical & electronics, automotive, and likewise. Easy processing and cost-effectiveness are the advantages of thermoformed plastics.
Also, increasing inclination towards shopping on the back of increasing consumer spending owing to altering lifestyles with benevolence towards hygiene in packed food products is a factor catalysing the thermoformed plastic products market.
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In-mold labelling (IML) comes across as an automated process, which is in great demand in the thermoformed plastic products market. Decorative labels are also being added for attracting the customers.
At the same time, the fact that thermoforming could result in soil degradation, water pollution, chemical pollution, solid waste pollution, and depletion of fossils can’t be ruled out. Besides, ban inflicted on the use of plastics by various governments could hamper the market.
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Key Takeaways from Thermoformed Plastic Products Market
Polypropylene holds the largest market share.
The future is likely to witness an increasing demand for biodegradable plastics.
Thin gauge dominates the market and this trend is expected to continue with even in the forecast period.
Food packaging rules the roost and is expected to continue with the winning streak even in the forecast period.
“With increasing demand for thermoformed plastics in pharmaceutical packaging and healthcare sector, the global thermoformed plastic products market is expected to substantiate going forward” says an analyst from Persistence Market Research.
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Persistence Market Research has enlisted the key developments in thermoformed plastic products market.
Berry Global, in July 2019, completed acquisition of RPC Group Plc at close to US$ 6.5 Bn with the objective of encashing on product development, material science, and manufacturing technologies.
Fabri-Kal Corporation, in December 2018, started providing new 16 oz and 12 oz SideKicks Containers as an expansion of the production line of SideKick Containers.
Papacks, in October 2020, did invest 10 Mn Euros in Arnstadt mill (Germany). This unit claims to extend support to production capacity of up to 360 MN pieces every year.
Fabri-Kal, in January 2020, collaborated with The Michigan Department of Environment for doubling packaging products’ recycling rate by 2025.
Placon, in October 2021, bought a manufacturing facility of North Carolina-based Sonoco Products Company to expand its production capacity.
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What does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the thermoformed plastic products market in its latest study, presenting historical demand assessment of 2016 – 2021 and projections for 2022 – 2032.
The research study is based on the type of product (polypropylene, polymethyl methacrylate, polystyrene, bio-degradable polymers, high impact polystyrene, polyethylene, poly vinyl chloride, and acrylonitrile butadiene styrene), by process (vacuum snapback, plug assist forming, thin gauge thermoforming, and thick gauge thermoforming), and by application (healthcare & medical, consumer goods & appliances, food packaging, construction, automotive, and electrical & electronics).
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