The thermoformed plastics market has witnessed a compelling growth in recent past and expected to grow about pound 9 billion by 2018. Thermoformed is a process of heating plastic sheet to convert them in definite shape.
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Properties such as superior strength and light weight over the conventional methods of packaging owe to increase in the demand for packaging of consumer goods, healthcare and electronics. However, volatility in prices for raw material is likely to hamper the thermoformed plastics market.
Global thermoformed plastics market fragmented on the basis of applications and geography. On the basis of applications it can be divided into appliances, healthcare, food and electronic packaging, construction and automotives. Petrochemical based plastics are used in thermoform.
Polymers used in thermoformed plastics can be split up on the basis of type including high impact polystyrene (HIPS), acrylonitrile butadiene styrene (ABS), and polymethyl methacrylate (PMMA).
Healthcare and food packaging dominated the market demand followed by appliances and electronic packaging. Whereas, demand for construction and automotives registered a stagnant growth and likely to report a steady growth over the next five years.
North America is dominating in terms of consumption of thermoformed plastics followed by Europe, Asia Pacific and rest of the world. Worldwide, the thermoformed plastics market expected to grow at 4% CAGR by 2018.
Emerging markets of India and China expected to augment the demand for food packaging in the region. Moreover, increasing demand for automotives and construction in this area is likely to gear up the demand for the thermoformed plastics market over the next five years.
Information Source: Radiant Insights