The global thermoformed plastics market size is expected to reach USD 17.9 billion by 2027, according to a new report by Grand View Research, Inc., registering a CAGR of 4.9% over the forecast period. Increasing demand for medical and pharmaceutical products globally has been a major factor driving market growth. In addition, advancements in the healthcare industry has led to a rising demand for thermoformed plastics.
Rising product demand in various application sectors including food, healthcare, and medical packaging; automotive; electrical and electronics; construction; and consumer goods and appliances owing to its cost-effectiveness is projected to drive the market in the coming years. Rapid industrialization, increase in infrastructural activities, and advancements in medical activities is anticipated to drive the market growth over the forecast period.
Request a sample Copy of the Global Thermoformed Plastics Market Research Report @ https://www.grandviewresearch.com/industry-analysis/thermoformed-plastics-market/request/rs1
Thermoforming is a process where a sheet of plastic is heated to make it flexible after which it is fabricated and molded in the required shape to make it fit for use. Different methods used for processing thermoformed plastics are thin gauge thermoforming, thick gauge thermoforming, plug assist forming, and vacuum snapback. Thin gauge thermoforming was the largest segment in 2019 with a market share of over 60.0% in terms of revenue.
Asia Pacific is projected to be the fastest-growing market in terms of value over the forecast period. Rising demand from industries such as automotive, medical, food packaging, construction, and pharmaceutical in this region is expected to boost the market in the coming years.
North America is expected to register a significant growth rate in terms of both value and volume over the forecast period. The presence of several manufacturers and suppliers of thin gauge thermoforming plastics in the region such as Placon, Vitalo, and Peninsula Plastics is anticipated to drive the regional market growth. On the other hand, high labor cost and fluctuation of raw material prices are the major factors which negatively impact the overall market growth.
Key suggestions from the report:
Have Any Query? Ask Our Experts @ https://www.grandviewresearch.com/inquiry/2218/ibb
Grand View Research has segmented the global thermoformed plastics market on the basis of product, process, application, and region:
Thermoformed Plastics Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
Thermoformed Plastics Process Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
Thermoformed Plastics Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
Thermoformed Plastics Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
Find more research reports on Plastics, Polymers & Resins Industry, by Grand View Research:
Thermoform Packaging Market – The global thermoform packaging market size was estimated at USD 39.86 billion in 2018, growing at a CAGR of 4.7% over the forecast period.
Asia Pacific Recycled Plastics Market – The Asia Pacific recycled plastics market size was estimated at USD 16.7 billion in 2018 and is projected to exhibit a CAGR of 6.4% during the forecast period.
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
Media ContactCompany Name: Grand View Research, Inc.Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.Email: Send EmailPhone: 1-415-349-0058, Toll Free: 1-888-202-9519Address:201, Spear Street, 1100 City: San FranciscoState: CaliforniaCountry: United StatesWebsite: https://www.grandviewresearch.com/industry-analysis/thermoformed-plastics-market