The thermoforming process entails fabricating plastic sheets that can be heated and turned into a flexible form that can be moulded into the appropriate shape, depending on the end-use application. Packaging, building & construction, automotive, medical, aerospace & aviation, electrical & electronics, consumer products, and appliances are just a few of the uses.The Global Thermoformed Plastics market was valued at USD 14.10 billion in 2021 and it is predicted to reach USD 20.66 billion by 2030, rising at a compound annual growth rate (CAGR) of 4.9 % from 2022 to 2030.
Furthermore, the growing demand for surgical masks as the principal means of protection during the epidemic provided a significant opportunity for the packaging business to thrive. As a result, a constant expansion in manufacturing, production, and distribution activities necessitates the use of thermoformed plastics for the packaging of these items and supplies, indicating that the market will recover slowly and steadily in the future years.
Years Considered for the study:
Thermoformed Plastics Market
By Plastic Type:
Cups, trays, margarine tubs, sandwich packs, disposable items, drinking glasses, and microwaveable containers are all made of PP, which is a thermoplastic polymer. Polypropylene is being used by an increasing number of firms for packaging, which is projected to boost the total demand for thermoformed plastics.
During the projected period, polymethyl methacrylate (PMMA) is predicted to have the highest CAGR in the industry. This is due to the benefits it provides, such as light transmission, high surface hardness, and long service life, as well as specific features like good weathering and UV light resistance. It is also totally recyclable, making it environmentally friendly, which contributes to the segment's growth.
By Thermoforming Type:
With more than 34% revenue share in 2021, the thin-gauge thermoformed plastic segment led the market, and it is predicted to be the biggest process category throughout the forecast period. Contact, radiant, and hot air heating processes are used to make thermoformed polymers. Increasing demand for thin gauge thermoformed plastics in the healthcare sector for items such as medical device packaging trays is expected to boost segment growth throughout the projected period.
By Application Outlook:
Food packaging was the most profitable application sector in 2021, accounting for nearly 42% of total sales. Fruits, vegetables, confectionery items, meat, poultry, fish, and prepared meals are all packaged with thermoformed plastics in the food business. Furthermore, food packaging necessitates high-quality packaging materials to assure moisture, odour, and microbial protection; hence, thermoplastics are in great demand in the food business.
Because it contains a variety of components that assist enhance the look of the finished product, thermoformed packaging is also ideal for usage in the medical and healthcare sectors. Medical gadgets, medical trays, procedure trays, pharmaceutical packaging, and protective packaging are all examples of packaging goods used in the healthcare and medical industries.
By Regional Outlook:
In terms of sales, North America led the global market in 2021, with a share of roughly 42%. During the forecast period, rapid industrialization and improvements in the packaging industry are expected to boost the regional thermoformed plastics market. The industry is likely to be further fuelled by the expanding number of thermoformed plastic product makers and suppliers in this area. The United States is the largest thermoforming plastic market, followed by Canada.
During the forecast period, Asia Pacific is predicted to be the fastest-growing regional market. India and China, two of the region's emerging economies, have had substantial economic development. In this region, China is the major manufacturer and supplier of thermoformed plastics equipment employing diverse methods.
By Key Competitors and Market Share Analysis:
The industry's rivalry is focused on the product quality given and the technology employed by manufacturers to produce thermoformed polymers. To reduce the risk of entering a new market, major businesses compete on application development capabilities and build strategic collaborations with regional players. Global firms are investing in technology to expand their market offers and gain a competitive advantage over their competitors.
Furthermore, they intend to grow their regional reach through strategic efforts such as partnerships, product launches, and collaborations.
The following are some of the major market players operating across the globe:
- AG Pactiv LLC
- Genpak LLC
- Sonoco Products Company
- CM Packaging
- Placon Corporation
- Anchor Packaging LLC
- Brentwood Industries
- Greiner Packaging GmbH
- Dongguan Ditai Plastic Products Co., Ltd
- Palram Americas Ltd.
- Fabri-Kal corp
- Berry Global Inc.
Scope of the report
|Actual estimates/Historical data||2017 - 2020|
|Forecast period||2022 - 2030|
|Market representation||Revenue in USD 20.66 billion & 4.9% CAGR from 2022 to 2030|
|Regional scope||North America, Europe, Asia Pacific, Latin America, MEA|
|Country scope||USA, Canada, Mexico, Brazil, Argentina, U.K., Germany, Italy, France, Spain, China, Japan, South Korea, India, Australia, Saudi Arabia, Qatar, UAE, South Africa, etc.|
|The Segment covered by||Plastic Type, Thermoforming Type, Application|
|Companies covered||AG Pactiv LLC, Genpak LLC, Sonoco Products Company, CM Packaging, Placon Corporation, Anchor Packaging LLC, Brentwood Industries, Greiner Packaging GmbH, Dongguan Ditai Plastic Products Co., Ltd, Palram Americas Ltd., Fabri-Kal corp, Berry Global Inc.|
|Report coverage||Revenue forecast, company share, competitive landscape, growth factors, and trends|
|Free customization scope (equivalent to 5 analyst working days)||If you need specific information, which is not currently within the scope of the report, we will provide it to you as a part of the customization|
Major Highlights and USPs of Report:
- Detailed look Revenue, Sales and Production Analysis by Region/Country
- Company Market Share Analysis for 5 Years, Revenue, Sales, Price, and Gross Margin Analysis
- Porter Five Forces Analysis
- Market Dynamics (Driver, Restrain and Opportunities Analysis)
- Value Chain Analysis
- Porter Five Force Model
- Pestle Analysis
- Regulatory Framework
- Technology Roadmap
- The Market attractiveness analysis of each segment
- Marketing Strategy Analysis
- Direct Marketing
- Indirect Marketing
- Country Level Analysis
- Raw Material Analysis
- Cost Structure
- Recent Initiative by Key Players to Sustain in Competition
Available Array of Customizations:
- Country-level bifurcation of data for any specific regional/country-specific report.
- Enlargement of scope and data forecasts until 2030.
- Company Market Share for specific country/countries and regions.
- Customized Report Framework for Go-To-Market Strategy.
- Customized Report Framework for Merger & Acquisitions and Partnerships/JVs Feasibility.
- Customized Report Framework for particular Type/ Application/ New Product/Services Launch and/or Development.
- Detailed Report and Deck for any specific Company operating in the Industry competitors.
- Any other miscellaneous requirements with feasibility analysis.
Segments Covered in the Report
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2030. For the purpose of this report, Data Lab Forecast has segmented the global Thermoformed Plastics Market report on the basis of Plastic Type, Thermoforming Type, Application, and region:
The report segment of the global Thermoformed Plastics market is as follows:
Global Thermoformed Plastics Market: By Plastic Type Outlook (Revenue, USD Million, 2021 - 2030)
- Polyvinyl Chloride
Global Thermoformed Plastics Market: By Thermoforming Type Outlook (Revenue, USD Million, 2021 - 2030)
- Vacuum Formed
- Pressure Formed
- Mechanical Formed
Global Thermoformed Plastics Market: By Application Outlook (Revenue, USD Million, 2021 - 2030)
- Food Packaging
- Electrical & Electronics
- Consumer Goods
Global Thermoformed Plastics Market: By Region Outlook (Revenue, USD Million, 2021 - 2030)
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- North America
- The U.S.
- Rest of North America
- Rest of Europe
- Asia Pacific
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- The Middle East and Africa
- GCC Countries
- South Africa
- Rest of The Middle East & Africa