June 25, 2024

Thermoformed Plastics are Expected to be Flourished by Increasing Demand in Packaging Industry

Thermoformed plastics are widely used for packaging applications across various industries such as food and beverages, electronics, consumer goods, healthcare, automotive, and industrial goods. Thermoformed plastics provide excellent barrier properties and moisture resistance. The food packaging segment accounts for a significant share of the global thermoformed plastics market. Food service disposables including containers, plates, cups, cutlery items, and trays are commonly manufactured using thermoformed plastics. The medical devices packaging segment is also a major end-user of thermoformed plastics. Thermoplastics are preferred in the healthcare sector due to their heat resistance, durability, and chemical inertness. With increasing healthcare expenditures and stringent regulations regarding medical waste disposal, demand for thermoformed plastic packaging is expected to grow in the coming years. The global thermoformed plastics market is estimated to be valued at US$ 12.9 Bn in 2024 and is expected to exhibit a CAGR of 2.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

One of the key drivers for the growth of the thermoformed plastics market is the increasing demand from the packaging industry. The growing food processing and healthcare sectors are dependent on packaging for distribution and storage of products. Thermoformed plastics are widely used in the packaging of various food products, pharmaceuticals, and medical devices due to their barrier and moisture resistance properties. Furthermore, thermoformed plastics can be easily customized into various shapes and sizes as per packaging requirements. Their lightweight and low cost of production compared to alternative materials also promote their use in the packaging industry. Additionally, improving standards of living and rising disposable incomes in emerging economies are contributing to the growth of consumer goods and electronics industries which utilize significant volume of thermoformed plastics for packaging applications. The packaging industry is projected to remain a major driver for the global thermoformed plastics market over the forecast period.

Segment Analysis

The thermoformed plastics market is segmented on the basis of material type, process type, and application. Based on material type, the thermoformed plastics market is divided into polyvinyl chloride (PVC), polystyrene (PS), polyethylene terephthalate (PET), polyethylene (PE), polypropylene (PP), and others. Among these, the polypropylene segment dominates the market and is expected to grow at a steady pace over the forecast period. Polypropylene offers properties like durability, flexibly, easy processing, and chemical resistance which makes it suitable for various applications in sectors like food and beverages, electronics, healthcare, and automotive.

PEST Analysis

1. Political: Regulations regarding the use of plastics in food packaging are becoming stringent to curb plastic waste, this may impact manufacturers. However, the use of ecofriendly bioplastics is expected to receive government support.

2. Economic: The global economy is recovering post Covid-19 pandemic which will drive demand from end-use industries like food and beverages, healthcare, and automotive. Emerging economies offer vast opportunities for thermoformed plastics market players.

3. Social: Growing awareness about environmental protection and sustainability is fueling the demand for biodegradable and recyclable thermoformed plastics. Rapid urbanization and changing lifestyles are also augmenting the packaged food market.

4. Technological: Automation, robotics, and industry 4.0 technologies are helping thermoforming plastic manufacturers enhance productivity and produce complex customized designs efficiently on a large scale.

Key Takeaways

The global thermoformed plastics market is expected to witness high growth over the forecast period supported by increasing demand from various end-use industries. Regionally, North America holds the major share of the global thermoformed plastics market currently owing to extensive usage in the packaging sector. Asia Pacific is anticipated to be the fastest growing regional market in the coming years. Countries like India, China, Indonesia, and Vietnam offer immense growth potential due to rising disposable incomes, rapid industrialization, and growth in the healthcare sector.

Key players operating in the thermoformed plastics market are Pactiv LLC, Sonoco Products Company, CM Packaging, Placon, and Genpak LLC. Pactiv LLC specializes in thermoforming and coating technologies to manufacture sustainable and durable packaging solutions for foodservice companies, food processors, and supermarkets. Sonoco Products Company offers extensive thermoforming capabilities and sustainable packaging solutions made from recycled PET, PP, and PS resins for various industries worldwide.