The global thermoformed plastics market revenue is expected to expand at a lucrative CAGR over the forecast period. Growing demand for lightweight materials in automotive, healthcare packaging, and healthcare equipment is expected to be a major factor driving market growth.
The global thermoformed plastics market report has been segmented on the basis of product, application, and region.
On the basis of product, the global automotive plastics market has been segmented into polymethyl methacrylate (PMMA), polypropylene (PP), acrylonitrile-butadiene-styrene (ABS), polyvinyl chloride (PVC), polyethylene (PE), polycarbonate (PC), biodegradable polymers, and high impact polystyrene (HIPS). Penetration of polymethyl methacrylate (PMMA) is expected to grow over the forecast period owing to properties of polymethyl methacrylate (PMMA) such as high service life, UV light resistance, high surface hardness, and recyclable.
On the basis of application, the global thermoformed plastics market has been segmented into food packaging, automotive packaging, electrical & electronics, construction, consumer goods & appliances, and others (medical appliances and healthcare packaging). Automotive segment is expected to witness steady growth over the forecast period owing to increase in demand for lightweight automotive components to improve the efficiency of the vehicle is expected to fuel market growth. Components such as panels, liners, and other vehicle parts are manufactured using thermoformed plastics.
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On the basis of region, the global thermoformed plastics market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific market is expected to grow at rapid pace owing to rapidly growing automotive, food, and construction industries in the region over the forecast period. Rising developmental activities in the production of thermoformed plastic products in the region is anticipated to propel market growth over the forecast period.
Key players operating in the global thermoformed plastics market include Anchor Packaging Inc., Pactiv LLC, Peninsula Plastics Co., Inc., Sonoco Products Co., Placon Corporation Inc., Genpak LLC, Associated Packaging, Ltd., D&W Fine Pack, Huhtamaki Group, and Silgan Plastics Corporation.