Latest News - Thermoformed Plastics Market: Vacuum formed is expected to lead the Type segment during 2024-2028

The Thermoformed Plastics Market is being driven by Diverse applications of thermoformed plastics

The Thermoformed Plastics Market is expected to grow at a CAGR of 4.36% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 8.88 billion. The recycling of plastic involves the recovery and reprocessing of waste or scrap plastic to manufacture a range of finished products, including thermoformed packaging. This process includes the segregation of used plastics into distinct polymer types, followed by chipping and melting procedures. The global market for recycled plastics is projected to expand at a Compound Annual Growth Rate (CAGR) of 4.31% during the forecast period. The growing preference for eco-friendly solutions and concerns over environmental degradation caused by plastic waste disposal are key drivers for the increased adoption of recycled plastics in thermoforming applications. In the United States, the Food and Drug Administration (FDA) permits the utilization of recycled Polyethylene Terephthalate (PET) fibers in the production of thermoformed plastics. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Vacuum formed
  • Pressure formed
• Application
  • Food packaging
  • Medical
  • Consumer products
  • Others
• Geography
  • APAC
    • China
    • India
  • North America
    • US
  • Europe
    • Germany
    • UK
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Diverse applications of thermoformed plastics
• Increasing demand from developing countries
• Rise in demand from food packaging industry

However, the market also witnesses some limitations, which are as follows:

• Stringent regulations and policies
• Volatility in raw material prices
• Threat of substitutes

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Market Scope in Thermoformed Plastics Market Research Report

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Research Analysis Overview

Thermoformed plastics have gained significant attention in various industries due to their eco-friendly and recyclable nature. These plastics are created using the thermoforming process, where a thermoplastic polymer is heated and formed over a mold. Two popular materials used in thermoforming are Polymethyl methacrylate (PMMA) and Polystyrene, but other options like Polyethylene and Polypropylene are also used. Environment-friendly thermoformed plastics are increasingly being adopted for food packaging products, such as microwaveable containers, beverage glasses, disposable cups, and sandwich packs. PMMA, for instance, offers excellent UV light resistance, making it ideal for food packaging applications. Beyond food packaging, thermoformed plastics are also used extensively in the medical industry for producing medical electronics, pharmaceutical bottles, prefilled syringes, and diagnostic systems. The medical devices industry and kiosks industry are other major consumers of thermoformed plastics. Moreover, thermoformed plastics are increasingly being used as metal replacements in the aerospace industry and industrial equipment industry due to their lightweight and durability. With continuous advancements in technology, the applications of thermoformed plastics are expanding, making them a versatile and sustainable choice for various industries.

Market Research Overview

The global commodity chemicals market encompasses businesses primarily engaged in the production of industrial and basic chemicals, such as plastics, synthetic fibers, films, commodity-based paints and pigments, explosives, and petrochemicals. This market excludes chemical companies specializing in diversified chemicals, fertilizers and agricultural chemicals, industrial gases, and specialty chemicals. According to Technavio, the market size is determined by the collective revenue generated by manufacturers of industrial and basic chemicals. Key growth drivers for the commodity chemicals market include the escalating demand for plastic packaging, driven by its widespread usage in the global packaging industry, and the increasing preference for lightweight, corrosion-resistant materials, leading to continuous innovation in plastic manufacturing processes. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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