Market Size of Heavy Gauge and Thin Gauge Thermoformed Plastics Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Heavy Gauge & Thin Gauge Thermoformed Plastics Market Analysis
The global heavy gauge and thin gauge thermoformed plastics market was valued at USD 68,000 million in 2020 and is expected to reach USD 96,900 million by 2026, recording an estimated CAGR of over 5.5% over the forecast period, 2021-2026.
The market was negatively impacted by COVID-19 in 2020. Owing to the pandemic, various countries across the world imposed lockdown in 2020. Due to this, the ongoing construction projects, production activities, water treatment plants in many industries were halted. This had negatively affected the market demand in various applications. Additionally, most of the countries, like India, Italy, France, Poland, the United Kingdom, and South Africa, went into lockdown in 2020 affecting the production in various industries, thereby affecting the market studied. The spread of new variants may lead to disruptions in 2021 too. Globally, the heavy gauge and thin gauge thermoformed plastics consuming industries, like automotive, electrical and electronics, Industrial and machinery have been severely hit by the COVID-19 pandemic.
- Over the medium term, major factors driving the market studied are increasing demand from lightweight vehicles and electric vehicles, growing demand from food packaging industry, and accelerating usage in the pharmaceutical and medical sector.
- On the flipside, unfavorable conditions arising due to the COVID-19 outbreak and environmental problems related to plastic waste expected to hinder the growth of the market studied.
- Asia-Pacific is expected to dominate the global market during the forecast period.
- The thin gauge accounted for the largest market share. It is also expected to register the fastest CAGR over the forecast period. In the thin gauge applications, the food packaging segment accounted for the largest market share.
