A new report by BCC Research, a marketing research company out of Massachusetts that specializes in science and technology, predicts that consumption of thermoformed plastics is set to grow at an amazing rate. The short of it is: an estimated 7.3 billion pounds of thermoformed plastics was consumed in 2013, with 7.6 billion estimated for 2014. They predict a compound annual growth rate (CAGR) of 4.3%, meaning that in 2019 the world will demand an astonishing 9.4 billion pounds of thermoformed plastic.
Some other noteworthy findings:
- The largest jump in demand for thermoformed plastics is in the electronics packaging sector with a CAGR of 4.9%.
- The dominant category remained food packaging with a 4.1% CAGR and an expected 6 billion pounds needed by 2019.
- The electronics segment was at an estimated 388 million pounds in 2014 and is expected to jump to 494 million in 2019.
So why the huge increase in demand for thermoformed plastics? Over the last 10 years, the popularity of these products has grown as companies like MSI have improved fabrication technologies and reduced costs, giving thermoformed plastics an edge over injection molding and other fabrication processes.
To read the entire press release, check it out on PR Web.
And to read the entire report, click here. The first chapter is free, but there is a cost to read the entire document.
It seems that our thermoformed plastics and other products are in more demand than ever.