Thermoformed Plastics Market

The global Thermoformed Plastics Market is valued at USD 41.9 Billion in 2022 and is projected to reach a value of USD 62.58 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 5.9% between 2023 and 2030.

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Thermoformed Plastics have revolutionized the packaging industry by providing cost-effective solutions with high durability and flexibility. According to our analysts, the global Thermoformed Plastics market is predicted to grow at a CAGR of 5.9% from 2023 to 2030. The market is estimated to reach an evaluation of USD 62.58 Billion by 2030, driven primarily by the increasing demand for lightweight and durable packaging solutions in various end-use industries.

Packaging is set to be the largest application segment in the Thermoformed Plastics market, with a market share of around 50% in 2020. The food packaging industry is the largest consumer of Thermoformed Plastics due to their ability to preserve the freshness and extend the shelf-life of food products. In addition to lowering the packaging weight, Thermoformed Plastics also reduces storage space and provide improved branding opportunities.

The electronics industry is all set to be the fastest-growing end-use industry for Thermoformed Plastics due to the increased demand for consumer electronics such as smartphones, laptops, and tablets. Using Thermoformed Plastics in electronic packaging ensures the safety of fragile electronic components during transportation and storage. In addition, Thermoformed Plastics are highly customizable and can be designed to meet specific electronic packaging requirements.

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North America is the largest market for Thermoformed Plastics, accounting for around 35% of the total market share in 2022. This growth is mainly attributed to the extremely high demand for ready-to-eat food products and the growing adoption of eco-friendly packaging solutions in the region. However, The Asia Pacific region is expected to witness the fastest growth during this forecast period, driven by the growing population and sufficient disposable income availability in developing economies, including China and India.

The COVID-19 pandemic has had a deeply significant impact on the global Thermoformed Plastics market. The demand for Thermoformed Plastics in the healthcare industry has increased due to the need for personal protective equipment (PPE) such as face shields, goggles, and visors. In addition, the increased demand for home-delivered food products has also driven the demand for Thermoformed Plastics packaging.

Sonoco Products Company, Amcor Limited, Pactiv LLC, Anchor Packaging Inc., and Berry Global Inc are key players in the Thermoformed Plastics market. These companies are increasingly focusing on product innovation, expanding their product portfolios, and increasing their production capacities to meet the growing global demand for Thermoformed Plastics.

The global Thermoformed Plastics market is predicted to witness significant growth in the future, driven by the increasing demand for lightweight and sustainable packaging solutions. The food packaging and electronics industries are likely to be the key drivers of growth, with North America and Asia Pacific leading the market regarding factors such as market share and growth rate. The recent COVID-19 pandemic has greatly impacted the market, with increased demand in the healthcare and food industries. Key players in this market focus on innovation and expansion to cater to the growing global demand for Thermoformed Plastics.

Economic Insights

The Russia-Ukraine conflict has hurt global financial markets. Fighting has disrupted global supply networks, raising food and gas prices and worrying many people about the future. These anxieties raised prices, slowing economic activity. This conflict has devastated Europe due to its energy dependence on Russia. Russia has struggled to sell oil due to EU sanctions. Energy price hikes have decreased consumer spending, raising European inflation.

Top Market Trends

The global thermoform plastics market is all set to experience a significant growth in the upcoming years, driven by various market trends.

1. Growing demand for sustainable thermoform plastics: The increasing concern for environmental sustainability is leading to a rising demand for eco-friendly thermoform plastics. This is driving the development of new biodegradable and recyclable materials in the thermoform plastics market.

2. Increasing adoption of lightweight materials: The automotive and transportation industries are increasingly moving towards lightweight materials to improve fuel efficiency and reduce CO2 emissions. This trend drives the demand for thermoform plastics, which are significantly lighter than traditional materials.

3. Advancements in technology and automation: The thermoform plastics industry is rapidly adopting new technology and automation to improve efficiency and reduce costs. This leads to a more streamlined production process, faster turnaround times, and improved product quality.

4. Rising demand for packaging products: Thermoform plastics are widely used in packaging products such as trays, containers, and blister packs. As the e-commerce industry continues its growth, there is an increasing demand for more sophisticated packaging solutions, creating opportunities for growth in the thermoform plastics market.

