Thermoformed Plastic Sector: Growth Drivers and Challenges
Growth Drivers
-
Increasing demand for packaging solutions: The global flexible packaging sales were estimated to be valued at around USD 900 billion in the year 2020. Thermoformed plastics are widely used for packaging applications due to their cost-effectiveness and versatility.
- Growth in the healthcare industry: Thermoformed plastics are used in the healthcare sector for medical device packaging, providing a sterile and protective solution.
- Advancements in material technology: The development of advanced thermoforming materials, including high-performance polymers, biodegradable plastics, and recycled materials, has expanded the application scope of thermoformed plastics.
Challenges
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Competition from other packaging materials: Thermoformed plastics face competition from other packaging materials, such as glass, metal, paper, and flexible packaging. Each material has its unique advantages and disadvantages, and the choice of material often depends on specific application requirements and environmental concerns.
- Environmental concerns and sustainability
- Regulatory restrictions and bans
Thermoformed Plastic: Key Insights
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
8.7% |
|
Base Year Market Size (2024) |
USD 11.8 billion |
|
Forecast Year Market Size (2037) |
USD 34.9 billion |
|
Regional Scope |
|
