The global thermoformed plastics market revenue was around US$ 42.6 billion in 2022 and is estimated to reach US$ 67.2 billion by 2031, growing at a compound annual growth rate (CAGR) of 5.2% during the forecast period from 2023 to 2031.
Thermoformed plastics are semi-synthetic and synthetic materials that are manufactured and processed utilizing thermoforming processes. They are produced by heating sheets of acrylic, polycarbonate, biodegradable polymers, polyvinyl chloride (PVC), and acrylonitrile butadiene styrene (ABS) until they reach a temperature. They are further molded into the desired shape of the final product and trimmed.
Market Driving Factors
The surge in demand for the food and beverage sector boosts the market growth. This is due to the thermoformed plastics being utilized for enhanced shelf life, quality designs, and secure seals of food packaging. In addition, polypropylene and polyethylene thermoformed molded packaging containers are broadly utilized for food packaging applications. Packaging products produced by utilizing thermoformed plastics are some blister packages, tubs, and clamshells.
The increase in demand in the healthcare and medical industry drives the market growth. This is because thermoformed packaging offers the cleanliness and compartmentalization required in medical and healthcare products while securely holding products in place and protecting them from the environment.
Strict government laws on plastics hamper the market expansion.
Regional Analysis
Asia Pacific is estimated to dominate the market. This is due to the emerging economies in the region such as China and India. China is the largest supplier and producer of thermoformed plastic equipment and utilizes several kinds of technologies in this region. Furthermore, rapid urbanization and a surge in per capita disposable income are projected to boost the market in the region. Additionally, the growth of the automotive market and the subsequent demand for lightweight components enhance the efficiency of the vehicles. Thus, these factors are predicted to fuel the market growth.
Europe is expected to dominate the market. This is due to the surge in demand from end-use sectors. This high demand for thermoformed plastics can be due to the increasing sales of automobiles in the region. In addition, the food packaging sector is responsive owing to the effectiveness of price reduction and safety, along with eco-friendly packages and designs are boost the market.
Segmentation Insights
Product Insight
The polypropylene (PP) segment dominates the market. This is because broad use of this plastic in packaging applications such as medical devices, food, and the automotive industry. Furthermore, its superior strength-to-weight ratio, resilience, energy management, chemical resistance, and durability make it perfect for packaging applications.
Thermoforming Type Insight
The vacuum-formed segment dominated the market. This is attributed to the manufacturers utilizing vacuum forming to make several pieces and parts in buses, cars, boats, and airplanes. In cars, everything from bumpers to floor mats, and even truck beds, are produced using vacuum forming.
Application Insight
The food packaging segment dominates the market. This is due to the thermoformed plastics are broadly utilized in the food industry for the packaging of vegetables, fruits, and confectionery products such as poultry, meat, and fish.
Furthermore, thermoformed packaging is also appropriate for use in the healthcare and medical sectors as it comprises a range of materials that assist in improving the appearance of the final product. In addition, food packaging needs high-quality packaging materials to ensure the protection from odor, moisture, and bacteria offered by thermoplastics.
Prominent Companies
Segmentation Outline
The global thermoformed plastics market segmentation focuses on Product, Thermoforming Type, Application, and Region.
By Product
By Thermoforming Type
By Application
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL THERMOFORMED PLASTICS MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: THERMOFORMED PLASTICS MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL THERMOFORMED PLASTICS MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL THERMOFORMED PLASTICS MARKET, BY PRODUCT
