North America Thermoformed Plastics Industry Overview
The North America thermoformed plastics market size was valued at USD 6.71 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 3.8% from 2021 to 2028.
Factors such as the growing urbanization, increasing disposable income, and rapid industrialization across the world have propelled the demand for equipment used in automotive, food packaging, electrical and electronics, medical and healthcare, construction, and other industries. Due to their good plasticity, durability, toughness, transparency, high heat and chemical resistance, and lightweight characteristics, thermoformed plastics have gained traction in end products such as car headlights, visors, bottles, food packaging films, window frames, smartphones, and other devices.
Gather more insights about the market drivers, restrains and growth of the North America Thermoformed Plastics Market
The U.S. accounted for a revenue share of more than 75.0% in the North American market in 2020. This is attributed to the wider availability of different types of products produced from propylene used in the food and automotive industries. The market in the U.S. is expected to be driven by the increasing urban population leading to growth in the consumption of packaged food and the rising popularity of single-serve packs.
The increasing product innovation, innovative packaging, changing lifestyle, rising number of dual-income families, and hectic schedules of consumers have boosted the demand for packaged foods in the U.S. Moreover, the growing trend of plant-based and organic foods is driving the market. In addition, the rising health consciousness is gradually shifting consumers towards healthy food and drink alternatives.
The COVID-19 pandemic propelled the demand for consumer electronic products and products from the medical and healthcare sector due to work-from-home orders and increased hospitalization rates. Thermoformed plastics offer better precision and are economical. As a result, these plastics are used in medical cases, covers, enclosures, packaging, and trays.
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North America Thermoformed Plastics Market Segmentation
Grand View Research has segmented the North America thermoformed plastics market based on product, process, application, and country:
North America Thermoformed Plastics Product Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
- Polymethylmethacrylate (PMMA)
- Bio-degradable Polymers
- Polyethylene (PE)
- Acrylonitrile Butadiene Styrene (ABS)
- Polyvinyl Chloride (PVC)
- High Impact Polystyrene
- Polystyrene (PS)
- Polypropylene (PP)
North America Thermoformed Plastics Process Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
- Plug Assist Forming
- Thick Gauge Thermoforming
- Thin Gauge Thermoforming
- Vacuum Snapback
North America Thermoformed Plastics Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
- Medical Healthcare
- Food Packaging
- Electrical Electronics
- Automotive
- Construction
- Consumer Goods Appliances
- Others
North America Thermoformed Plastics Country Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
- U.S.
- Canada
- Mexico
Market Share Insights
- May 2021: Tide Rock Holdings acquired Plastics Design Manufacturing, a heavy gauge thermoformed plastic manufacturer. This strategic initiative by Tide Rock Holdings is aimed at the expansion of its plastics manufacturing business in the western region
- July 2020: Placon introduced a new Fresh ‘N Clear GoCubes, a 14-ounce inert tray, to its existing food packaging product line. This product is specifically designed for the company’s GoCubes CC1 packaging option and enables the customers to add chips or salad as sides along with the sandwich.
- June 2020: Catalent, Inc. and Moderna, Inc. entered into a strategic collaboration to develop a new high-speed vial filling line for the production of the Moderna COVID-19 Vaccine.
Key Companies profiled:
Some prominent players in the North America thermoformed plastics market include:
- Pactiv LLC
- Palram Industries Ltd.
- Sonoco Products Company
- CM Packaging
- Placon
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