North America Thermoformed Plastics Market Size, Share and Trend Analysis Report, by Product, by Process, by Application, and Segment Forecasts, 2021
North America Thermoformed Plastics Market Size, Share and Trend Analysis Report by Product (PMMA, Biodegradable Polymers, PE, ABS, PVC, High Impact Polystyrene, PS, PP), by Process, by Application and Segment Forecasts, 2021-2028
New York, October 19, 2021 (GLOBE NEWSWIRE) – Reportlinker.com Announces the Release of Report “North America Thermoformed Plastics Market Analysis Report By Product, Process, Application & Segment, Forecasts, 2021 – 2028” – https: // www.reportlinker.com/p06176716/?utm_source=GNW
Thermoformed plastics market growth and trends in North America
The North American thermoformed plastics market is projected to reach $ 8.86 billion by 2028. The market is expected to grow at a CAGR of 3.8% from 2021 to 2028. Increased adoption of thermoformed plastic in consumer products, food packaging, medical, and the healthcare, electronics and automotive sectors are expected to fuel market growth over the forecast period. Thermoformed plastics reduce the overall weight of the vehicles, which helps increase energy efficiency.
The COVID-19 pandemic has made packaged food and consumer electronics an integral part of consumer lifestyles. Many companies that manufacture thermoformed plastics have already started developing their facilities to meet growing concerns from the COVID-19 pandemic.
For example, in December 2020, Placon Corporation began building $ 15 million of additional capacity at its Elkhart, Indiana facility. Here, customer-specific plastic packaging for the medical and health industries is to be produced.
In July 2021, California-based Plastion Industries, Inc. announced that it was building a new 100,000-square-foot manufacturing facility in Texas. This new facility will produce components for Tesla’s upcoming Austin facility. The facility is expected to open this autumn. Plastion Industries, Inc. provides injection molding, thermoforming, and other services to industries such as consumer products, medical, and automotive. The facility is designed to provide Plastion Industries, Inc. with an opportunity to strengthen its position in the automotive sector.
Environmental awareness has led many electronics companies to manufacture electronic devices from bio-based polymers as part of their sustainability goals. This may prove to be one of the main driving factors behind the production of thermoformed plastics over the forecast period.
In July 2021, SABIC announced the development of bio-based polycarbonate Lexan films and sheets made from certified renewable raw materials to meet growing demand in a variety of applications including automotive, construction, specialty glazing, and electrical and electronics.
North America Thermoformed Plastics Market report highlights
• The polypropylene product segment had the largest share of sales in 2020 and is expected to continue to show significant growth in the forecast period
• The food packaging application segment dominated the market and had a sales share of more than 40.0% in 2020
• In 2020, the USA had the largest share of sales with over 75.0%. The presence of established automakers such as Tesla, General Motors Company and Stellant is expected to fuel market growth
• Various strategic initiatives have been registered in recent years to stimulate market growth. For example, in May 2021, Tide Rock Holdings acquired Plastics Design & Manufacturing, a manufacturer of thick-walled thermoformed plastics. This strategic initiative by Tide Rock Holdings aims to expand the plastics business in the western region
Read the full report: https://www.reportlinker.com/p06176716/?utm_source=GNW
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