5.1 OVERVIEW
5.2 POLYPROPYLENE (PP)
5.2.1 HOMOPOLYMER
5.2.2 COPOLYMER
5.3 POLYSTYRENE (PS)
5.4 POLYETHYLENE TEREPHTHALATE (PET)
5.5 POLYETHYLENE (PE)
5.6 POLYVINYL CHLORIDE (PVC)
5.7 ACRYLONITRILE BUTADIENE STYRENE (ABS)
5.8 HIGH IMPACT POLYSTYRENE (HIPS)
5.9 OTHERS
6 GLOBAL THERMOFORMED PLASTICS MARKET, BY THERMOFORMING TYPE
6.1 OVERVIEW
6.2 VACUUM FORMED
6.3 PRESSURE FORMED
7 GLOBAL THERMOFORMED PLASTICS MARKET, BY APPLICATION
7.1 OVERVIEW
7.2 FOOD PACKAGING
7.3 CONSUMER GOODS AND APPLIANCES
7.4 HEALTHCARE AND MEDICAL
7.5 CONSTRUCTION
7.6 ELECTRICAL AND ELECTRONICS
7.7 AUTOMOTIVE
7.8 OTHERS
8 GLOBAL THERMOFORMED PLASTICS MARKET, BY GEOGRAPHY
8.1 OVERVIEW
8.2 NORTH AMERICA
8.2.1 NORTH AMERICA MARKET SNAPSHOT
8.2.2 U.S.
8.2.3 CANADA
8.2.4 MEXICO
8.3 EUROPE
8.3.1 EUROPE MARKET SNAPSHOT
8.3.2 WESTERN EUROPE
8.3.2.1 THE UK
8.3.2.2 GERMANY
8.3.2.3 FRANCE
8.3.2.4 ITALY
8.3.2.5 SPAIN
8.3.2.6 REST OF WESTERN EUROPE
8.3.3 EASTERN EUROPE
8.3.3.1 POLAND
8.3.3.2 RUSSIA
8.3.3.3 REST OF EASTERN EUROPE
8.4 ASIA PACIFIC
8.4.1 ASIA PACIFIC MARKET SNAPSHOT
8.4.2 CHINA
8.4.3 JAPAN
8.4.4 INDIA
8.4.5 AUSTRALIA & NEW ZEALAND
8.4.6 ASEAN
8.4.7 REST OF ASIA PACIFIC
8.5 MIDDLE EAST & AFRICA
8.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
8.5.2 UAE
8.5.3 SAUDI ARABIA
8.5.4 SOUTH AFRICA
8.5.5 REST OF MEA
8.6 SOUTH AMERICA
8.6.1 SOUTH AMERICA MARKET SNAPSHOT
8.6.2 BRAZIL
8.6.3 ARGENTINA
8.6.4 REST OF SOUTH AMERICA
9 GLOBAL THERMOFORMED PLASTICS MARKET COMPETITIVE LANDSCAPE
9.1 OVERVIEW
9.2 COMPANY MARKET RANKING
9.3 KEY DEVELOPMENT STRATEGIES
9.4 COMPETITIVE DASHBOARD
9.5 PRODUCT MAPPING
9.6 TOP PLAYER POSITIONING, 2022
9.7 COMPETITIVE HEATMAP
9.8 TOP WINNING STRATEGIES
10 COMPANY PROFILES
10.1 PACTIV LLC
10.1.1 OVERVIEW
10.1.2 FINANCIAL PERFORMANCE
10.1.3 PRODUCT OUTLOOK
10.1.4 KEY DEVELOPMENTS
10.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.2 BERRY GLOBAL INC
10.2.1 OVERVIEW
10.2.2 FINANCIAL PERFORMANCE
10.2.3 PRODUCT OUTLOOK
10.2.4 KEY DEVELOPMENTS
10.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.3 SONOCO PRODUCTS COMPANY
10.3.1 OVERVIEW
10.3.2 FINANCIAL PERFORMANCE
10.3.3 PRODUCT OUTLOOK
10.3.4 KEY DEVELOPMENTS
10.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.4 DISPLAY PACK
10.4.1 OVERVIEW
10.4.2 FINANCIAL PERFORMANCE
10.4.3 PRODUCT OUTLOOK
10.4.4 KEY DEVELOPMENTS
10.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.5 FABRI-KAL CORP
10.5.1 OVERVIEW
10.5.2 FINANCIAL PERFORMANCE
10.5.3 PRODUCT OUTLOOK
10.5.4 KEY DEVELOPMENTS
10.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.6 D&W FINE PACK LLC
10.6.1 OVERVIEW
10.6.2 FINANCIAL PERFORMANCE
10.6.3 PRODUCT OUTLOOK
10.6.4 KEY DEVELOPMENTS
10.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.7 SABERT CORPORATION
10.7.1 OVERVIEW
10.7.2 FINANCIAL PERFORMANCE
10.7.3 PRODUCT OUTLOOK
10.7.4 KEY DEVELOPMENTS
10.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.8 DART CONTAINER CORP
10.8.1 OVERVIEW
10.8.2 FINANCIAL PERFORMANCE
10.8.3 PRODUCT OUTLOOK
10.8.4 KEY DEVELOPMENTS
10.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.9 GREINER PACKAGING
10.9.1 OVERVIEW
10.9.2 FINANCIAL PERFORMANCE
10.9.3 PRODUCT OUTLOOK
10.9.4 KEY DEVELOPMENTS
10.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.10 DONGGUAN DITAI PLASTIC PRODUCTS CO LTD
10.10.1 OVERVIEW
10.10.2 FINANCIAL PERFORMANCE
10.10.3 PRODUCT OUTLOOK
10.10.4 KEY DEVELOPMENTS
10.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.11 GENPAK LLC
10.11.1 OVERVIEW
10.11.2 FINANCIAL PERFORMANCE
10.11.3 PRODUCT OUTLOOK
10.11.4 KEY DEVELOPMENTS
10.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.12 PALRAM AMERICAS LTD
10.12.1 OVERVIEW
10.12.2 FINANCIAL PERFORMANCE
10.12.3 PRODUCT OUTLOOK
10.12.4 KEY DEVELOPMENTS
10.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.13 CM PACKAGING
10.13.1 OVERVIEW
10.13.2 FINANCIAL PERFORMANCE
10.13.3 PRODUCT OUTLOOK
10.13.4 KEY DEVELOPMENTS
10.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.14 ANCHOR PACKAGING
10.14.1 OVERVIEW
10.14.2 FINANCIAL PERFORMANCE
10.14.3 PRODUCT OUTLOOK
10.14.4 KEY DEVELOPMENTS
10.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.15 AMCOR LTD
10.15.1 OVERVIEW
10.15.2 FINANCIAL PERFORMANCE
10.15.3 PRODUCT OUTLOOK
10.15.4 KEY DEVELOPMENTS
10.15.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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