According to a new report, published by KBV research, The Global Thermoformed Plastics Market size is expected to reach $59.2 billion by 2030, rising at a market growth of 5.2% CAGR during the forecast period. In the year 2022, the market attained a volume of 26230.4 Kilo Tonnes, experiencing a growth of 4.0% (2019-2022).
The Plug Assist Forming segment would witness a CAGR of 5.8% during (2023 - 2030). Plug assist forming is a technique used in the thermoforming process where a plug, typically made of wood or composite materials, is used to push or assist the plastic sheet into the mold cavity. This method achieves more complex shapes and improves material distribution, particularly in deep-draw applications. Therefore, these factors can lead to increased demand in the segment.
The Food Packaging segment is leading the Global Thermoformed Plastics Market by Application in 2022 thereby, achieving a market value of $22.6 billion by 2030. The rise in consumer lifestyles characterized by busier schedules and a preference for on-the-go consumption has fueled the demand for convenient and ready-to-eat food products. Thermoformed plastics offer versatile packaging solutions that cater to this demand, providing lightweight, durable, and easily transportable packaging for various food items. Thus, there will be enhanced growth in the segment.
The Polymethyl Methacrylate (PMMA) segment is experiencing a CAGR of 7.4% during (2023 - 2030). PMMA is known for its exceptional optical clarity, making it a preferred choice for applications where transparency and aesthetics are crucial. In the thermoformed plastics market, especially in the automotive, consumer electronics, and display industries, PMMA is often chosen for parts and components requiring clear visibility. Thus, there will be enhanced growth in the segment.
Full Report: https://www.kbvresearch.com/thermoformed-plastics-market/
The North America region dominated the Global Thermoformed Plastics Market by Region in 2022 thereby, achieving a market value of $20.6 billion by 2030, growing at a CAGR of 4.7 % during the forecast period. The Europe region is experiencing a CAGR of 5% during (2023 - 2030). Additionally, The Asia Pacific region is anticipated to have a CAGR of 5.8% during (2023 - 2030).
By Process (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Application (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Product (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Geography (Volume, Kilo Tonnes, USD Billion, 2019-2030)
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