Thermoformed Plastics Market

The Global Thermoformed Plastics Market was valued at USD 13.57 Billion in 2022 and is forecast to reach a value of USD 19.15 Billion by 2030. The Global Market is anticipated to grow to exhibit a CAGR (Compound Annual Growth Rate) of 4.40% over the forecast period.

Premium Insights

The Thermoformed Plastics Market is driven by the growing demand for thermoformed products from various end-use industries. Thermoformed Plastics are widely used in the packaging, automotive, building & construction, and consumer goods industries. The growing demand for lightweight and durable packaging materials from the food & beverage and healthcare industries is fueling the growth of the Thermoformed Plastics Market. The rising environmental concerns regarding the use of plastic products are propelling the demand for biodegradable and recyclable packaging materials. This is expected to boost the growth of the Thermoformed Plastics Market in the coming years. The increasing focus on energy-saving and environment-friendly manufacturing processes is anticipated to create new growth opportunities for players operating in the Thermoformed Plastics Market.

The Thermoformed Plastics Market is driven by a number of factors, including the increasing use of plastic in a variety of applications, the need for lightweight and durable materials, and the recyclability of Thermoformed Plastics. The use of plastic has increased in recent years as it is a lightweight and durable material that can be used in a variety of applications. Thermoformed Plastics are also recyclable, making them an attractive option for many industries. The automotive industry is one of the largest consumers of Thermoformed Plastics, as these materials are used in a variety of car parts, including dashboards, door panels, and bumpers. The construction industry also uses Thermoformed Plastics for window frames, door frames, and walls. The packaging industry is another major consumer of Thermoformed Plastics as these materials offer an attractive way to package products. Thermoformed packaging can be used for food, cosmetics, and medical products. The growing demand for sustainability is also driving the Thermoformed Plastics Market as these materials can be recycled into new products.

Presently, Thermoformed Plastics are extensively used in the packaging of several healthcare and pharmaceutical products such as syringes, ampoules, vials, and tablets. These products need to be packaged in materials that can maintain their sterility and protect them from external factors such as moisture, light, and oxygen. Thermoformed Plastics offers a number of benefits over other materials such as paperboard and glass, which are traditionally used for healthcare and pharmaceutical packaging. The main advantages of Thermoformed Plastics include their lightweight, which reduces shipping costs; their flexibility, which allows them to be easily molded into different shapes; and their transparency, which makes it easy to visually inspect the contents of the package. In addition, Thermoformed Plastics are also resistant to chemicals and scratches, making them ideal for use in healthcare and pharmaceutical packaging applications. The increasing demand for these products in the healthcare and pharmaceutical packaging sector is projected to be a key factor driving market growth during the projection period. The Asia-Pacific region is expected to be the fastest-growing market for Thermoformed Plastics during the forecast period. The high growth in this region can be attributed to the rising demand for these products from the healthcare and pharmaceutical industries in countries such as China and India.

Thermoformed Plastics are an increasingly popular metal replacement in a variety of industries due to their many advantages over metal. The heavy gauge process provides even more strength and stability to Thermoformed Plastics, making them ideal for applications in industries such as transportation, industrial equipment, aerospace, and kiosks. The main advantage of Thermoformed Plastics over metal is their weight. Thermoformed Plastics are much lighter than metal, which makes them easier to transport and work with. They also have better thermal and acoustic insulation properties than metal. Another advantage of Thermoformed Plastics is that they can be easily molded into complex shapes. This flexibility makes them ideal for applications where metal would be difficult to work with, such as in aerospace or industrial equipment. The final advantage of Thermoformed Plastics is that they are more durable than metal. They are less likely to dent, scratch, or break under stress. This makes them the perfect material for applications where reliability and durability are key, such as in transportation or industrial equipment.

The major restraints of the Thermoformed Plastics Market are

1. Limited availability of raw materials – Thermoformed Plastics require specific types of raw materials that may not be readily available in all regions. This can limit the growth of the market in certain areas.

2. High cost of production – The production process for Thermoformed Plastics is generally more expensive than other types of plastic manufacturing processes. This can make thermoformed products more expensive and less competitive in some markets.

3. Difficulties with recycling – Recycling Thermoformed Plastics can be difficult and costly due to the specialized nature of the materials. This can lead to a higher environmental impact on these products and limit their sustainability.

Top Market Trends

The Thermoformed Plastics Market has been growing rapidly in recent years, due to the increasing popularity of thermoformed products and the advantages they offer over traditional materials. Here are some of the top market trends driving the growth of the Thermoformed Plastics Market:

1. Increased demand for energy-efficient and lightweight products: Thermoformed Plastics are highly energy-efficient and lightweight, making them an ideal choice for a variety of applications such as packaging, automotive parts, and construction materials.

2. Increased use of recyclable and biodegradable materials: Thermoformed Plastics are made from recyclable and biodegradable materials, which makes them an environmentally friendly option.

