Certified Global Research Member
Key Questions Answered
- Global Market Outlook
- In-depth analysis of global and regional trends
- Analyze and identify the major players in the market, their market share, key developments, etc.
- To understand the capability of the major players based on products offered, financials, and strategies.
- Identify disrupting products, companies, and trends.
- To identify opportunities in the market.
- Analyze the key challenges in the market.
- Analyze the regional penetration of players, products, and services in the market.
- Comparison of major players’ financial performance.
- Evaluate strategies adopted by major players.
- Recommendations
Why Choose Market Research Future?
- Vigorous research methodologies for specific market.
- Knowledge partners across the globe
- Large network of partner consultants.
- Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- Trusted by fortune 500 companies/startups/ universities/organizations
- Large database of 5000+ markets reports.
- Effective and prompt pre- and post-sales support.
The thermoformed plastics market has been witnessing notable trends in recent years, reflecting the dynamic nature of the industry. One prominent trend is the increasing demand for sustainable and eco-friendly thermoformed plastic products. As environmental consciousness grows globally, consumers and industries alike are placing a greater emphasis on materials that are recyclable and have a lower environmental impact. Thermoformed plastics, with their versatility and adaptability, are being molded into sustainable packaging solutions, reducing the overall carbon footprint. This shift in consumer preferences is driving manufacturers in the thermoformed plastics market to innovate and develop products that align with these sustainability goals.
Moreover, the automotive sector is playing a pivotal role in shaping the market trends for thermoformed plastics. With the automotive industry undergoing rapid changes, manufacturers are turning to lightweight materials to enhance fuel efficiency without compromising on performance. Thermoformed plastics, being lightweight and durable, are gaining traction as a preferred choice for various automotive components, including interior panels, dashboards, and exterior body parts. This trend is likely to persist as the automotive sector continues to evolve towards electric and hybrid vehicles, where weight reduction becomes even more critical.
Another key trend in the thermoformed plastics market is the growing application in the healthcare sector. Thermoformed plastics are increasingly being utilized in the production of medical packaging, equipment enclosures, and disposable medical devices. The inherent characteristics of thermoformed plastics, such as their ability to conform to complex shapes and maintain sterility, make them well-suited for healthcare applications. As the demand for advanced medical devices and packaging solutions rises, the thermoformed plastics market is poised to witness sustained growth in the healthcare sector.
Furthermore, customization and design flexibility are emerging as significant trends in the thermoformed plastics market. Manufacturers are investing in advanced technologies and processes that allow for intricate designs, textures, and shapes in thermoformed plastic products. This trend caters to the diverse needs of industries such as electronics, consumer goods, and packaging, where aesthetics and branding play a crucial role. The ability to create visually appealing and unique designs using thermoformed plastics provides manufacturers with a competitive edge in these markets.
Availability of alternative techniques in the market: Some other alternative processes are used in the market, like blow molding, injection molding, polymer casting, extrusion, and 3D printing. Packaging is key in improving the aesthetic appeal and marketing of personal and home care products. In addition, blow molding plastics have high chemical resistance and are widely used to produce home care product bottles such as detergent bottles, bleach bottles, and different household cleaning bottles. High-grade packaging plays a key role in the growth of the industry. Hence blow molding plastics are widely used in a multitude of end-use applications. In the packaging industry, tetra packs have replaced most plastic containers. Many manufacturers, to maintain sustainability, have developed bio-based packaging materials. In the automotive industry, more sustainable products, such as carbon fiber materials, and bio-based materials, like starch-based plastics or corn-based plastics, are used in many automotive components. The demand for bio-based materials in the automotive industry is steadily increasing. Manufacturers are increasingly focusing on developing bio-based sustainable products. Thus, potential alternatives will likely hinder the market at a moderate level.
