Overview and Scope
Thermoforming plastics are used to produce packaging materials, and consumer products that are durable, resilient, and tamper-resistant. Thermoforming is a plastic manufacturing process that uses heat to shape plastic into a variety of products. It protects the products while in transit and offers several seal options that will either extend the product’s shelf life or allow easy access, depending on the packaging needs. These are extremely versatile and can be utilized to manufacture parts to meet an end user’s requirements and for a very wide range of applications.
Sizing and Forecast
The thermoforming plastic market size has grown strongly in recent years. It will grow from $48.76 billion in 2023 to $52.13 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to the increase in demand for consumer durables, a rise in concerns about hygiene and product safety, a rise in the use of thermoformed plastics in the medical sector and the covid-19 pandemic..
The thermoforming plastic market size is expected to see strong growth in the next few years. It will grow to $70.85 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to the growing demand for packaged food, rising online retail sales, rising urbanization and rising disposable income. Major trends in the forecast period include focus on sustainable plastic packaging, modified atmosphere packaging (map), 3d printing technology, technological advancements, strategic partnerships and focus on increasing investments..
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Segmentation & Regional Insights
The thermoforming plastic market covered in this report is segmented –
1) By Thermoforming Type: Vacuum Forming, Pressure Forming, Mechanical Forming
2) By Plastic Type: Polyethylene, Polypropylene, Polystyrene, Polyvinyl Chloride, Acrylonitrile Butadiene Styrene, Bio-Degradable Polymers, Other Plastic Types
3) By Application: Healthcare And Medical, Food Packaging, Electrical And Electronics, Automotive Packaging, Construction, Consumer Goods And Appliances, Other Applications
North America was the largest region in the thermoforming plastic market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the thermoforming plastic market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing demand for consumer durables is expected to propel the growth of the transforming plastic market going forward. Consumer durables are consumer goods that have a long life span (over three years) and are used over time. An increase in demand for consumer durables will increase the demand for thermoforming plastic as most of the consumer durables are manufactured by using transforming plastic. For instance, according to the Indian Brand Equity Foundation, an Indian government export promotion agency report, the consumer durables industry is expected to reach USD34 billion by 2025. Therefore, the increasing demand for consumer durables will drive the growth of the thermoforming plastic market.
Key Industry Players
Major companies operating in the thermoforming plastic market report are Amcor plc, Pactiv Evergreen Inc, Berry Global Inc., Sonoco Products Company, Huhtamaki Global, Dart Container Corporation, Sabert Corp, D&W Fine Pack, Graham Packaging Company, Genpak LLC, S.D. International Pvt. Ltd, Europack Machines Pvt. Ltd, Zibo Tianheng Nano New Materials Technology Co. Ltd., Shandong Top Leader Plastic Packing Co Ltd, Indu Thermoformers Pvt. Ltd, Dongguan DiTai Plastic Products CO. Ltd, Pulixin Packaging Materials, Plas Tech Ltd, Thermoform Ltd, Daventry Thermoforming Ltd, DS Smith, COEXPAN, Kiefel GmbH, Piovan Group, AD Plastik Group, FORTY, Ina Plastics, JV RosanPak Ltd, Silgan Plastics, Placon Corporation, Fabri-Kal Corp, Anchor Packaging, Sealed Air, Kruger Inc., Mondi Group, Matritech S.A.C, ACEBRI, SABIC Innovative Plastics, Takween Advanced Industries Co, Al Wasl Pack, Mapal Plastics, Lovell Industries, Sasol Polymers, Berry Astrapak, Powerking Plastics
The thermoforming plastic market report table of contents includes:
1. Executive Summary
2. Thermoforming Plastic Market Characteristics
3. Thermoforming Plastic Market Trends And Strategies
4. Thermoforming Plastic Market – Macro Economic Scenario
5. Global Thermoforming Plastic Market Size and Growth
……………
32. Global Thermoforming Plastic Market Competitive Benchmarking
33. Global Thermoforming Plastic Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Thermoforming Plastic Market
35. Thermoforming Plastic Market Future Outlook and Potential Analysis
36. Appendix
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