According to a new market report published by Credence Research “Global Thermoformed Plastics Market - Growth, Future Prospects, Competitive Analysis, and Forecast 2016 - 2023,” the Global Thermoformed Plastics Market is expected to reach 506.3 Kilo Tons by 2023, expanding at a CAGR of 4.1% during the forecast period 2016 to 2023.
Browse the full Global Thermoformed Plastics Market by Application and Geography - Growth, Future Prospects, Competitive Analysis, and Forecast 2016 – 2023 report at https://www.credenceresearch.com/report/thermoformed-plastics-market
Thermoforming is process of molding plastic sheet to desired shape using pliable temperature & pressure. Plastic sheets after molding is trimmed to form a usable product. Thermoformed plastics finds application in various food packing, appliances, healthcare products packaging, and in automobiles. Thermoforming plastics are preferred as the packaging material due to low cost and its aesthetic appearance of the products.
Global thermoformed plastic market is expected to gain momentum with growing demand for food packaging products due rising demand for convenience food. Further, growing demand from automobile industry for various light weight parts with the focus to improve vehicle efficiency is anticipated to augment the growth of the thermoformed plastic market during the forecast period. Moreover, increasing number of application in automobiles industry such as bumpers, dashboards, and packaging of automobiles parts is anticipated to fuel the demand for thermoformed plastics over the forecast period (2016-2023). However, volatile raw material prices and high labour cost is expected to hamper the growth of thermoformed plastic market during the forecast period (2016-2023).
Global thermoformed plastic market is segmented on the basis of application and geography. By application, food packaging segment is projected to be the most dominant segment with due to increasing demand for packaging food owing to growing food safety standards and changing lifestyle influencing the demand for convenience food. The segment is anticipated to continue its dominance over the forecast period. Followed by it, healthcare products packaging se segment is expected to be the fastest growing segment due to increasing adoption of the method as it is cost effective and considered as most of efficient method to extract hydrocarbons. The segment is anticipated to gain significant market share by 2023.
Leading players in the thermoformed plastics market includes Anchor Packaging, Associated Packaging Technologies, Brentwood Industries, Clear Lam Packaging, D&W Fine Pack, Pactiv, Peninsula Packaging and others. Key players are focusing on increasing their market penetration through mergers and acquisitions of small players.
Overall, global thermoformed plastics market is projected to register significant growth over the forecast period (2016-2023).
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