| | DECEMBER 20228The thermoformed plastics market size is anticipated to reach &45.9 billion by 2024. The major factors bolstering the market growth include is growth in healthcare & pharmaceuticals and food & agriculture packaging industries and increase in manufacturing activities. The surging popularity of retail shopping as well as increasing consumer spending for processed as well as packed goods are leading to surge in demand for thermoforming plastic. Other factors such as changing demographics as well as lifestyles have shifted the market toward e-retailing channels & convenient packaging. And, this in turn is set to drive the demand for thermoforming plastics.Although thermoforming plastic finds its application in a wide range of industries such as electrical & electronics, consumer goods & appliances, healthcare & pharmaceutical, automotive packaging & structures, and construction, the food & agriculture packaging industry dominated the thermoforming plastic market in terms of value. And this growth is mainly attributed to the huge demand for packaged as well as branded products. The reason why thermoforming is preferred in the food & agriculture packaging industry is due to the better protection that it offers during transportation of goods. TECHNOLOGICAL ADVANCEMENTS TRANSFORMING THE SECTORA key trend that is gaining immense traction in the transforming plastic market includes the Technological advancements. Major companies that are operating in the HOW THERMOFORMED PLASTIC SECTOR IS EMBRACING AUTOMATIONTHE PANORAMA
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