Thermoformed Plastics Market Research Report—Global Forecast till 2030

Thermoformed Plastics Market Research Report Information By Product Type (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) APPLICATION (Packaging, Construction, Electrical & Electronics, Automotive Packaging, Consumer Goods, Others) PROCESS (Vacuum Forming, Pressure Forming, Mechanical Forming) Forecast 2030

ID: MRFR/CnM/4365-CR | November 2022 | Region: Global | 100 Pages         

Thermoformed Plastics Market Speak to Analyst Request a Free Sample

Thermoformed Plastics Market

Thermoformed Plastics Market is projected to be worth USD 53,314.74 million by 2030, registering a CAGR of 4.91% during the forecast period (2022 - 2030).

Segmentation
By Product PET PE HIPS
Application healthcare food packaging electrical & electronics automotive packaging
Key Players
Companies Profiled   Pactiv LLC (U.S.)   Sonoco Products Company (U.S.)   Spencer Industries Incorporated (U.S.)   Brentwood Industries (U.S.)   Genpak LLC (U.S.)   Placon (U.S.)   Silgan Plastics (U.S.)   Graham Packaging Company (U.S.)   Wilbert Plastic Services Inc(U.S.)
Drivers
Market Driving Forces   Its use in food packaging    The increasing disposable income and the demand for packaging of ready-to-go processed foods
Request a Free Sample

Thermoformed Plastics Market Overview


The global thermoformed plastics market is projected to witness significant growth during the review period, exhibiting a CAGR of 4.91%. The market was estimated to be USD 35,086.01 million in 2021 and is expected to reach a value of USD 53,314.74 million by the end of the forecast period (2022-2030).


A plastic sheet is heated to a temperature that makes it flexible, then shaped into a precise shape in a mould 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 mould 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 flake, which they sell to reprocessing companies or use internally.


COVID-19 Impact on the Thermoformed Plastics Market:


During the coronavirus pandemic, the revenue generated from plastics was reduced for a few months. However, it rebounded quickly due to the increasing demand for packed foods. The outbreak of COVID-19 has had a negative impact on the production of thermoformed plastics due to the disruption in the supply chain across the globe. To protect workers from the new coronavirus spread, the companies in the market have restricted travel and face-to-face meetings for the employees. According to the United Nations, the global economy is projected to contract by around 3% instead of registering the 2.5% growth projected by the World Economic Situation, and Prospects report 2020.


The supply scenario is facing a few issues due to the restrictions on travel and the lockdown of cities; however, the sourcing teams are working closely with the suppliers to proactively manage the supply of raw materials. Companies closely monitor and manage the extent and duration of any local requirements impacting their physical locations. Furthermore, with the ease of lockdown in various regions, manufacturers are now coping and are managing to fulfil customers' requirements at a similar level as in the pre-COVID era. The restrictions on transportation have resulted in disruptions in the movement of finished products from the manufacturers to the consumers through the distributors. The key players operating in the market have strategized policies to maintain the product supply by working closely with the suppliers and standing by the regulations the respective regional governments put forth.


The demand from the automotive and packaging industries has experienced a significant decline primarily owing to the shutting down of factories and businesses worldwide, which resulted in insufficient availability of raw materials, thereby affecting production on a global scale. In a late pandemic, thermoformed packaging is in high demand for e-commerce and grocery delivery, which partially makes up for decreased demand from industrial clients, and merchandise packing. As the pandemic closes down restaurants and other food-service facilities, demand is anticipated to change substantially in the food sector.


Market Dynamics


Drivers

  • 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 global thermoformed plastics 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 packaging, 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.

  • Increasing demand from the healthcare sector: Thermoformed includes vacuum forming and pressure forming, which are widely used for medical device housings as both processes can create unique, contemporary-looking products. Designers know that most users strongly prefer the warm feeling and contoured shapes that plastics bring to product design. Thermoforming can accomplish that with less tooling investment, a key benefit when the device is larger and has a limited market. Pressure forming, in particular, can create bezels and housings with an exterior appearance similar to injection molded parts, with tight radii and even molded-in textures or logos. Thermoformed plastics can also be mated with sheet metal enclosures, optimizing both properties. The growth of the healthcare industry has boosted the thermoformed plastics market to a high degree since plastic packaging helps maintain hygiene and is less susceptible to damage and leaks than glass packaging. Healthcare products such as X-Ray, CT scans, MRI machines, sterile, hospital room panels, hospital bed components, etc., are packed with thermoformed plastics. Therefore, the growing demand for thermoformed plastics in the packaging industry boosts global demand.


Restraints

  • Volatile raw material prices: Plastics are made from raw materials such as oil, natural gas, and coal. The first step in making plastics is the polymerization of the raw materials, resulting in a product called a monomer. Chemicals such as benzene and xylenes are isolated from petroleum and are reacted with others to form the monomers for polystyrene, PVC, polypropylene, etc., which are used for thermoforming. Also, crude oil is traded globally and can easily move from one place to another by ship, pipeline, or barge. As a result, the supply and demand balance determine the price of crude oil worldwide, affecting the other markets. Thus, the fluctuations in crude oil prices are likely to have a corresponding impact on the price of plastics used in thermoforming.


