Thermoformed plastics are lightweight plastic sheets or packs that are formed into a specific shape by using heat and pressure. They offer various advantageous features such as durability, enhanced shelf-life of products, recyclability, and cost-effectiveness. Thermoformed plastics are extensively used across numerous end-use industries including food & beverage packaging, medical devices & equipment, electronics, and automotive. The global 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 Key Trends:
Growing demand for thermoformed plastics from the food packaging industry has been a key trend propelling the market growth. Food companies are increasingly adopting thermoformed plastics for secondary packaging of various food products including snacks, dairy products, etc. given their moisture and gas barrier properties which help in extending the shelf life of food. Thermoformed plastics provide an effective substitute to traditional materials such as glass, metal, paper, and others used in food packaging. The effective barrier and seal properties of thermoformed plastics have led to their increasing preference over other materials among food brands.
SWOT Analysis
- Strength: Thermoformed plastics offer design flexibility and can be customized as per product requirements. This allows manufactures to cater to diverse customer needs.
- Weakness: Thermoforming process requires high capital investment in molding equipment and tooling. Frequent changes in product design further increases tooling costs.
- Opportunity: Growing demand from packaging, medical, automotive, electrical & electronics industries is opening new application opportunities for thermoformed plastics. Developments in bio-based and recyclable plastic materials also present opportunities.
- Threats: Stringent environmental regulations around plastic waste disposal and recycling poses challenges. Substitution threat from alternative eco-friendly materials like paper and wood based products.
Key Takeaways
The global thermoformed plastics market is expected to witness high growth. Regional analysis related content comprises Regional analysis shows North America dominates the market currently owing to strong demand from packaged food and healthcare industries. The Asia Pacific region is expected to be the fastest growing market in the coming years led by industrialization and urbanization in countries like China, India.
Key players related content comprises Key players operating in the thermoformed plastics are Pactiv LLC, Sonoco Products Company, CM Packaging, Placon, and Genpak LLC. Pactiv LLC is one of the largest manufacturers and suppliers of thermoformed packaging solutions to foodservice markets. Sonoco Products Company offers thermoformed packaging for various industries including food, consumer, industrial and healthcare using plastics like PP, PET, HIPS, among others.
The global thermoformed plastics market size for 2024 is estimated at US$ 12.9 billion according to recent market analysis. The market is forecast to grow at a CAGR of 2.9% during the period of 2023 to 2030.
