Thermoformed Plastics Market by Type, Application, and Geography - Forecast and Analysis 2023-2027

Thermoformed Plastics Market Size 2023-2027

The global thermoformed plastics market size is estimated to grow by USD 10.49 billion between 2022 and 2027 at a CAGR of 5.28%. Market expansion relies on various factors, such as the versatile applications of thermoformed plastics, heightened demand from emerging economies, and the upsurge in requirements from the food packaging sector. However, several challenges hinder this growth trajectory. These challenges encompass stringent regulatory frameworks and policies, fluctuations in the prices of raw materials, and the looming threat posed by substitutes. Despite the market's potential for growth driven by the increasing adoption of thermoformed plastics across diverse industries and regions, these obstacles present formidable barriers. Overcoming them necessitates strategic navigation and proactive measures to mitigate risks and capitalize on opportunities. As stakeholders navigate these complexities, they must adapt to dynamic market conditions and regulatory landscapes to sustainably drive market expansion and maintain competitiveness in the thermoformed plastics industry.

What will be the  Thermoformed Plastics Market Market Size During the Forecast Period?

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Market Segmentation by Type, Application, Geography

This report extensively covers market segmentation by type (vacuum formed and pressure formed), application (food packaging, medical, consumer products, and others), and geography (APAC, North America, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.

Type Analysis 

The market share growth by the vacuum-formed segment will be significant during the forecast period. The thermoforming process involves heating up a thermoplastic sheet to a malleable state, which is then pressed against a mold and vacuumed to create three-dimensional parts. This streamlined method is increasingly used for producing components in various industries due to its benefits, such as larger part capability, faster cycle times, and lower tooling costs. Thermoformed plastics are increasingly replacing metals in numerous sectors, including the industrial equipment industry, aerospace, kiosks, medical devices, and diagnostics. Materials like polypropylene, polyethylene, polystyrene, and thermoplastic polymers are commonly used in thermoforming. These materials offer desirable properties for forming, such as good thermal strength, high impact strength, and minimal shrinkage. Thermoformed plastics find extensive applications in food packaging for products like mineral water, milk, carbonated drinks, and fruit juice. 

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The vacuum formed segment was valued at USD 19.48 billion in 2017 and continued to grow until 2021. They are also used in retail store businesses and convenience stores for disposable products, such as cups, trays, margarine tubs, sandwich packs, and beverage glasses. Additionally, thermoformed plastics are used in the production of medical devices, pharmaceutical bottles, and medical electronics. Polymethyl methacrylate (PMMA) is a popular choice for these applications due to its high surface hardness, extended service life, and light transmission properties.

Application Analysis 

Thermoformed plastics are used to produce flexible packaging that is extensively used in the F and B industry. The Thermoformed Plastics Market encompasses the production of flexible and rigid packaging using contact heating, radiant heating, and hot air heating techniques. Thick gauge thermoforms are utilized in various industries, including electronic equipment, fitness equipment, signage, cowlings, dash components, fenders, cab interiors, engine covers, and construction equipment. Materials such as PVC, PLA, EPS, PS, HIPS, OPS, CPET, RPET, and APET are used in the production of thermoformed plastics. The thermoforming process involves the use of a thermoforming machine, servo-driven plug assist, mold clamping, and heat oven configurations. Notable companies in this sector include AMUT Group. Plug-assist forming ensures uniform wall thickness while starting gauge and cutting force performance are crucial factors. Thermoformed plastics are widely used as packaging materials for food and beverages, extending the shelf life of perishable items like meat, dairy products, bakery, vegetables, and fruits.

Regional Analysis

APAC is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The growth of the market in APAC can be attributed to end-user industries such as the packaging and automotive industries in China, India, Indonesia, South Korea, and Japan. The thermoformed plastics market in APAC experiences significant growth due to the end-user industries, particularly the packaging and automotive sectors, in China, India, Indonesia, South Korea, and Japan. Thermoformed plastics, produced through contact heating, radiant heating, and hot air heating, are utilized for packaging food and beverages, extending their shelf life. The food and beverage industry's expansion, driven by the growing middle class and increasing purchasing power, fuels market growth. Organized retailing, including publicly-traded supermarkets and corporate-backed hypermarkets, positively impacts the food packaging industry.