Global economic factors also play a crucial role in shaping market trends for thermoformed plastics. Fluctuations in raw material prices, geopolitical events, and trade dynamics impact the overall cost structure of thermoformed plastic products. As a result, manufacturers are strategically managing their supply chains, exploring alternative materials, and adopting cost-effective production methods to remain competitive in the market. This adaptability to economic changes underscores the resilience of the thermoformed plastics industry.
Thermoformed Plastics Market Highlights:
Global Thermoformed Plastics Market Overview
The Thermoformed Plastics Market Size was valued at USD 47.77 Billion in 2022. The Thermoformed Plastics industry is projected to grow from USD 50.16 Billion in 2023 to USD 66.92 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.30% during the forecast period (2024 - 2032). A plastic sheet is heated to a temperature that makes it flexible, then shaped into a precise shape in a mold and cut to produce a functional product in the industrial process known as thermoforming. The sheet is heated in an oven to a temperature high enough to allow it to be stretched into or onto a mold and chilled to a completed shape, in which case it is referred to as "film" when referring to thinner gauges and specific material types. Vacuum forming is a simplified version of it. Most thermoforming companies recycle their scrap and used plastic by compressing it in a baling machine or feeding it through a granulator (grinder) to create ground flakes, which they sell to reprocessing companies or use internally.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Thermoformed Plastics Market Trends
-
Rising demand for food packaging
The fundamental benefit of thermoform packaging is the ability to draw thin sheets in the precise size and shape needed to get the desired outcomes. Due to their flexibility, manufacturers of food and beverage products are becoming increasingly interested in thermoformed products. The expansion of the food sector is a key factor in the market for thermoformed packaging. During the forecast period, the demand for meat, poultry, and seafood is anticipated to propel thermoformed packaging market expansion. As a result, the market for thermoforming packaging will expand as the need for food packaging increases. Food packaging can be made from various thermoforming materials, including PP, PET, PS, PLA, and CPLA. Different temperature settings are needed for various materials to achieve the ideal material distribution and create the appropriate shapes for food packaging. Products used in food packagings, such as cups, trays, margarine tubs, sandwich packs, disposable items, beverage glasses, and microwaveable containers, are made from polypropylene (PP). The sector is expected to grow due to increased polypropylene packaging product producers. PET, or polyethylene terephthalate, is one of the most widely used thermoformed polymers to make bottles, synthetic fibers, and thermoformed packaging.
Thermoformed Plastics Market Segment Insights
Thermoformed Plastics Product Insights
The market segmentation, based on Product, includes Polyethylene Terephthalate (PET), Polymethyl, Methacrylate (PMMA), Polyethylene (PE), Polypropylene (PP), Polystyrene (PS), Acrylonitrile Butadiene Styrene (ABS), Polyvinyl Chloride (PVC), High Impact Polystyrene (HIPS), Biodegradable Polymer, Others. The Polypropylene (PP) segment holds the majority share in 2022, contributing to the global Thermoformed Plastics revenue. PP is a thermoplastic polymer and is widely used to produce food packaging products such as cups, trays, margarine tubs, sandwich packs, disposable products, beverage glasses, and microwaveable containers. A growing number of manufacturers are using polypropylene for packaging products, which is expected to subsequently drive the overall demand for thermoformed plastics.
Thermoformed Plastics Process Insights
Based on Process, the market segmentation includes Vacuum Forming, Pressure Forming, and Mechanical Forming. The Vacuum Forming segment dominated the market. Vacuum forming is a process where a sheet of plastic is heated and then stretched over a mold while vacuum pressure is applied to form the desired shape.
Thermoformed Plastics Application Insights
Based on Application, the market segmentation includes Packaging, Construction, Electrical & Electronics, Automotive Packaging, Consumer Goods, and Others. The Packaging segment is the largest segment of the market. Due to the increasing adoption of lightweight and sustainable packaging materials. Thermoformed plastics are recyclable and can be made from renewable resources, making them an environmentally friendly option for packaging.
