Thermoformed Plastics Market Research Report—Global Forecast till 2030

Thermoformed Plastics Market Research Report Information By Product (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), By Process (Vacuum Forming, Pressure Forming, Mechanical Forming), By Application (Packaging, Construction, Electrical & Electronics, Automotive Packaging, Consumer Goods), And By Region – Market Forecast Till 2030.

ID: MRFR/CnM/4365-CR | 100 Pages | Author: Priya Nagrale | November 2022         

Thermoformed Plastics Market Speak to Analyst Request a Free Sample

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 (2023 - 2030). 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.
Thermoformed Plastics Market Overview
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)
Thermoformed Plastics Market, by Process
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 (%)
THERMOFORMED PLASTICS MARKET SHARE BY REGION
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



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





Report Scope:

Report Attribute/Metric Details
Market Size 2022 USD 47.77 Billion
Market Size 2023 USD 50.16 Billion
Market Size 2030 USD 66.92 Billion
Compound Annual Growth Rate (CAGR) 4.30% (2023-2030)
Base Year 2022
Market Forecast Period 2023-2030
Historical Data 2018 & 2022
Market Forecast Units Value (USD Million)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Product, Process, Application, End-User, and Region
Geographies Covered North America, Europe, Asia Pacific, and Rest of the World
Countries Covered The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled Pactiv, Sonoco Products Company, Spencer Industries Incorporated, Brentwood Industries, Genpak, Placon, Silgan Plastics, Graham Packaging Company, Wilbert Plastic Services Inc
Key Market Opportunities The growing use of in-mold labeling in packaging
Key Market Dynamics Rising demand for food packaging Increasing demand from the healthcare sector




Frequently Asked Questions (FAQ) :

The Thermoformed Plastics Market size was valued at USD 47.77 Billion in 2022.

The global market is projected to grow at a CAGR of 4.30% during the forecast period, 2023-2030.

North America had the largest share of the Thermoformed Plastics Market.

The key players in the market are Pactiv, Sonoco Products Company, Spencer Industries Incorporated, Brentwood Industries, Genpak, Placon, Silgan Plastics, Graham Packaging Company, and Wilbert Plastic Services Inc.

The Polypropylene (PP) category dominated the market in 2022.

The Packaging segment had the largest share of the global market for Thermoformed Plastics.

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
Request Free Sample

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.
Speak to Analyst
Leading companies partner with us for data-driven Insights.
Client logo Client logo Client logo Client logo Client logo Client logo Client logo Client logo Client logo Client logo

Kindly complete the form below to receive a free sample of this Report

Please fill in Business Email for Quick Response
Invalid