by Thermoformed plastics are extensively used for packaging applications in various end use industries like food and beverages, medical, electronics, and others. Thermformed plastics provide advantages like lightweight properties, shock resistance, are durable and cost effective for packaging applications.
The global Thermoformed Plastics Market is estimated to be valued at US$ 12.9 billion in 2023 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 key trends:
One of the major trends gaining traction in the thermoformed plastics market is increasing focus on sustainable packaging solutions. Manufacturers are prominently investing in bio-based and recyclable thermoformed plastics materials to cater to the rising demand for eco-friendly packaging from end use industries. Development of novel materials like bio-based polylactic acid (PLA) thermoformed containers is helping companies to strengthen their product portfolio and cater to sustainable development goals. However, high costs associated with bio-based thermoformed materials is one challenging factor.
SWOT Analysis
- Strength: Thermoformed plastics offer excellent durability and moisture resistance which extends their shelf life. They can be customized as per requirement which increases flexibility.
- Weakness: Rigid thermoforming requires high capital expenditure for molding equipment. Frequent mold changes increases production costs.
- Opportunity: Growing food packaging and medical devices industry offer huge growth opportunities. Increasing demand for lightweight and customized products from automotive industry presents new avenues.
- Threats: Fluctuating raw material prices raises production costs. Strict environmental regulations around plastic waste disposal poses challenges.
Key Takeaways
The global thermoformed plastics market is expected to witness high growth, exhibiting CAGR of 2.9% over the forecast period, due to increasing demand from food packaging industry. Thermoformed plastics provide moisture and dust resistance properties essential for food packaging.
Regional analysis: North America dominates the global thermoformed plastics market with a share of over 35% in 2023. Early adoption of advanced packaging technologies and strong presence of food companies drives the regional market. Asia Pacific exhibits the fastest growth led by China, India and other developing nations. Expanding middle class, changing lifestyles and rising disposable incomes propel market expansion.
Key players operating in the thermoformed plastics market are Pactiv LLC, Sonoco Products Company, CM Packaging, Placon, and Genpak LLC. Companies are investing in new product development and production capacity expansion to capitalize on business opportunities. Strategic partnerships and mergers and acquisitions remain key strategies for industry participants.
