Thermoformed Plastics Growth Accelerated by Enhanced Packaging Requirements
Thermoformed plastics are lightweight and durable plastic products manufactured using thermal forming techniques such as vacuum forming, pressure forming and plug-assisted forming. Thermoformed plastics are extensively used in various packaging applications such as food packaging, medical device packaging, and consumer goods packaging attributed to properties such as impact & crack resistance, moisture barrier and durability. With the growing consumer preference for packaged and ready-to-eat food products owing to changing lifestyles there has been a significant rise in the demand for thermoformed plastic food containers. The global thermoformed plastics market is estimated to be valued at US$ 12.9 Bn in 2023 and is expected to exhibit a CAGR of 2.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market key trends: The enhanced packaging requirements in industries like food and pharmaceuticals have accelerated the ...