Thermoforming is a type of plastic molding process that is used to make various types of highly usable products. The process involves heating of thin plastic sheets. After reaching a malleable temperature, it is formed over a male or female mold. It is then cooled to a finished product and designed to maximize its usability.
Applications of thermoformed plastics can be found in industries such as construction, packaging, retail, consumer, medical, electronics, sports, and automotive. Listed below are the various methods used for processing thermoformed plastics:
According to a recent study, the global thermoformed plastics market is anticipated to reach $16.28 billion by 2025 at a CAGR of 4.9%. The rising demand for pharmaceutical and medical products has been the prime factor for the growth of the market. Increasing demand in multiple sectors such as healthcare, food, automobile, construction, consumer goods will drive the market growth in the upcoming years.
Rapid growth in Infrastructure development and industrialization are predicted to boost the market. Out of the four methods that are used for processing thermoformed plastics, thin gauge thermoforming is predicted to be the biggest segment, in terms of revenue. However, rising labor cost and fluctuating raw material prices could hamper the market growth.
One of the quickest growing markets with immense potential is the Asia Pacific market. Increasing demand from sectors such as medical, construction, automobile, pharmaceuticals, and food packaging is expected to propel the market growth forward in this region. Furthermore, owing to rapid urbanization, North America is anticipated to be the largest market in the upcoming years.