Thermoforming Plastics Market Growth Analysis | 2022-2028

Market Insights

Thermoforming Plastics Market was expected to grow from USD 35.96 Billion in 2021 to USD 54.89 Billion by 2028 at a CAGR of 6.14% during the forecast period (2022-2028).

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What is Thermoforming Plastic?

Thermoforming is a process during which a plastic sheet is heated to get a bendable form so that it can be molded into desired shape, which is cooled afterwards to create the finished usable product.

The most common processes used in the market are vacuum snapback, thick and thin gauge thermoforming, and plug assist forming. Thermoformed plastics are all the time more used as a metal replacement using the heavy gauge process, making them suitable for applications such as industrial equipment, transportation, aerospace, kiosks, and medical devices.

Market Drivers

The prime factors that are driving the Thermoforming Plastics market are –

• Rapidly increasing demand for thermoforming plastic foam from food packaging and healthcare and pharmaceutical industries is likely to give a thrust to the material’s long-term demand.
• The increasing popularity of retail shopping and rising consumer spending for processed & packaged goods.
• Factors such as changing demographics and lifestyles have shifted the market toward e-retailing channels and convenient packaging.

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Key Players

Some of the major players in the market are-

• Fabri-Kal Corp.
• Berry Global Inc.
• Genpak LLC
• Pactiv LLC
• D&W Fine Pack LLC
• Amcor Ltd.
• Dart Container Corp.
• Anchor Packaging
• Sabert Corporation
• Sonoco Products Company

Segments Analysis

By End-Use Industry Type

The Food & Agriculture Packaging segment held the largest share of the market in 2021 and is expected to remain dominant during the forecast period.

The thermoforming plastics market is segmented as food & agriculture packaging, consumer goods & appliances, healthcare & pharmaceutical, construction, electrical & electronics, automotive packaging & structures, and others. This segment is driving the market due to the huge demand for packaged and branded products. Using safe packaging materials, thermoforming plastic provides better protection during transportation, leading to their preference in the food & agriculture packaging industry.

By Plastic Type

The Propylene or PP segment is expected to assert its supremacy in the market till 2028.

The thermoforming plastics market is segmented as polypropylene, polystyrene, polyethylene terephthalate, polyethylene, poly vinyl chloride, bioplastics, acrylonitrile-butadiene-styrene, and others. Key advantages such as excellent strength-to-weight ratio, stellar energy management, outstanding chemical resistance, and good durability make it an ideal choice for packaging applications.

By Region

North America is estimated to be the largest market during the forecast period, with the USA offering lucrative growth opportunities.

This growth can be attributed to the region’s implacable drive towards new technology adoption and advancement. Some of the prime factors driving the region’s market are increasing electronic goods sales, high disposable income, increasing demand for packaged foods, and demographic changes. Another key factor creating a spur in the market is the continuous demand for consumer durables, coupled with a rising trend of retail shopping in the USA. Europe and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.

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The market is segmented into the following categories. 

By Plastic Type

• Polypropylene
• Polystyrene
• Polyethylene Terephthalate
• Polyethylene
• Poly Vinyl Chloride
• Bioplastics
• Acrylonitrile-Butadiene-Styrene
• Others

By Thermoforming Type

• Vacuum Forming
• Pressure Forming
• Mechanical Forming

By Thickness Type

• Thin Gauge
• Thick Gauge

By End-Use Industry Type

• Food & Agriculture Packaging
• Consumer Goods & Appliances
• Healthcare & Pharmaceutical
• Construction
• Electrical & Electronics
• Automotive Packaging & Structures
• Others

By Region

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

The following are the key features of the report:

• Overview, industry life cycle analysis, supply chain analysis
• Environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Trend and forecast analysis.
• Segment trend and forecast.
• Competitive landscape and dynamics: Market share, product portfolio, Technology launches, etc.
• Attractive segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. 

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. 

We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Target Audience

The following is a list of the customers that the market aims to convert the most:

• Manufacturers
• Suppliers
• Distributors
• Organizations
• Government bodies

Customization Option

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: 

Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.