Thermoformed Plastic Products Market Size, Share, Opportunities, And Trends By Product (Polymethyl Methacrylate (PMA), Biodegradable Polymers, Polyethylene (PE), Others), By Process (Plug Assist Thermoforming, Thick Gauge Thermoforming, Thin Gauge Thermoforming, Vacuum Snapback), By Application (Healthcare, Food Packaging, Electrical And Electronics, Automotive, Construction, Consumer Goods), And By Geography - Forecasts From 2023 To 2028

Thermoformed plastic products formed are by a  process of heating a thermoplastic sheet to its softening point. The sheet is then stretched across a single-sided mould and then manipulated as per the consumer’s specifications. Thermoformed plastic products are extremely popular across various industries. They are cost-effective, provide design flexibility and are easily manufactured on large-scale production as a result they are used as packaging solutions across various end-use verticals.

Forecasts show rapid growth for the market during the Projection period. The pharmaceutical and healthcare packaging industry is responsible for most of the market growth. Due to their lightweight, durability, and strength, thermoformed polymers are also commonly employed in the production of lightweight automobiles. Rising expenditure on packaged, ready-to-eat, and convenience foods because of rising disposable income is also spurring growth. It has been predicted that the thermoformed plastic products market will see increased sales opportunities due to the rising need for food and healthcare packaging. The market for thermoformed plastics is being driven by the expanding use of these materials in items for packaging food, including cups, trays, sandwich packs, disposable glass & plates, and microwave containers. In light of all the factors mentioned above, it is anticipated that the global market for thermoformed plastic products will expand quickly over the next few years.

On the other hand, rising volatile prices of raw materials, and stringent rules and regulations imposed by the government regarding the use of plastic products are impeding the growth of the global market during the forecast period.

Growing demand for healthcare and pharmaceuticals industries to spur growth

One of the prime factors boosting the growth of the thermoformed plastic products market is the growing demand for packaging solutions from the healthcare and pharmaceuticals industry. The production of diagnostic accessories, equipment, and medical facilities in the healthcare sector uses thermoformed plastics. A manufacturing method called thermoforming involves shaping a two-dimensional thermoplastic material into a three-dimensional form. Thermoformed plastics are used in the pharmaceutical business to create items like prefilled syringes, pharmaceutical bottles, and medical devices as well as to package tablets and capsules in blister packaging.

Thermoformed plastic products are also used as packaging solutions for the food and beverage industry. The market is also being driven by the expanding use of these products in items for packaging food, including cups, trays, sandwich packs, disposable glass & plates, and microwave containers. Superior qualities offered by thermoformed plastics include resistance to bacteria, odour, and moisture which makes them suitable for packaging food items. They are economical and aid in extending the shelf life of packaged goods.

North America is anticipated to hold a significant amount of the market share during the forecast period

North American region is anticipated to hold a significant amount of market share in thermoformed plastic products. This region will witness high growth during the forecast period owing to high demand from various end-use verticals such as automotive, healthcare, pharmaceutics, food and beverage, HoReCa, etc. The demand for these products is high in countries like USA and Canada. Medical trays, medical gadgets, syringes, pharmaceutical packaging, and protective packaging are just a few examples of the use of thermoformed plastic products in the healthcare industry. High investment and expenditure in the healthcare industry in this region will stimulate demand for these products. The need for thermoformed plastics in the area is being boosted by the expanding use of thermoformed plastics in the food industry for the packaging of fruits, vegetables, meat, poultry, and fish as well as confectionery goods and prepared meals. The presence of key market players such as Sonoco Products Company, and D&W Fine Pack in the region is leading to product innovation and is therefore spurring growth.

Market Key Developments

• In October 2021, North Carolina's Sonoco Products Company production site was acquired by Placon. The project is likely to assist the business in increasing production capacity and supplying the growing demand for goods with environmentally friendly packaging.
• In January 2020, to produce pharmaceutical thermoformed plastic packaging, Gerresheimer AG increased its production capabilities in facilities located in China and India. Additionally, plastic packaging producer Centor Inc., a member of the Gerresheimer Group, increased storage capacity in April 2020. Pre-fillable polymer syringes were also introduced at the German facility.
• In April 2021, Amcor launched a cutting-edge AmSky blister system. It appears to be thermoformed blister packaging that complies with pharmaceutical packaging standards and is based on recyclable polyethene.

Thermoformed Plastic Products Market Scope:

Segmentation:

• By Product
  • Polymethyl Methacrylate (PMA)
  • Biodegradable Polymers
  • Polyethylene (PE)
  • Others
• By Process
  • Plug Assist Thermoforming
  • Thick Gauge Thermoforming
  • Thin Gauge Thermoforming
  • Vacuum Snapback
• By Application
  • Healthcare
  • Food Packaging
  • Electrical and Electronics
  • Automotive
  • Construction
  • Consumer Goods
• By Geography
  • North America
    • USA
    • Canada
    • Others
  • South America
    • Brazil
    • Others
  • Europe
    • Germany
    • UK
    • France
    • Others
  • Middle East and Africa
    • Israel
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Taiwan
    • Thailand
    • Indonesia
    • Others