Thermoforming Plastic Market size is expected to be valued at USD 14.5 billion in 2022 and is expected to grow at a CAGR of 5.2% in 2022-2028. The thermoforming plastic market contains thermoformed plastics sales by organizations, partnerships, and sole traders that are used to prepare consumer materials and packaging products that are tough, robust, and tamper-proof. Thermoforming is a process of manufacturing plastic that utilizes heat to shape plastic into a diversity of products. It guards the products while in transit and offers numerous seal selections that will either extend the shelf life of the product or permit easy usage, based on the packaging requirements. These are extremely multipurpose and can be used to manufacture parts to fulfill a need of end-users and for an extensive array of applications. The growing pharmaceuticals and healthcare and agriculture and food packaging businesses can lead to thermoforming plastic market growth. Moreover, the growing activities of manufacturing, rising popularity of retail shopping, and increasing spending of customers for packed and processed products are some primary factors that can boost the global thermoforming plastic market. Apart from these, altering lifestyles and demographics have progressed the market toward e-retailing networks and suitable packaging can also accelerate the market in the future. However, some factors such as stringent environmental guidelines concerning the usage of plastics can restrain the growth of the market. The growing demand for surgical masks as the chief source of defense against pollution and also during the pandemic can create an opportunity for the global thermoforming plastic market growth. Moreover, instead of customizing the entire product characteristics, it is better to improvise products that fulfill a particular application is an emerging trend in the market.
In April 2021, PowerPak SKIN.50 was launched by GEA which was based on high-capacity skin thermoforming packaging technology.
In January 2020, Thermoform Engineered Quality and Plastique Holdings were acquired by Sonoco Products Company for business expansion.