Zion Market Research has published a new report titled “Thermoformed Plastics Market by Product (Acrylics, Bio-Degradable Polymers, Polycarbonates, Acrylonitrile Butadiene Styrene (ABS), Polyethylene (PE), Polypropylene (PP), Polymethyl Methacrylate (PMMA), Polystyrene (PS), and Poly Vinyl Chloride (PVC)) for Healthcare & Medical, Food Packaging, Electrical & Electronics, Construction, Consumer Goods, Automotive Packaging and Other Applications - Global Industry Perspective, Comprehensive Analysis and forecast, 2016 – 2022”. According to the report, global thermoformed plastics market was valued at USD 10.43 billion in 2016, is expected to reach USD 13.98 billion in 2022 and is anticipated to grow at a CAGR of 5.0% between 2017 and 2022.
There are various methods used for processing thermoformed plastics such as thick gauge thermoforming thin gauge thermoforming, vacuum snapback and plug assist forming. Increasing demand in different application divisions including electrical & electronics, automotive, food, and beverages packaging, consumer goods, healthcare & medical, construction etc. inferable from cost-efficient nature is anticipated to fuel the market in future.
Generally used resins for thermoformed plastics generation include polyethylene (PE), polystyrene (PS), and polypropylene (PP). Polymethyl methacrylate (PMMA) emerged as the largest product segment in 2016 which accounted for more than 45% of the global market. Polymethyl methacrylate (PMMA) product segment is anticipated to grow at the highest CAGR over the forecast period. Increasing utilization of polymethyl methacrylate (PMMA) because of its extraordinary light transmission, high surface hardness and tremendous administration life alongside specific properties like weathering and UV light protection this item fragment are expected to fuel the market. The totally recyclable nature by dodging wastage and shielding the natural resources is a major driver for the increase utilization of this segment.
Thin gauge thermoforming plastic leading process segment over another process in 2016. The thin gauge thermoforming plastic process is anticipated remain the largest process segment over the forecast period. Utilizing contact, radiant, and hot air heating procedures the thermoform items are produced. Rising demand for thin gauge thermoforming packaging items as packaging trays in the medical and healthcare sector is anticipated to accelerate the market over the forecast period. Thick gage thermoforms are tough and unbending walled in areas which are utilized to pack electronic hardware.
The thick gauge thermoforming is utilized as a part of wide range of applications including front & back guards and inside trim segments in heavy truck industry, enclosures for thread factories and weights in wellness hardware, colossal brightening signs in signage, cowlings, dash segments, and bumpers in agriculture segment, taxicab interiors and engine covers in construction equipment industry. In recent years, plug assist forming process is the fastest growing process in near future. Increasing utilization of plug assist forming products in food and beverage packaging is expected to fuel the market growth in the forecast period. The packaging materials shaped utilizing this strategy has uniform wall thickness with reduced starting gauge which ensures the item security and content storage.
The Asia Pacific is the fastest growing segment with potential growth opportunities. China is the largest producer and distributor of thermoformed plastics. The region is mainly backed by the China having a strong penetration of thermoformed plastics. The Asia Pacific thermoformed plastics demand is mainly influenced by India, China, Indonesia, and Japan. The Asia Pacific is poised to register robust growth, offering significant investment and growth opportunities for manufacturers in the coming years. The market thermoformed plastics in the region are mainly driven by the perpetually growing demand from India and China. These emerging markets uphold huge growth potential given the government policies that promote the adoption of thermoformed plastics for industries like healthcare & medical, food packaging, automotive, construction, and consumer goods.
European region (France, Germany, Italy, Spain, and England) hold a major share of the thermoformed plastic products market and expected to grow during the forecast period. The European region is poised to register robust growth, offering significant investment and growth opportunities for manufacturers in the coming years. European countries (France, Germany, Italy, Spain, and England) are also observing increasing investment in thermoformed plastics in industries (Food Packaging items, Construction, automotive, etc.) which is estimated to benefit market growth in the region. However, current developments and an economic turnaround encourage a positive outlook for the near future.
The market for thermoformed plastics in Latin America is expected to prosper on account of favorable Government initiatives. The Middle East and Africa represent a region with a huge potential for thermoformed plastics in the near future. Improving economic activity expected to boost the thermoformed plastics market in the region.
Global thermoformed plastics market is very competitive and fragmented by the presence of many small and big players. Key players profiled in the report include Pactiv LLC, D&W Fine Pack LLC, Tegrant Corporation, Peninsula CM Packaging, Placon Corporation, Anchor Packaging, Spencer Industries, Genpak LLC, Sonoco Plastics Brentwood Industries, Greiner Packaging, and Silgan Plastics among others. The major players are involving to develop their product. The key players are taking active measures to develop their products and expand their production capabilities in near future.
Source : GLOBE NEWSWIRE