The thermoformed plastics market size is expected to post a CAGR over 4% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global thermoformed plastics market 2019-2023. (Graphic: Business Wire)
The diverse applications of thermoformed plastics are expected to boost the growth of the thermoformed plastics market. Multiple industries including medical, automotive, and construction, widely use thermoformed plastics. The medical industry 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.
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As per Technavio, the stringent automobile fuel emission standards will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
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 analyst at Technavio.
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Thermoformed Plastics Market: Segmentation Analysis
This market research report segments the thermoformed plastics market by application (food packaging, consumer products, medical, and others) and geographic regions (North America, Europe, APAC, South America, and MEA).
The North America region led the market in 2018, followed by Europe, APAC, South America, and MEA respectively. The market dominance of 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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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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