DUBLIN--(BUSINESS WIRE)--The "Thermoforming Plastic Market by Plastic Type (PP, PS, PET, PE, PVC, Bio-plastics, ABS), Thermoforming Type (Vacuum Formed, Pressure Formed, Mechanical Formed), Parts Type (Thin Gauge, Thick Gauge), End-use Industry, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The thermoforming plastic market is expected to grow from USD 34.8 billion in 2019 to USD 45.9 billion by 2024, at a CAGR of 5.7% during the forecast period.
New product launches leading to an increased application scope of thermoforming plastic as well as the growing usage of these products across various end-use industries, including food & agriculture packaging, healthcare & pharmaceutical, construction, electrical & electronics, automotive packaging & structures, consumer goods & appliances, are expected to augment the market growth. However, the non-suitability of thermoforming plastic for the packaging of heavy items is the major factor restraining the growth of the market.
Automotive packaging & structures is the fastest-growing end-use industry of thermoforming plastic, in terms of value
Thermoforming plastic is gaining importance in the automotive packaging & structures end-use industry. Thermoformed plastic parts in the automotive sector are durable, reusable, and can be customized in any color. These parts do not require painting. Thermoformed parts are strong and can be reinforced. Some other properties include lightweight, easy to clean, and chemical resistance. Some of the major applications include dashboard assemblies, interior door panels, seating parts, engine bay paneling, exterior body panels, bumpers, air ducts, pickup truck bed liners, wheel well liners, truck liners, floor mats, and cargo mats.
The vacuum forming thermoforming plastic segment accounted for a major share of the thermoforming plastic market, in terms of value, during the forecast period
The global thermoforming plastic market is projected to be dominated by the vacuum forming thermoforming plastic segment, in terms of both value and volume during the forecast period. Vacuum forming is cost-effective, provides quicker tooling, and has the ability to form very large parts. This process also allows for sharper details, undercuts, mold-in-texture, and has tighter tolerances. Whereas pressure forming process is used mostly for complex shapes. The mechanical forming process is used rarely for thermoforming plastic.
North America is the largest, and APAC is the fastest-growing thermoforming plastic market
North America is the largest region in the thermoforming plastic market due to the high demand for thermoformed structural parts and thermoformed packaging from automotive, food & agriculture packaging, consumer goods & appliances, and healthcare industries. North America is home to some of the prominent thermoforming plastic manufacturers such as Pactiv LLC, Sonoco Products Company, D&W Fine Pack LLC, and so on. APAC is the fastest-growing region as the growing population presents a huge customer base for FMCG products and consumer durables, which in turn is expected to lead to the growth of the thermoforming plastic market.
- Growing Demand From Food Packaging Industry
- Growing Demand From Healthcare & Pharmaceutical Industry
- Reduced Packaging Waste
- Cost Effectiveness
- Not Supportive to Package Heavy Items
- Increasing Demand of In-Mold Labelling in Packaging
- Potential Opportunities for Thermoforming Plastic in Emerging Economies
- Investment in R&D Activities
- Compliance With Stringent Regulations
- Anchor Packaging
- Berry Global Group Inc.
- Brentwood Industries
- Consolidated Container Company
- Display Pack Inc.
- Fabri-Kal Corporation
- Genpak LLC
- Greiner Packaging International GmbH
- Penda Corporation
- Placon Corporation
- Sabert Corporation
- Spencer Industries Incorporated
- Winpak Ltd,
- Zhuhai Zhongfu Enterprise Co Limited
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