Fior Markets launched a study titled “Thermoformed Plastics Market by Product (Polymethyl Methacrylate,Polyethylene, Polystyrene, Others), Process,Application, Regions”,and Global Forecast 2019-2026.
The global thermoformed plastics market is expected to grow from USD 11.93 Billion in 2018 to USD 17.58 Billion by 2026, at a CAGR of 4.97% during the forecast period from 2019-2026. Increasing demand from the end user industries such as packaging, healthcare, automotive etc. are expected to drive the global thermoformed plastics market.
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The polymethyl methacrylate segment is anticipated to grow at a CAGR of 7.03% in 2019-2026
The product segment is divided into Polymethyl Methacrylate (PMMA), Bio-degradable polymers, Polyethylene (PE), Acrylonitrile Butadiene Styrene (ABS), Poly Vinyl Chloride (PVC), High Impact Polystyrene (HIPS), Polystyrene (PS), and Polypropylene (PP). Polypropylene (PP) thermoformed plastics found wide ranging applications in the food packaging products such as cups, trays, margarine tubs, sandwich packs, disposable products, beverage glasses, and microwaveable containers. Consequently, the polypropylene (PP) segment emerged as the leader in with USD 4.74 billion revenue in 2018. Whereas the polymethyl methacrylate (PMMA) segment is projected to grow at an accelerated CAGR of 7.03% over the forecast period.
The thin gauge thermoforming segment had a market value of USD 4.91 billion in 2018
The process segment is categorized into plug assist forming, thick gauge thermoforming, thin gauge thermoforming, and vacuum snapback.Owing to the demand for the thin gauge thermoforming packaging products as medical device packaging trays, the thin gauge thermoforming dominated the global thermoformed plastics market with USD 4.91 billion revenue in 2018.
The food packaging segment had a market value of USD 5.49 billion in 2018
The application is segmented into healthcare & medical, food packaging, electrical & electronics, automotive packaging, construction, consumer goods & appliances, and others. Due to their property for providing an effective barrier against bacteria, odor, and moisture, the thermoformed plastics are in huge demand from the food packaging sector. Thus the food packaging application segment emerged as the leader with USD 5.49 billion revenue in 2018.
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Regional Segmentation Analysis:
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region dominated the global thermoformed plastics market with USD 6.35 billion revenue in 2018. Whereas, the Asia Pacific region is expected to grow at thehighest CAGR of 7.10% over the forecast period.
Major players in the global thermoformed plastics market are Pactiv LLC, Sonoco Products Company, Spencer Industries Incorporated, D&W Fine Pack LLC, Brentwood Industries, Genpak, LLC, PlaconCorporation, Silgan Plastics, Graham Packaging Company, Wilbert Plastic Services, Inc., Anchor Packaging, Greiner Packaging, Tegrant, Peninsula Packaging Company, LLC., Nelipak, CM Packaging, Berry Plastics, Clear Lam Packaging, Huhtamaki Group, Associated Packaging, Ltd. among others.
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