5. Increasing demand from the medical industry: Thermoform plastics are widely used in the medical sector for applications such as medical trays, surgical packaging, and medical device components. With the growing demand for healthcare services worldwide, the medical industry is expected to be a major driver for the thermoform plastics market.

Market Segmentation

The global thermoform plastics market can be categorized into the following segments: Type, Processing Method, Application, and Region. Based on Type, this market is categorized into Polyethylene Terephthalate (PET), Polypropylene (PP), Polyethylene (PE), Polystyrene (PS), and Others. Additionally, based on Processing Method, the market can be split further between Vacuum Forming, Pressure Forming, and Mechanical Forming. In addition, based on Application, the market is segmented into Food Packaging, Healthcare, Electronics, and Other Applications. Likewise, based on Region, the Thermoformed Plastics market can be further segmented into North America, Europe, Asia Pacific, Latin America, Middle East & Africa.

Based on Type

Polyethylene Terephthalate (PET) to Hold Dominant Position in the Market

In 2022, Polyethylene Terephthalate (PET) held the dominant market share in the thermoform plastics market due to its versatility, durability, and cost-effectiveness. The demand for PET is expected to grow even further due to ongoing developments in the food and beverage and healthcare industries. Polypropylene (PP) is anticipated to grow steadily as it is gaining popularity in the packaging of healthcare products and electronics. Polyethylene (PE) and Polystyrene (PS) will show moderate growth in the coming years.

Based on the Processing Method

Vacuum Forming to Account for Maximum Market Share

In 2022, Vacuum Forming held a significant market share in the thermoform plastics market due to its ability to produce complex shapes and low tooling costs. The demand for Pressure Forming is anticipated to grow in the coming years due to its ability to produce consistent product quality. Mechanical Forming is expected to hold a moderate market share due to its limited application in the market.

Based on Application

Food Packaging Segment to Showcase Highest Growth During Forecast Period

The food packaging segment is projected to grow rapidly during this forecast period due to the huge demand for convenience food and the trend of using lightweight packaging. The healthcare sector is anticipated to show steady growth owing to the increased demand for medical devices and pharmaceutical packaging. The electronics segment is expected to grow moderately due to the growing demand for electronic devices worldwide.

Based on Region

Asia Pacific to Register Maximum Demand Owing to Growing Industrialization

Asia Pacific region held the biggest market share in 2022 due to the region's rapid industrialization and growing population. The demand for thermoform plastics in the food and beverage and healthcare sectors is expected to drive the market growth in the region. North America and Europe are predicted to show a steady pace of growth due to the growing trend of using sustainable products. In the regions of Latin America and the Middle East, and Africa, this market will increase moderately due to the rising demand for thermoform plastics in various applications.

Competitive Landscape

The global Thermoformed Plastics market is highly fragmented and competitive, with numerous players trying to dominate the market. This market is dominated by large multinational players with a broad product portfolio and a global presence, with regional players competing for market share. Innovation and product differentiation are the key strategies players adapt to cater to the growing demand for sustainable, eco-friendly packaging solutions. Companies also focus on mergers and acquisitions, collaborations, and partnerships to increase the market share and profitability.

Key players in the global thermoform plastics market include Fabri-Kal Corp. (U.S.), Pactiv LLC (U.S.), Amcor Ltd. (Australia), Berry Global Inc. (U.S.), D&W Fine Pack LLC (U.S.), Genpak LLC (U.S.), Dart Container Corp. (U.S.), Sabert Corporation (U.S.), Anchor Packaging (U.S.), Sonoco Products Company (U.S.), C.M. Packaging (Netherlands), among others.

Recent Market Developments

• May 2022: Placon Corporation acquired Custom-Pak, a leading manufacturer of blow-molded plastic containers and industrial parts. This acquisition expands Placon's product portfolio and enhances its market position in thermoform plastics.
• March 2022: Sonoco Products Company introduced ReCircle, a fully recyclable thermoformable packaging material made from post-consumer recycled PET. This sustainable packaging solution is designed to meet the growing demand for eco-friendly packaging options.
• January 2022: Amcor Limited announced the launch of its Eco-Tite R recyclable thermoformable film, which can be used for various food packaging applications. This innovative solution offers excellent barrier properties and is designed to reduce the harmful environmental impact of packaging.

Segmentation of the Global Thermoformed Plastics Market