PUBLISHER: The Business Research Company | PRODUCT CODE: 1429967
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429967
Thermoforming plastics play a crucial role in the production of packaging materials and consumer products, providing durability, resilience, and tamper-resistant features. Thermoforming is a plastic manufacturing process that utilizes heat to shape plastic into various products. It is particularly effective in creating packaging that protects products during transit, offering seal options to either extend shelf life or facilitate easy access based on specific packaging requirements. Thermoforming plastics are highly versatile, adaptable to meet diverse end-user needs and applications.
The primary types of thermoforming in thermoforming plastics include vacuum forming, pressure forming, and mechanical forming. Vacuum forming involves heating a sheet of plastic and then shaping it around a single mold using suction. Various types of plastics used in thermoforming include polyethylene, polypropylene, polystyrene, polyvinyl chloride, acrylonitrile butadiene styrene, bio-degradable polymers, and others. Thermoforming plastics find applications in healthcare and medical, food packaging, electrical and electronics, automotive packaging, construction, consumer goods and appliances, among other industries.
The thermoforming plastic market research report is one of a series of new reports from The Business Research Company that provides thermoforming plastic market statistics, including thermoforming plastic industry global market size, regional shares, competitors with a thermoforming plastic market share, detailed thermoforming plastic market segments, market trends and opportunities, and any further data you may need to thrive in the thermoforming plastic industry. This thermoforming plastic market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 observed in the historical period can be attributed to several factors, including an increase in demand for consumer durables, rising concerns about hygiene and product safety, greater utilization of thermoformed plastics in the medical sector, and the impact of 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 forecasted growth stems from increased packaged food demand, expanding online retail sales, urbanization, and rising disposable incomes. Notable trends involve sustainable plastic packaging, modified atmosphere packaging (MAP), 3D printing, technological advancements, strategic partnerships, and heightened investment focus.
The growth of the transforming plastic market is anticipated to be propelled by the increasing demand for consumer durables. Consumer durables, characterized by a long lifespan of over three years, predominantly utilize thermoforming plastic in their manufacturing processes. The Indian Brand Equity Foundation projects the consumer durables industry to reach USD 34 billion by 2025, indicating a surge in demand for thermoforming plastic due to its widespread use in the production of these goods.
A significant driver for the thermoforming plastics market is the rising trend of online retail sales. The increased demand for consumer products, coupled with the convenience offered by e-commerce, has led to a higher reliance on online retail platforms. Thermoforming plastic plays a crucial role in ensuring the safe packaging of products during transit. For instance, the US Census Bureau reported a 3% year-over-year increase in US retail e-commerce sales, amounting to a $265.9 billion gain in the third quarter of 2022. E-commerce sales accounted for 14.8% of total sales during the same period. This growth in online retail sales is expected to drive the demand for thermoforming plastic in the forecast period.
Technological advancements are prominent trends in the transforming plastic market, with major companies focused on developing innovative solutions to fortify their market position. In April 2021, the Germany-based food company GEA introduced PowerPak SKIN.50, leveraging the high-capacity SKIN thermoforming packaging technology. This technology enables high-capacity packing with features such as up to 100mm height and protrusions up to 50mm above the packing tray level. Notably, it can perform both vacuum and modified atmosphere packaging (MAP) on the same machine.
A notable adoption in the market is the increasing use of 3D printing technology for product development. 3D printing involves layer-by-layer construction of three-dimensional items based on computer-generated designs. This technology is widely employed for creating thermoforming templates and molds. For instance, in November 2021, Israel-based 3D printer manufacturer Massivit 3D launched a large composite mold 3D printer powered by 'Cast in Motion' technology. Massivit 3D's Cast-In-Motion (CIM) technology combines high-performance thermoset materials with ultra-fast additive printing, enabling automated tooling for composites. Specifically designed for expediting the production of large-format composite molds, including thermoforming molds, this technology showcases the industry's commitment to advancing manufacturing processes.
In May 2022, Coral Products, a UK-based plastic product designer and manufacturer, successfully acquired Alma Products for £1.5 million ($1.8 million). This strategic acquisition aimed to reinforce Coral Products' emphasis on specialized and niche players within the plastics industry. Alma Products, the acquired company, is based in the US and specializes in extrusion, thermoforming, and container printing.
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
North America was the largest region in the thermoforming plastic market in 2023. 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.
The countries covered in the thermoforming plastic market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The thermoforming plastic market consists of sales of high-impact polystyrene (HIPS) and polyethylene terephthalate. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Thermoforming Plastic Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on thermoforming plastic market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for thermoforming plastic? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The thermoforming plastic market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.