Published: 2019-09-14   Views: 11
Author: TejasAmale
Published in: Business
Thermoformed Plastics Market Globally Expected To Drive Growth Through 2023

Market Overview

Thermoformed plastics are made by heating a plastic sheet and converting it into a usable product.

The global thermoformed plastics market is segmented on the basis of the product into polyethylene terephthalate (PET), polyethylene (PE), acrylonitrile butadiene styrene (ABS), polystyrene (PS), polyvinyl chloride (PVC), polypropylene (PP), polymethyl methacrylate (PMMA), high impact polystyrene (HIPS), and others. Polyethylene terephthalate is the leading segment of the thermoformed plastics market, due to their biocompatibility and consequent applications in various sectors such as food & beverage, pharmaceuticals, personal care, and others. The shifting trend towards the use of PET over metals is likely to propel the market growth. Polyethylene (PE) is the second largest segment and is expected to drive the market over the review period due to easy availability and biodegradability. Moreover, the technological trends have resulted in products such as high impact polystyrene (HIPS) with properties such as good impact resistance, excellent machinability, dimensional stability, easy to glue and paint, and low cost which is anticipated to fuel the market growth. Based on the manufacturing procedures of thermoformed plastics, vacuum forming is extensively adopted due to its low cost, rapid product development cycles, and availability of colors and textures.

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Competitive Analysis

Some of the manufacturers operating in the global thermoformed plastics market are Pactiv LLC (U.S.), Sonoco Products Company (U.S.), Spencer Industries Incorporated (U.S.), D&W Fine Pack LLC (U.S.), Brentwood Industries (U.S.), Genpak, LLC (U.S.), Placon (U.S.), Silgan Plastics (U.S.), Graham Packaging Company (U.S.), Wilbert Plastic Services, Inc. (U.S.).

Market Segmentation

The global thermoformed plastics market is segmented on the basis of the product, process, application, and region.

Based on the product, the global thermoformed plastics market is segmented into polyethylene terephthalate (PET), polyethylene (PE), acrylonitrile butadiene styrene (ABS), polystyrene (PS), polyvinyl chloride (PVC), polypropylene (PP), polymethyl methacrylate (PMMA), high impact polystyrene (HIPS), and others.

On the basis of the process, the global thermoformed plastics market is segmented into vacuum forming, pressure forming, heavy gauge (thick) thermoforming, thin thermoforming, plug assist, and others.

The market is segmented on the basis of the application as healthcare & medical, food packaging, electrical & electronics, automotive packaging, construction, consumer goods & appliances, and others

Regional Analysis

The Global Thermoformed Plastics Market is segmented into five regions Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.

The high demand for thermoformed plastics in various end-use industries such as healthcare, food & beverage, electrical & electronics, etc.   due to the growing trade of these products.

The North American market is majorly driven by the high production and sales of food & beverage, medical & personal care products, and automotive.

The rising demand for thermoformed plastics from food & beverage and pharmaceutical industries is the primary driver for the growth of the European market.

The Middle East & Africa region is growing due to the expanding infrastructure and construction activities in this region.

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