Global Thermoformed Plastics Market 2016-2020
About Thermoformed Plastic Products
Thermoformed plastic products are produced in bulk by heating a plastic sheet to bendable form, shaping it into the required design, and then cooling it. The cooled product is trimmed to get the required usable end-product.
Technavio’s analysts forecast the global thermoformed plastics market to grow at a CAGR of 4.87% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the Global Thermoformed Plastics Market for 2016-2020. To calculate the market size, the report presents the vendor landscape and corresponding detailed profiles of the five prominent vendors operating in the market.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Thermoformed Plastics Market 2016-2020
Technavio recognizes the following companies as the key players in the global thermoformed plastics market: Anchor Packaging, Pactiv, Peninsula Packaging, Placon, and Sonoco.
Other Prominent Vendors in the market are: Brentwood Industries, Genpak, Greiner Packaging, Silgan Holdings, Spencer Industries, PolyOne, and Wilbert Plastic Services.
Commenting on the report, an analyst from Technavio’s team said: “Replacement of metals in electronics industry will be a key trend for market growth. The rise in living standards globally has led to the rapid growth of the electronics industry. Therefore, the consumption of thermoformed plastics in this segment is anticipated to grow during the forecast period. There has been an increase in the use of plastics in place of metals and conventional materials for manufacturing various electronics equipment like switch boards and switch casings. This is because of the various benefits of thermoformed plastics over metals. The global thermoformed plastics market is expected to benefit from the increase in the use of plastics replacing metals in the electronics industry, during the forecast period.”
According to the report, increasing global construction spending will be a key driver for market growth. During 2012-2015, there has been a significant increase in the construction spending in many nations across the world. This is attributable to the growing per capita income and rising standards of living in emerging economies, especially those in APAC and MEA. Thermoformed plastics act as a barrier for moisture in buildings during construction activities, thereby increasing the consumption of thermoformed plastics. The exhibit below provides the current scenario of the construction industry across the prime regions.
Further, the report states that non-uniform thickness of thermoformed plastic products affects its robustness and weight-bearing capacity. Therefore, industrial customers are looking for other manufacturing processes such as injection molding. Manufacturers in the global thermoformed plastics market will have to avoid these flaws arising from the thermoforming process to maintain their profitability. The plastic injection molding might act as a substitute in manufacturing high volumes and in producing complex designs that are not possible through thermoforming. The growing prominence of such substitutes is foreseen to pose a challenge for the market growth.
Anchor Packaging, Pactiv, Peninsula Packaging, Placon, Sonoco, Brentwood Industries, Genpak, Greiner Packaging, Silgan Holdings, Spencer Industries, PolyOne, Wilbert Plastic Services.
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