Thermoformed Plastics Market Outlook To 2024
The global thermoformed plastics market was valued at $11.7 billion in 2016 and is forecast to grow at a CAGR of 5.4% between 2017 and 2024, culminating in 2024 global sales of $17.8 billion.
Industry at a Glance
Increasing demand for packaged food coupled with rising urban population is expected to drive thermoformed plastics market growth over the forecast period. Major processes used for thermoforming include thick & thin gauge thermoforming, plug assist forming, and vacuum snapback. The process involves plastic sheet heating to obtain a bendable form which can be further molded into the desired shape.
Food packaging requirement has escalated rapidly owing to higher living standards along with demand for products with longer shelf life. Low-cost along with aesthetic appearance are other prominent advantages associated with the usage of thermoforming plastics in food packaging application. Additionally, the injection molded plastics are being extensively utilized for production of medical disposables & medical devices owing to inimitable engineering and design layout including surgical glove and urology disposables.
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Key findings from the study: -
o The global thermoformed plastics market was valued at $11.7 billion in 2016 and is forecast to grow at a CAGR of 5.4% between 2017 and 2024, culminating in 2024 global sales of $17.8 billion.
o Food packaging requirement has escalated rapidly owing to higher living standards along with demand for products with longer shelf life.
o Based on product, the market has been segmented into PMMA, PE, ABS, PVC, PS, and PP. Polypropylene emerged as the dominant product segment and accounted for over 20% of the overall market share in 2016.
o Prominent companies operating in the global thermoformed plastics market include Anchor Packaging, Placon Corporation, Pactiv, Tegrant, Genpak, Associated Packaging Technologies, Advantage Plastics, CM Packaging, Greiner Packaging, and Peninsula Packaging.
Ameri Research has segmented the Thermoformed Plastics Market by material categories, product type, end-use and region:
Thermoformed Plastics Market by Product (Volume, Kilo Tons; Revenue, USD Million)
o Polymethyl Methacrylate (PMMA)
o Polyethylene (PE)
o Acrylonitrile Butadiene Styrene (ABS)
o Polyvinyl Chloride (PVC)
o Polystyrene (PS)
o Polypropylene (PP)
Thermoformed Plastics Market by Application (Volume, Kilo Tons; Revenue, USD Million)
o Healthcare & Medical
o Food Packaging
o Electrical & Electronics
o Consumer Goods
o Automotive Packaging
Thermoformed Plastics Market by Region (Volume, Kilo Tons; Revenue, USD Million)
o North America
o Asia Pacific
o Southeast Asia
o Latin America
o Middle East & Africa (MEA)
o Saudi Arabia
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