Further, in the electronics and fitness equipment sectors, thermoformed plastics are used for components such as cowlings, dash components, fenders, cab interiors, engine covers, and engine covers. The construction equipment industry also benefits from thick gauge thermoforms. Advanced thermoforming technologies, like plug-assist forming, offer uniform wall thickness, starting gauge, and excellent cutting force performance. AMUT Group, a leading thermoforming machine manufacturer, provides servo-driven plug assist, mold clamping, and various heat oven configurations for PVC, PLA, EPS, PS, HIPS, OPS, CPET, RPET, and APET applications. Moreover, organized retailing in the region is likely to have a positive impact on the food packaging industry, which, in turn, will drive the market growth during the forecast period. 

Market Dynamics and Customer Landscape

In the Industrial Equipment industry, Thermoformed Plastics have gained significant traction as a cost-effective and lightweight alternative to Metals in various sectors. The Aerospace industry, Kiosks industry, Medical Devices industry, and Medical industry have all embraced Thermoformed Plastics for their Diagnostic systems, Prefilled Syringes, Pharmaceutical Bottles, and Medical Electronics. Thermoformed Plastics, specifically Thermoplastic Polymers like Polypropylene, Polyethylene, Polystyrene, and Thermoplastic Polymer PMMA, are widely used in Food Packaging Products such as Cups, Sandwich Packs, Disposable Products, Beverage Glasses, and Microwaveable Containers. These Thermoformed Plastics offer benefits like UV light resistance, Recyclability, and Environment-friendliness, making them a preferred choice in numerous applications. The Thermoformed Plastics Market continues to grow, driven by the increasing demand for lightweight, cost-effective, and sustainable solutions in various industries. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage. 

Key Market Driver

Diverse applications are driving market growth. The Thermoforming process is a manufacturing technique used to create products from thermoplastic polymers, such as polypropylene, polyethylene, and polystyrene. Thermoformed plastics have gained significant traction in various industries, including the medical, automotive, industrial equipment, aerospace, and kiosks sectors. In the medical industry, thermoformed plastics are used to produce medical devices, diagnostic systems, prefilled syringes, and pharmaceutical bottles. Medical electronics, lightweight vehicles, and food packaging are other major applications.

Further, thermoformed plastics, including polymethyl methacrylate (PMMA), offer benefits such as high surface hardness, extended service life, and recyclability. They are used to produce a wide range of products, including medical trays, diagnostic equipment components, automotive components, and food packaging products like cups, trays, margarine tubs, sandwich packs, beverage glasses, and microwaveable containers. Thermoformed plastics are also used in the production of disposable products and are suitable for use in UV light environments. They are environment-friendly and offer process insights that contribute to their increasing demand. With the increasing demand for passenger cars in developing countries such as China, India, Indonesia, and Brazil, consumption is expected to rise during the forecast period.

Major Market Challenge

Stringent regulations and policies are hindering the market growth. The thermoforming process is widely used in various industries for the production of plastic products, including medical devices, industrial equipment, aerospace, kiosks, and food packaging. Thermoformed plastics, such as polypropylene, polyethylene, polystyrene, and thermoplastic polymers, are increasingly being used as replacements for metals in these sectors due to their lightweight properties and extended service life. In the medical industry, thermoformed plastics are used in the production of medical devices, diagnostic systems, prefilled syringes, pharmaceutical bottles, and medical electronics. In the food packaging sector, thermoformed plastics are used to produce cups, trays, margarine tubs, sandwich packs, disposable products, beverage glasses, and microwaveable containers.

Such products must comply with stringent regulations in both the EU and US, including EU-No 10/2011 and CFR 21 Part 177, which specify guidelines on the use of plastic materials as indirect food additives. Thermoformed plastics, including polymethyl methacrylate (PMMA), offer benefits such as high surface hardness, light transmission, and recyclability, making them an environment-friendly and cost-effective alternative to traditional materials. Process insights reveal that thermoformed plastics are also used in the production of lightweight vehicles and in retail store businesses for displays and signage. Stringent regulations on the use of thermoformed plastics for various applications, including packaging, can hamper the growth of the market in focus during the forecast period.

Significant Market Trends

The use of recycled plastics in thermoform packaging applications is hampering the market growth. The Thermoformed Plastics market encompasses the production of products utilizing the thermoforming process, which involves heating and shaping thermoplastic polymers, such as polypropylene, polyethylene, and polystyrene, into various forms. This market caters to numerous industries, including the industrial equipment industry, aerospace industry, kiosks industry, medical devices industry, and medical industry. Applications include diagnostic systems, prefilled syringes, pharmaceutical bottles, medical electronics, and lightweight vehicles. Thermoformed plastics are also used in food packaging for items like cups, trays, margarine tubs, sandwich packs, disposable products, beverage glasses, and microwaveable containers. Additionally, PMMA, a thermoplastic polymer, is used for its light transmission and high surface hardness in various applications.

