Thermoformed Plastics Market Influence
Thermoformed Plastics Market to Witness High Growth Owing to Wide Adoption Across Food Packaging Industry
Thermoformed plastics are molded plastic sheets produced using a process called vacuum forming or pressure forming. In this process, a plastic sheet is heated to a pliable forming temperature, formed to a specific shape in a mold, and trimmed to create a usable product. Key applications of thermoformed plastics include food packaging, health care packaging, electronics, automotive, and construction. Thermoformed trays, cups, containers and clamshell packaging are commonly used in food industry.
The thermoformed plastics market is estimated to be valued at US$ 12.9 Bn in 2023 and is expected to exhibit a CAGR of 2.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Wider adoption across food packaging industry is expected to drive the market growth over the forecast period. Rising demand for packaged and processed food coupled with advantages offered by thermoformed plastics such as lightweight, shatter resistance and printability are fueling their demand in food packaging applications. Increase in consumption of packaged food particularly among working population is also contributing to the market growth.
Another key factor boosting the market growth is higher preference for thermoformed plastics compared to alternative materials such as glass and metal containers in food and medical packaging. Attributes such as moldability, impact resistance, moisture and gas barrier properties make thermoformed plastics suitable for various packaging applications.
SWOT Analysis
Thermoformed plastics are molded plastic sheets produced using a process called vacuum forming or pressure forming. In this process, a plastic sheet is heated to a pliable forming temperature, formed to a specific shape in a mold, and trimmed to create a usable product. Key applications of thermoformed plastics include food packaging, health care packaging, electronics, automotive, and construction. Thermoformed trays, cups, containers and clamshell packaging are commonly used in food industry.
The thermoformed plastics market is estimated to be valued at US$ 12.9 Bn in 2023 and is expected to exhibit a CAGR of 2.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Wider adoption across food packaging industry is expected to drive the market growth over the forecast period. Rising demand for packaged and processed food coupled with advantages offered by thermoformed plastics such as lightweight, shatter resistance and printability are fueling their demand in food packaging applications. Increase in consumption of packaged food particularly among working population is also contributing to the market growth.
Another key factor boosting the market growth is higher preference for thermoformed plastics compared to alternative materials such as glass and metal containers in food and medical packaging. Attributes such as moldability, impact resistance, moisture and gas barrier properties make thermoformed plastics suitable for various packaging applications.
SWOT Analysis
Strength: Thermoformed plastics are lightweight, durable and cost-effective compared to other rigid packaging materials. Many thermoformed plastics can be recycled, which is beneficial for the environment. Thermoforming technology allows for high-volume and complex shapes to be formed from plastic sheets in a single operation.
Weakness: Thermoforming requires specialized heating and molding equipment which involves high capital investment. Frequent design changes in product may require
modifications to heating, molding and trimming tools. Thermal stability and structural rigidity of some plastics can limit their use in high-temperature applications.
Opportunity: Growing demand for sustainable and biodegradable packaging from food and consumer goods industries offers opportunities for compostable thermoformable
materials. Advancements in rapid prototyping and 3D scanning technologies allow for faster design iterations and tools development.
Threats: Stricter environmental regulations around single-use plastic usage may reduce demand for certain applications. Volatility in raw material prices can impact production costs.
Key Takeaways
The global thermoformed plastics market is expected to witness high growth, exhibiting CAGR of 2.9% over the forecast period, due to increasing demand from food packaging sector. Thermoformed plastics provide excellent moisture and gas barrier properties ideal for food containers and lids.
Regional analysis: North America dominates the global thermoformed plastics market with a share of over 35% in 2023 owing to strong presence of food packaging manufacturers. Asia Pacific is expected to witness the fastest growth due to expanding consumer goods and food packaging industries in China, India and other developing economies.
Key players: Key players operating in the thermoformed plastics market are Pactiv LLC, Sonoco Products Company, CM Packaging, Placon, and Genpak LLC. These players are focusing on new product development, mergers & acquisitions and expanding their manufacturing facilities across regions to strengthen market presence.
Key Takeaways
The global thermoformed plastics market is expected to witness high growth, exhibiting CAGR of 2.9% over the forecast period, due to increasing demand from food packaging sector. Thermoformed plastics provide excellent moisture and gas barrier properties ideal for food containers and lids.
Regional analysis: North America dominates the global thermoformed plastics market with a share of over 35% in 2023 owing to strong presence of food packaging manufacturers. Asia Pacific is expected to witness the fastest growth due to expanding consumer goods and food packaging industries in China, India and other developing economies.
Key players: Key players operating in the thermoformed plastics market are Pactiv LLC, Sonoco Products Company, CM Packaging, Placon, and Genpak LLC. These players are focusing on new product development, mergers & acquisitions and expanding their manufacturing facilities across regions to strengthen market presence.
