The diverse applications of thermoformed plastics are expected to boost the growth of the thermoformed plastics market. Multiple industries including medical, automotive, and construction, widely use thermoformed plastics. The medical industry uses these plastics to produce medical disposables and medical device components. Thermoformed plastics are also adopted in the automotive landscape to manufacture components including bumpers, air ducts, dashboard assembly, engine bay panels, and other products. Further, they are used in the construction industry to produce construction equipment closures, machinery covers, and tool cases.
Several stringent regulations have been imposed on fuel emissions from regulatory bodies such as the EU and the EPA. Thermoformed plastics help reduce emissions and allow automobile manufacturers to comply with emission standards. Moreover, auto manufacturers are increasingly focusing on reducing vehicle weight, which is fueling the demand for thermoformed plastics. These plastics are lightweight and stable and are used as substitutes for metals and alloys in automobile component.
“Several global manufacturers of thermoplastics are relocating their manufacturing plant to developing countries such as China, India, Indonesia, Brazil and South Africa.
This is mainly because of the factors including the easy availability of land, efficient supply of raw materials, inexpensive labor, and low transportation costs.
Moreover, the growing population and high purchasing power in these countries are attracting heavy investment in the automotive industry. This, in turn, will propel the demand for thermoformed plastics during the forecast period.”