Opportunity

  • Growing use of in-mold labelling in packaging: In-mold labeling is the use of plastic labels during the manufacturing of containers by thermoforming processes. In-mold labels are applied to the item or container using in-mold film inserted into the mold. When the mold opens, pre-heated plastic is pumped at high pressure, and the container is then finished with the label. These labels are extremely favored in the food and beverage business because they provide the product with an attractive makeover by changing the printing surface, which gives it an aesthetic appearance. When applied to the packaging of frozen goods, the in-mold labeling procedure has several benefits. In contrast to conventional labels that are fastened using adhesive, in-mold labels do not eventually become wet and destroyed.


Challanges

  • 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.


Segmentation


By Product Type



  • 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


BY  APPLICATION



  • Packaging

  • Construction

  • Electrical & Electronics

  • Automotive Packaging

  • Consumer Goods

  • Others


BY PROCESS

  • Vacuum Forming

  • Pressure Forming

  • Mechanical Forming


By Region

  • North America

  • Europe

  • Asia-Pacific

  • South America

  • Middle East

  • Africa


Regional Analysis

  • Based on region, the global thermoformed plastics market report has been segmented into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. The North America type segment accounted for the largest market share of 43.3% in 2021, with a market value of USD 15,200.31 million; it is expected to register a CAGR of 4.73% during the forecast period. The Europe segment accounted for the second largest market share in 2021, valued at USD 8,333.86 million; it is projected to exhibit a CAGR of 4.01% during the forecast period.

  • The thermoformed plastics market share in North America was the largest geographic segment in 2021. The market is expected to rise rapidly during the anticipated time frame due to industrialization and the expansion of the packaging industry. It is anticipated that this region will see an increase in thermoformed plastic product suppliers and manufacturers. The largest market for thermoformed packaging is the US, followed by Canada.

  • The second-largest market for thermoformed plastics is anticipated to be Europe. The intense consumer and manufacturing environment in Eastern Europe is likely to be the main driver of the demand for thermoformed plastics. Furthermore, regulatory bodies like the European Chemicals Agency (ECHA), the European Commission, and other federal agencies have established several stringent environmental standards defining the European market.

  • The Asia-Pacific segment held the market share of 17.0% in 2021 and is expected to register a CAGR of 6.88% during the forecast period. Asia-Pacific is the region with the fastest anticipated growth. India and China are two emerging economies now experiencing rapid economic expansion. Demand for construction materials, automobile parts, and medical device packaging has been boosted by rising population and disposable income. China is the region's major manufacturer and supplier of equipment using various types of technologies that use thermoformed polymers. Strong economic growth in China helps to support the country's rapid urbanization. This region's rising per capita disposable income is anticipated throughout the forecast period to drive the market.

  • The South America segment held the market share of 9.2% in 2021 and is expected to register the CAGR of 5.10% during the forecast period and Middle East & Africa segment held the market share of 6.7% in 2021. Polymethyl methacrylate (PMMA) has seen an increase in inventions, product developments, and investments, especially in the Middle East & Africa.


Competitive Landscape

  • The global thermoformed plastics market is characterized by the presence of many regional and local vendors. The market is highly competitive, with all the players competing to gain maximum market share. The increasing thermoformed plastic demand from the healthcare sector is the key driver of the market. The vendors compete based on cost, product quality, and the availability of the products according to the geographies. The vendors must provide cost-effective and high-quality thermoformed plastic to compete in the market. The competitive scenario is fragmented between the tier-1, tier-2, and tier-3 companies, while tier-1 and tier-2 companies hold over 60% of the global market share.

  • The market players' growth depends on the market and economic conditions, government regulations, and industrial development. Thus, the players should focus on expanding the production capacity to meet the demand and enhance their services. Sonoco Products Company, Fabri-Kal Corporation, Pregis LLC., UFP Technologies, Inc., and Berry Global Group, Inc. are the major companies in the market currently competing in terms of quality, price, and availability.


Report Overview:

  • The global thermoformed plastics market has been segmented into produc ttype, application, process and region. In terms of insights, this report has focused on various levels of analysis such as market dynamics, value chain analysis, Porter's five forces, competitive landscape, and company profiles—all of which comprise and discuss views on the global nickel hydroxide emerging and fast-growing segments, regions, and countries.


Objectives of the Study

  • To get a comprehensive overview of the global thermoformed plastics market

  • To get wide-ranging information about the key factors driving the market and market opportunities

  • To gain information regarding the key players in the industry, their product portfolio, strategies, and key developments

  • To gain insights about the key country/region in which the market is growing


Intended Audience

  • Industrial sector

  • Broadcast sector

  • Enterprise sector

  • Digital communication

  • Packaging industries



Report Scope:

Report Attribute/Metric Details
  Market Size    2030: USD 53,314.74 million
  CAGR    4.91%CAGR (2019-2030)
  Base Year   2021
  Forecast Period   2021 to 2030
  Historical Data   2019 & 2020
  Forecast Units    Value (USD Million)
  Report Coverage    Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Product Type, Application, Process
  Geographies Covered   North America ,Europe, Asia-Pacific,South America, Middle East ,Africa
  Key Vendors   Sabert Corporation, Sonoco Products Company, Fabri-Kal Corporation, CM Packaging Group, Genpak LLC, Placon Corporation, Pactiv LLC, Berry Global Group Inc., Anchor packaging, and Zhuhai Zhongfu Enterprise
  Key Market Opportunities   â€¢ Growing use of in-mold labelling in packaging
  Key Market Drivers   â€¢ Rising demand for food packaging • Increasing demand from the healthcare sector


Speak to Analyst Ask for Customization

Frequently Asked Questions (FAQ) :