3. Innovation in design and manufacturing: The thermoforming process is constantly evolving, with new innovations in design and manufacturing making it more accessible and affordable

.4. Growing demand from emerging markets: The thermoplastic forming sector is particularly strong in emerging markets such as Asia Pacific and Latin America, where there is a growing demand for affordable, high-quality products.

5. Increasing use of bioplastics: Bioplastics are made from renewable resources such as plant starch, vegetable oils, and recycled paper products. They are environment-friendly and have a lower carbon footprint than traditional plastics. As a result, there is a growing demand for bioplastics in various applications such as packaging, healthcare, and construction.

6. Growing popularity of sustainable packaging: The increasing awareness about environmental issues is leading to a shift in preference towards sustainable packaging solutions. Thermoformed Plastics offer an attractive proposition in this regard as they can be easily recycled and reused. Moreover, companies are investing in R&D to develop new sustainable packaging solutions made from Thermoformed Plastics.

7. Rise in applications in the healthcare sector: The healthcare sector is one of the major end-users of Thermoformed Plastics. Thermoformed plastic trays are widely used in hospitals and clinics for packing medicines, surgical instruments, etc. Moreover, the use of thermoformed blisters has increased significantly for packing pills and capsules.

8. Increased Demand for Lightweight and Environmentally Friendly Packaging: With the growing focus on sustainability and environmental protection, there is a rising demand for lightweight and recyclable packaging material such as Thermoformed Plastics. This is expected to drive the growth of the Thermoformed Plastics Market in the coming years.

9. Growing Automotive Industry: The automotive industry is one of the major consumers of Thermoformed Plastics. Thermoformed plastic parts are used in various automotive applications such as dashboards, instrument panels, door panels, etc. The growing automotive industry is expected to fuel the demand for Thermoformed Plastics in the coming years.

10. Increasing Use of Thermoformed Plastics in healthcare: Thermoformed Plastics are widely used in healthcare applications due to their high durability and resistance to chemicals and moisture. They are used in a variety of medical devices such as blood bags, intravenous (IV) containers, dialysis tubing, etc. The increasing use of Thermoformed Plastics in healthcare is expected to drive the growth of the market in the coming years.

Market Segmentation

The market is segmented based on Plastic-Type, Thermoforming Type, Thickness, End-Use Industry, and Region. On the basis of Plastic Type, the market is segmented into PP, Polystyrene, PET, PE, PVC, Bioplastics, and ABS. On the basis of Thermoforming Type, the market is segmented into Vacuum Forming, Pressure Forming, and Mechanical Forming. On the basis of Thickness, the market is segmented into Thin Gauge and Thick Gauge. Based on End-Use Industry, the market is segmented into Food & Agricultural Packaging, Consumer Goods & Appliances, Healthcare & Pharmaceutical, Construction, Electrical & Electronics, Automotive Packaging & Structures, and Others (industrial and aerospace).

Based on Plastic Type

While analyzing the Thermoformed Plastics Market on the basis of product, it was found that the polypropylene segment has constantly dominated the market in terms of both value and volume. Some of the key factors responsible for this growth include its low cost, easy availability, and diverse range of applications. However, with the increasing environmental concerns and regulations regarding the use of plastic products, the demand for biodegradable and eco-friendly alternatives is likely to grow in the coming years. This is expected to provide significant opportunities for other segments such as biodegradable plastic and PVC in the Thermoformed Plastics Market. Polystyrene, polypropylene, and polyethylene are the most popular resins for use in thermoformed plastic manufacture. Trees, margarine tubs, cups, disposable items, beverage glasses, sandwich packs, and microwave containers are just some of the many examples of food packaging that make use of polypropylene, a thermoplastic polymer. Polymethyl methacrylate has a number of desirable properties, such as high surface hardness, long service life, and strong light transmission, hence this market sector is anticipated to expand rapidly over the coming years.

Based on Thermoforming Type

Vacuum forming is the dominant thermoforming process in the market and is expected to grow at the highest CAGR during the forecast period. The vacuum-forming process includes heating a sheet of plastic until it becomes soft and pliable and then shaping it over or into a mold using negative pressure. Vacuum forming offers several advantages, such as short production time, easy operation, and low tooling costs. The segmentation of the Thermoformed Plastics Market based on material type includes polyethylene terephthalate (PET), polystyrene (PS), high-impact polystyrene (HIPS), acrylonitrile butadiene styrene (ABS), polypropylene (PP), and others. PET held the largest share of the market in 2021 owing to its superior properties, such as high strength, rigidity, and transparency. PS is projected to be the fastest-growing material type during the forecast period due to its low cost and good impact resistance.

