PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1498752
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1498752
Thermoformed Plastics Market size was valued at USD 15,481.2 Million in 2023, expanding at a CAGR of 5.00% from 2024 to 2032.
Thermoformed plastics are synthetic and semi-synthetic materials produced and processed by thermoforming techniques. They are made by heating sheets of acrylic, biodegradable polymers, polycarbonate, acrylonitrile butadiene styrene (ABS), and polyvinyl chloride (PVC) until they become malleable, at which point they are molded and trimmed into the required shape of the finished product. Vacuum snapback, plug assist molding, and thick and thin wall thermoforming processes are all used to make thermoformed polymers. They provide better aesthetic and design freedom, ease of manufacturing large-scale components, efficient use of raw resources, and lower manufacturing costs. As a result, thermoformed polymers are commonly utilized to make automobile dashboards, seats, interior panels, air ducts and bumpers, lighting fixtures, and control panels.
Thermoformed Plastics Market- Market Dynamics
Increasing Need for Packaged Food to Promote Market Growth
Consumer demand for packaged items is predicted to rise as eating habits change, income rises, and lifestyles evolve, promoting market growth. These types of packaging have strong barrier qualities and an extended shelf life, which significantly boosts the market. The usage of high-performance materials in convenience food products is projected to drive packaging sector expansion. Advantages such as extended shelf life and non-contamination are projected to drive market expansion. Furthermore, increased population and rising disposable income have had a favorable impact on the market, owing to the need for high-quality food goods. For instance, in April 2023, Greiner Packaging GmbH collaborated with Engel and Brink BV to produce thin-walled plastic cups using thermoformed plastics as a production technology. These cups are lightweight since they are manufactured from r-PET material, which contributes to sustainable packaging.
Thermoformed Plastics Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 5.00% over the forecast period (2024-2032)
In 2023, Polypropylene (PP) is expected to have the highest market share based on plastic type segmentation.
Vacuum forming was the most popular thermoforming type in 2023.
In 2023, Thin Gauge was the most often used thickness segmentation.
On the basis of region, North America was the leading revenue generator in 2023
The Global Thermoformed Plastics Market is segmented on the basis of Plastic Type, Thermoforming Type, Thickness, End-Use, and Region.
The market is divided into three categories based on Plastic Type: PP, Polystyrene, PET, PE, PVC, Bio-plastics and ABS. In 2023, the Polypropylene (PP) category will account for the majority of worldwide Thermoformed Plastics revenue. PP is a thermoplastic polymer that is commonly used in food packaging products such as cups, trays, margarine tubs, sandwich packs, disposable items, beverage glasses, and microwaveable containers. A increasing number of firms are adopting polypropylene to package their products, which is likely to raise total demand for thermoformed plastics.
The market is divided into two categories based on Thermoforming Type: Vacuum Forming, Pressure Forming, Mechanical Forming. The vacuum forming segment had the largest market share in 2023 and is expected to hold that position during the forecast period. Vacuum forming is used by manufacturers to generate various pieces and parts for automobiles, buses, boats, and airplanes. Everything in cars, from bumpers to floor mats to truck beds, is made using vacuum forming.
Thermoformed Plastics Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America controlled the worldwide market. Throughout the projected period, rising industrialization and improvements in the packaging sector are expected to enhance the regional market. The sector is also expected to be boosted by the region's expanding thermoformed plastic product suppliers and manufacturers. The United States has the largest thermoforming plastics market, followed by Canada.
Asia-Pacific is predicted to be the fastest-growing regional market during the projection period. Emerging economies in the region, such as India and China, have seen strong economic growth. China is the region's major producer and supplier of thermoformed plastic equipment made with a variety of technologies. Rapid urbanization and rising per capita disposable incomes are expected to fuel the thermoformed plastic industry in China. Furthermore, the expansion of the automotive sector and the resulting demand for lightweight components to increase vehicle efficiency are expected to drive regional demand for thermoformed plastics.
Major market companies are investing heavily in research and development to expand their product lines, which will help the industry grow even further. Market participants are also pursuing strategic measures to expand their global footprint, including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other companies. Competitors in the Thermoformed Plastics sector must provide cost-effective products in order to grow and thrive in an increasingly competitive and expanding market.
In November 2022, Sonoco announced a deal to buy Clear Pack Company, a privately held vertically integrated maker of thermoformed and extruded plastic materials and containers headquartered in Franklin Park, Ill.
GLOBAL THERMOFORMED PLASTICS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Fabri-Kal Corp, (US)
Berry Global Inc. (US)
Genpak LLC (US)
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).
Others