Thermoformed Plastics Market Size

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.Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Thermoformed Plastics Market Trends

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  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

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  North America

  
  
  
  
  • US
  
  
  • Canada
  
  
  
  


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  Europe

  
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


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  Asia-Pacific

  
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


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  Rest of the World

  
  
  
  
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    Middle East

    
    
  
  
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    Africa

    
    
  
  
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    Latin America