Based on Thickness

The thin gorge thermoformed plastic segment has led the market in terms of revenue till the year 2021. This may be attributed to the fact that this segment is based on the method. During the projected period, it is anticipated that the thin gorge thermoform plastic sector will continue to hold the position of the largest segment. Techniques involving hot air, radiant energy, and direct contact are utilized throughout the manufacturing process of thermoformed polymers. It is projected that the growing demand for thin gorge Thermoformed Plastics for the packaging trays of medical devices would increase the market growth over the forecast period. This is due to the fact that the need for Thermoformed Plastics in the pharmaceutical industry is increasing. The heavy-duty gauge Thermoforms have a solid structure and are strong. These thick gorge Thermoformed Plastics are utilized in the front bumper and the rear bumper of the vehicle. Additionally, they are utilized in the components of interior trim used in the heavy vehicle industry. Both treadmills and weights are also constructed with this material. The thermal forms that are employed in the construction equipment business are also used as engine covers. Thermoformed Plastics may be used in food packaging, which is one of the applications that is expected to promote the growth of this market segment. This product is used in the materials used for packing so that the walls can all have the same thickness.

Based on End Use Industry

The food packaging segment is leading the market and is projected to grow at the highest CAGR during the forecast period. The food packaging industry is constantly evolving and undergoing changes in order to meet the ever-changing needs of consumers. In order to stay ahead of the competition, manufacturers are using Thermoformed Plastics to create innovative and cost-effective packaging solutions. Thermoformed Plastics offer a number of advantages over other materials, such as superior barrier properties, durability, and ease of fabrication. With the growing demand for packaged foods, the food packaging segment is expected to continue its dominance over the next five years. In addition, the increasing use of Thermoformed Plastics in healthcare applications is also fuelling market growth. The food sector makes extensive use of plastics for the packaging of a wide variety of foods, including vegetables, fruits, confectionary items, fish, chicken, meat, and other ready-made meals. The material used for food packaging needs to be of an exceptionally high quality so that it can shield the food being packaged from things like moisture, bacteria, and age. Because it prevents the growth of germs and other potentially harmful agents, there is an extraordinarily high demand for it in the food sector. Since it may be made out of a variety of materials that improve the overall look of the products it contains, thermoformed packaging is also utilized in the medical and healthcare industries. Products such as medical equipment, procedural trays, medical trays, protective packaging, and pharmaceutical packaging are examples of what can be found in the packaging used in the healthcare and medical sector.

Based on Region

North America has been the traditional stronghold of the Thermoformed Plastics Market, and this trend is expected to continue over the forecast period. The region has witnessed significant growth in terms of revenue, owing to the presence of a large number of key players in the market and the growing demand from various end-use industries. The U.S. is the largest market for Thermoformed Plastics in North America, followed by Canada. The country is home to some of the leading companies operating in the market, such as Dart Container Corporation and Dordan Manufacturing Company. The growing end-use industries in the country are expected to drive the growth of the Thermoformed Plastics Market over the forecast period. Mexico is another important market for Thermoformed Plastics in North America and is expected to register healthy growth over the coming years. The Asia Pacific region is expected to be one of the fastest-growing markets for Thermoformed Plastics over the forecast period. The region has witnessed rapid economic development over recent years, which has led to an increase in disposable incomes and a growing middle-class population. This has resulted in increased demand for packaged food products and other consumer goods, which is driving the growth of the Thermoformed Plastics Market in Asia Pacific. The Middle East & Africa (MEA) regions are also expected to witness healthy growth over the forecast period, owing to increasing industrialization and urbanization across these regions.

Competitive Landscape

The key players in the Global Thermoformed Plastics Market include- Fabri-Kal Corp. (US), Berry Global Inc. (US), Genpak LLC, Pactiv LLC (US), D&W Fine Pack LLC (US), Amcor Ltd. (Australia), Dart Container Corp. (US), Anchor Packaging (US), Sabert Corporation (US), Sonoco Products Company (US), Display Pack (US), Greiner Packaging (India), CM Packaging (US), Dongguan Ditai Plastic Products Co. Ltd. (China), Palram Americas Ltd. (US) and others.

Recent Market Developments

● Fabri-Kal is the industry standard for thermoformed package customization. In January 2020 it cooperated with the Michigan Department of Environment. The packaging recycling rate can be expected to increase by a factor of two thanks to this partnership.

● Papacks, a Swedish company, invested 10 million euros in a mill in Arnstadt, Germany. Thanks to its thermoforming method, this manufacturing facility will be able to create high-quality molded paper fiber.

● The sale of LBP Manufacturing LLC to Sabert Corporation was made official. With Sabert's sales network and global presence, LBP will be able to deliver value to the market and acquire customers all over the world thanks to its strong position in the Quick Service Restaurant industry.

● The Michigan Department of Environment is working with industry leader Fabri-Kal to increase the recycling rate of packaging materials by 100% by 2025.

Segmentation of the Global Thermoformed Plastics Market