The global thermoformed plastics market size is expected to reach USD 16.4 billion by 2028, according to a new report by Grand View Research, Inc., registering a CAGR of 3.9% over the forecast period. Increasing demand for medical and pharmaceutical products globally has been a major factor driving market growth. In addition, advancements in the healthcare industry has led to a rising demand for thermoformed plastics.
Rising product demand in various application sectors including food, healthcare, and medical packaging; automotive; electrical and electronics; construction; and consumer goods and appliances owing to its cost-effectiveness is projected to drive the market in the coming years. Rapid industrialization, increase in infrastructural activities, and advancements in medical activities is anticipated to drive the market growth over the forecast period.
Thermoforming is a process where a sheet of plastic is heated to make it flexible after which it is fabricated and molded in the required shape to make it fit for use. Different methods used for processing thermoformed plastics are thin gauge thermoforming, thick gauge thermoforming, plug assist forming, and vacuum snapback. Thin gauge thermoforming was the largest segment in 2019 with a market share of over 60.0% in terms of revenue.
Asia Pacific is projected to be the fastest-growing market in terms of value over the forecast period. Rising demand from industries such as automotive, medical, food packaging, construction, and pharmaceutical in this region is expected to boost the market in the coming years.
North America is expected to register a significant growth rate in terms of both value and volume over the forecast period. The presence of several manufacturers and suppliers of thin gauge thermoforming plastics in the region such as Placon, Vitalo, and Peninsula Plastics is anticipated to drive the regional market growth. On the other hand, high labor cost and fluctuation of raw material prices are the major factors which negatively impact the overall market growth.
Browse Full Report (Tables & Figures) @ https://www.grandviewresearch.com/industry-analysis/thermoformed-plastics-market
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