The global thermoformed plastics market is expected to post a CAGR of more than 4% during the period 2019-2023, according to the latest market research report by Technavio
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The global thermoformed plastics market is expected to post a CAGR of more than 4% during the period 2019-2023 (Graphic: Business Wire)
A key factor driving the growth of the global thermoformed plastics market is the diverse applications of thermoformed plastics. Multiple industries including medical, automotive, and construction, widely use thermoformed plastics. The medical industry extensively uses these plastics to produce medical disposables and medical device components. Thermoformed plastics are also adopted in the automotive landscape to manufacture components including bumpers, air ducts, dashboard assembly, engine bay panels, and other products. Further, they are used in the construction industry to produce construction equipment closures, machinery covers, and tool cases. Such diverse applications of thermoformed plastics will fuel the growth of the market during the forecast period.
As per Technavio, the increase in R&D activities will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global thermoformed plastics market 2019-2023research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global thermoformed plastics market: Stringent automobile fuel emission standards
Several stringent regulations have been imposed on fuel emissions from regulatory bodies such as the EU and the EPA. Thermoformed plastics help reduce emissions and allow automobile manufacturers to comply with emission standards. Moreover, auto manufacturers are increasingly focusing on reducing vehicle weight, which is fueling the demand for thermoformed plastics. These plastics are lightweight and stable and are used as substitutes for metals and alloys in automobile components.
"Several global manufacturers of thermoplastics are relocating their manufacturing plants to developing countries such as China, India, Indonesia, Brazil, and South Africa. This is mainly because of factors including the easy availability of land, efficient supply of raw materials, inexpensive labor, and low transportation costs. Moreover, the growing population and high purchasing power in these countries are attracting heavy investment in the automotive industry. This, in turn, will propel the demand for thermoformed plastics during the forecast period," says a senior research analyst at Technavio.
Global thermoformed plastics market: Segmentation analysis
This market research report segments the global thermoformed plastics market by application (food packaging, consumer products, medical, and others) and geographic regions (North America, Europe, APAC, South America, and MEA).
The food packaging segment held the largest thermoformed plastics market share in 2018. The growth of the food packaging segment is mainly driven by the increasing demand for food and beverages due to the ever-rising population.
The North America region led the market in 2018 with a market share of close to 46%, followed by Europe, APAC, South America, and MEA respectively. The market growth in North America can be attributed to the increase in the demand for thermoformed plastics in the US, Canada, and Mexico, owing to the revival of end-user industries.
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Five Forces Analysis
Market Segmentation
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Market Drivers
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Vendor Landscape
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