The Global Thermoformed Plastics Market Size is valued at 44.06 billion in 2023 and is predicted to reach 71.74 billion by the year 2031 at an 6.31% CAGR during the forecast period for 2024-2031.
A fabrication process called thermoforming involves heating plastic sheets to create a bendable form that may be moulded into the appropriate shape in line with the needs of the customer. The heavy gauge technique, which is used in the manufacturing of transportation, industrial equipment, aerospace, retail, and medical devices, has more recently been used to replace metal with thermoformed polymers.
Thermoformed polymers are commonly used to create lightweight vehicles because of their durability, strength, and light weight. The rising automotive industry and policies that encourage the use of light vehicles are expected to enhance demand for thermoformed plastics globally. Profitability is predicted to be hampered by the volatile cost of raw materials for thermoformed plastics. The medical business uses the thermoforming process to create diagnostic equipment, medical facilities, and accessories from thermoformed plastics.
Pharmaceutical products include pre-filled syringes, medical devices, and pharmaceutical bottles all use thermoform polymers. In the pharmaceutical sector, it is also utilised for the packing of capsules and tablets. All these factors are driving the market over the forecast period.
Competitive Landscape:
Some of the major thermoformed plastics market players are:
- Fabri-Kal Corp.
- Berry Global Inc
- Genpak LLC
- Pactiv LLC
- D&W Fine Pack LLC
- Amcor Ltd
- Dart Container Corp
- Anchor Packaging
- Sabert Corporation
- Sonoco Products Company
- DISPLAY PACK
- Greiner Packaging
- CM Packaging
- Dongguan Ditai Plastic Products Co., Ltd
- Palram Americas Ltd.
Market Segmentation:
The market is segmented into product, thermoforming type and application. Based on product, the thermoformed plastics market is divided into polypropylene (PP), polystyrene (PS), polyethylene terephthalate (PET), polyethylene (PE), polyvinyl chloride (PVC), acrylonitrile butadiene styrene (ABS), high impact polystyrene (HIPS), and others. The market is divided into vacuum formed and pressure formed based on thermoforming type. The food packaging, consumer goods and appliances, healthcare and medical, construction, electrical and electronics, automotive, and other segments of the market are divided based on application.
Based On Product, The Polypropylene (PP) Segment Is Accounted As A Major Contributor In The Thermoformed Plastics Market
Polypropylene topped the product category in 2023, accounting for the largest share. This trend is anticipated to last the entire projected time. Frequently, the thermoplastic resins polyethylene (PE), polystyrene (PS), and polypropylene are used in the production of thermoformed plastics (PP). To create disposable items like cups, trays, margarine tubs, sandwich packs, and microwaveable containers as well as food packaging products like these, PP, a thermoplastic polymer, is widely utilized. More businesses are using polypropylene to package their products, which is predicted to boost demand for thermoformed plastics as a whole.
The Food Packaging Segment Witnessed Growth At A Rapid Rate
Based on application, the food packaging sector accounted for the highest share of the worldwide thermoformed plastic market in 2023, accounting for almost one-third of it. This segment is anticipated to increase significantly over the course of the forecast period. The segments for consumer goods and appliances, healthcare and medical, building, electrical and electronics, automotive, and others are also examined in the research.
In The Region, The North America Thermoformed Plastics Market Holds Significant Revenue Share
In terms of sales, North America held largest market share in 2023. During the forecast period, rapid industrialization and developments in the packaging sector are anticipated to drive the regional thermoformed plastics market. The industry is also anticipated to be driven by the region's expanding thermoformed plastic product suppliers and manufacturers. Besides, the fastest-growing regional market is anticipated to be in the Asia Pacific over the projection period. The emerging economies of this region have seen rapid economic expansion. The thermoformed plastics machinery in this region is produced and supplied primarily in this area by utilising a variety of technologies.
Recent Developments:
- In January 2020, a top supplier of specialized thermoformed packaging solutions is Fabri-Kal. It worked with the Michigan Department of Environment beginning. In the upcoming years, this agreement will enable packaging product recycling rates to double.
- In July 2019, Berry Global purchased RPC Group Plc for roughly $6.5 billion. The business was able to take advantage of this by combining its expertise in cutting-edge manufacturing, product development, and material research.
Thermoformed Plastics Market Revenue:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 44.06 Mn |
|
Revenue forecast in 2031 |
USD 71.74 Mn |
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Growth rate CAGR |
CAGR of 6.31% from 2024 to 2031 |
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Quantitative units |
Representation of revenue in US$ Million, Volume (Kilotons) and CAGR from 2024 to 2031 |
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Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
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Segments covered |
Product, Thermoforming Type And Application |
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Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Fabri-Kal Corp., Berry Global Inc., Genpak LLC, Pactiv LLC, D&W Fine Pack LLC, Amcor Ltd., Dart Container Corp., Anchor Packaging, Sabert Corporation, Sonoco Products Company, DISPLAY PACK, Greiner Packaging, CM Packaging, Dongguan Ditai Plastic Products Co., Ltd., and Palram Americas Ltd. |
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Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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