Moreover, given the increasing environmental concerns, the use of recycled thermoplastics, such as recycled PET fibers, is gaining popularity in the production of thermoformed plastics, contributing to the market's growth. The global market for thermoformed plastics is projected to grow at a CAGR of 4.31% during the forecast period. These environment-friendly and recyclable products offer extended service life and resistance to UV light. Process insights reveal that thermoformed plastics are used extensively in food packaging for various beverages, including mineral water, milk, carbonated drinks, and fruit juice, as well as in retail store businesses and convenience stores. These factors are expected to boost the growth of the global thermoformed plastics market during the forecast period.

Who are the Major Thermoformed Plastics Market Companies?

Companies are implementing various strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches to enhance their presence in the market.

Dart Container Corp. - The company offers cups, containers, dinnerware, and accessories. The key offerings of the company include thermoformed plastics. 

The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including: 

• Allied Plastics Inc.
• Amcor Plc
• Anchor Packaging LLC
• Berry Global Inc.
• Brentwood Industries Inc.
• Coveris Management GmbH
• D and W Fine Pack
• Dordan Manufacturing Co.
• Fabri Kal Corp.
• Greiner Packaging International GmbH
• JJR ENGINEERING and FABRICATION
• Lindar Corp.
• Penda
• Placon Corp.
• Reynolds Group Ltd.

Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

Key Market Customer Landscape

The report includes the adoption lifecycle of the market, from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on market penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies. 

Global Market Customer Landscape

Segment Overview

The market research report provides comprehensive data by type (vacuum formed and pressure formed), application (food packaging, medical, consumer products, and others), and geography (APAC, North America, Europe, Middle East and Africa, and South America) with forecasts and estimates in "USD Million" for the period 2023 to 2027, as well as historical data from 2017 to 2021 for the following segments

• Type Outlook 
  • Vacuum formed
  • Pressure formed
• Application Outlook 
  • Food packaging
  • Medical
  • Consumer products
  • Others
• Region Outlook
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa
  • South America
    • Chile
    • Brazil
    • Argentina

Market Analyst Overview

In the realm of plastic manufacturing, Thermoformed Plastics have emerged as a significant player. These plastics are created through a process called thermoforming, where sheets of plastic are heated to a pliable temperature and formed into desired shapes using various molding techniques. The Thermoformed Plastics market is driven by several factors. Medical devices, automotive components, and packaging industries are major contributors to the market's growth. The use of these plastics in the production of lightweight, durable, and cost-effective products is a key factor. Moreover, the convenience and versatility of Thermoformed Plastics make them an attractive choice for various applications.

For instance, in the food industry, these plastics are used for making trays and containers due to their ability to maintain the temperature and preserve the quality of food. Additionally, the increasing demand for sustainable packaging solutions has boosted the market for Thermoformed Plastics. These plastics offer advantages such as reduced material usage, improved product protection, and easier recycling. The global Thermoformed Plastics market is expected to grow at a significant rate in the coming years, with key players focusing on innovation and expansion to meet the increasing demand. The market is segmented based on type, application, and region. Some of the major players in the market include Berry Global, RPC Group, and Huhtamaki Oyj.

Thermoformed Plastics Market Scope
Report Coverage	Details
Page number	168
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 5.28%
Market growth 2023-2027	USD 10.49 billion
Market structure	Fragmented
YoY growth 2022-2023(%)	4.32
Regional analysis	APAC, North America, Europe, Middle East and Africa, and South America
Performing market contribution	APAC at 39%
Key countries	US, China, India, Germany, and UK
Competitive landscape	Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled	Allied Plastics Inc., Amcor Plc, Anchor Packaging LLC, Berry Global Inc., Brentwood Industries Inc., Coveris Management GmbH, D and W Fine Pack, Dart Container Corp., Dordan Manufacturing Co., Fabri Kal Corp., Greiner Packaging International GmbH, JJR ENGINEERING and FABRICATION, Lindar Corp., Penda, Placon Corp., Reynolds Group Ltd., Sabert Corp., Sonoco Products Co., The Jim Pattison Group, and Winpak Ltd.
Market dynamics	Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, market forecast, Market condition analysis for forecast period
Customization purview	If our market research report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2023 and 2027
• Precise estimation of the size of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market industry across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market growth analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies

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