Figure 2: Thermoformed Plastics Market, by Process, 2022 & 2030 (USD Million)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Thermoformed Plastics Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The global market was controlled by North America. Throughout the forecast period, rapid industrialization and developments in the packaging sector are anticipated to boost the regional market. The sector is also anticipated to be driven by the region's expanding thermoformed plastic product suppliers and manufacturers. The largest thermoforming plastic market is in the U.S., followed by Canada.
The fastest-growing regional market is anticipated to be in the Asia Pacific over the projected period. India and China, two of the region's emerging economies, have seen rapid economic expansion. The thermoformed plastics machinery in this region is produced and supplied mostly in China utilizing a variety of technologies.
Figure 3: THERMOFORMED PLASTICS MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Thermoformed Plastics Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the market grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Thermoformed Plastics industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the global Thermoformed Plastics industry to benefit customers and expand the market sector. Major market players, including Pactiv, Sonoco Products Company, Spencer Industries Incorporated, Brentwood Industries, Genpak, and others, are attempting to increase market demand by funding R&D initiatives.
Pactiv is a global manufacturer and supplier of food packaging and food service products. Pactiv's product portfolio includes a wide range of packaging solutions for the food industry, including thermoformed plastic containers, trays, cups, and lids, as well as paperboard and molded fiber products. The company also produces packaging for non-food applications, such as medical and industrial packaging. In addition to its food packaging products, Pactiv also offers a variety of food service products such as plates, bowls, cutlery, napkins, and cups. These products are designed for use in restaurants, cafeterias, and other food service establishments.
Sonoco Products Company is a global provider of diversified consumer packaging, industrial products, protective packaging, and display and packaging services. Sonoco's product portfolio includes a wide range of packaging solutions for consumer and industrial markets, such as paper and plastic packaging, rigid paper containers, flexible packaging, and composite cans. The company also provides packaging services such as design, testing, and fulfillment to meet customer needs. In addition to its packaging products and services, Sonoco provides various industrial products, including tubes and cores, reels and spools, adhesives, and specialty films. The company also offers protective packaging solutions for fragile and high-value products such as electronics, appliances, and medical devices.
Key Companies in the Thermoformed Plastics market include
- Pactiv
- Sonoco Products Company
- Spencer Industries Incorporated
- Brentwood Industries
- Genpak
- Placon
- Silgan Plastics
- Graham Packaging Company
- Wilbert Plastic Services Inc
Thermoformed Plastics Industry Developments
November 2022: Sonoco announced that it has signed an agreement to acquire Clear Pack Company, a privately held vertically integrated manufacturer of thermoformed and extruded plastic materials and containers, based in Franklin Park, Ill.
Thermoformed Plastics Market Segmentation
Thermoformed Plastics Product Outlook
- Polyethylene Terephthalate (PET)
- Polymethyl
- Methacrylate (PMMA)
- Polyethylene (PE)
- Polypropylene (PP)
- Polystyrene (PS)
- Acrylonitrile Butadiene Styrene (ABS)
- Polyvinyl Chloride (PVC)
- High Impact Polystyrene (HIPS)
- Biodegradable Polymer
- Others
Thermoformed Plastics Process Outlook
- Vacuum Forming
- Pressure Forming
- Mechanical Forming
Thermoformed Plastics Application Outlook
- Packaging
- Construction
- Electrical & Electronics
- Automotive Packaging
- Consumer Goods
- Others
Thermoformed Plastics Regional Outlook
-
North America
- US
- Canada
-
Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
-
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
-
Rest of the World
-
Middle East
-
Africa
-
Latin America
-
Leading companies partner with us for data-driven Insights
Kindly complete the form below to receive a free sample of this Report
Tailored for You
- Dedicated Research on any specifics segment or region.
- Focused Research on specific players in the market.
- Custom Report based only on your requirements.
- Flexibility to add or subtract any chapter in the study.
- Historic data from 2014 and forecasts outlook till 2040.
- Flexibility of providing data/insights in formats (PDF, PPT, Excel).
- Provide cross segmentation in applicable scenario/markets.
