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Thermoformed Plastics Market Analysis APAC, North America, Europe, Middle East and Africa, South America - US, China, India, Germany, UK - Size and Forecast 2024-2028

Thermoformed Plastics Market Analysis APAC, North America, Europe, Middle East and Africa, South America - US, China, India, Germany, UK - Size and Forecast 2024-2028

Published: Aug 2024 171 Pages SKU: IRTNTR72635

Market Overview at a Glance

$8.88 B
Market Opportunity
4.36%
CAGR
4.11
YoY growth 2023-2024(%)

Thermoformed Plastics Market Size 2024-2028

The thermoformed plastics market size is forecast to increase by USD 8.88 billion at a CAGR of 4.36% between 2023 and 2028.

  • The market is experiencing significant growth due to the diverse applications of thermoformed plastics in various industries, including automotive, food and beverage, and healthcare. Another key trend driving market growth is the increasing use of recycled plastics In thermoform packaging applications, which aligns with sustainability initiatives and reduces environmental impact. However, the market faces challenges from stringent regulations and policies regarding the use of plastics, particularly in packaging, which may limit market growth in certain regions. Producers must navigate these regulations while continuing to innovate and offer competitive solutions to maintain market share. Overall, the market is poised for continued growth, driven by its versatility, sustainability, and ability to meet evolving industry demands.

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

    Thermoformed Plastics Market Size

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  • The market encompasses the production and application of thermoformed products, which are created through the thermoforming process. This process involves heating a thermoplastic polymer, such as polypropylene, polyethylene, polystyrene, or polymethyl methacrylate (PMMA), and forming it over a mold using heat and vacuum or pressure. Thermoformed plastics are increasingly replacing metals in various industries due to their lightweight, cost-effective, and versatile nature. Industries like the industrial equipment, aerospace, kiosks, medical devices, and medical industries are significant consumers of thermoformed plastics. Applications range from industrial equipment housings and aerospace components to medical diagnostic systems, prefilled syringes, pharmaceutical bottles, medical electronics, and food packaging products.
  • Thermoformed plastics are used In the production of cups, sandwich packs, disposable products, beverage glasses, and microwaveable containers. UV light resistance and recyclability are essential trends In the market. Thermoformed plastics are being increasingly adopted In the production of environment-friendly products, contributing to the reduction of waste and the promotion of sustainability. The use of thermoformed plastics In the production of medical devices and packaging is particularly noteworthy, as it enables the creation of lightweight, sterile, and cost-effective products.

    • How is this Thermoformed Plastics Industry segmented and which is the largest segment?

    The thermoformed plastics industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

    • Type
      • Vacuum formed
      • Pressure formed
    • Application
      • Food packaging
      • Medical
      • Consumer products
      • Others
    • Geography
      • APAC
        • China
        • India
      • North America
        • US
      • Europe
        • Germany
        • UK
      • Middle East and Africa
        • South America

        By Type Insights

        • The vacuum formed segment is estimated to witness significant growth during the forecast period.

        Thermoformed plastics are produced through a vacuum forming process, where a thermoplastic sheet is heated, softened, and vacuum-formed over a mold. This results in a three-dimensional part with the desired shape. Vacuum forming is an efficient method for creating large, complex parts with faster cycle times and lower tooling costs compared to other manufacturing techniques. Thermoplastics, such as polypropylene, polyethylene, and polystyrene, are commonly used due to their high impact strength, good thermal strength, and minimal shrinkage. Industries like aerospace, industrial equipment, medical devices, and food packaging heavily utilize thermoformed plastics in applications ranging from medical electronics and kiosks to lightweight vehicles and beverage containers.

        Thermoplastics offer benefits such as extended service life, high surface hardness, light transmission, and recyclability, making them an environmentally-friendly alternative to metals. Additionally, thermoforming processes include contact heating, radiant heating, and hot air heating for various applications. Thermoplastic polymers like polymethyl methacrylate (PMMA) are also used for applications requiring high clarity and rigidity.

        Thermoformed Plastics Market Size

        Get a glance at the  Thermoformed Plastics Industry report of share of various segments Request Free Sample

        The Vacuum formed segment was valued at USD 20.51 billion in 2018 and showed a gradual increase during the forecast period.

        Regional Analysis

        • APAC is estimated to contribute 35% 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.

        Thermoformed Plastics Market Share by Geography

        For more insights on the market share of various regions, Request Free Sample

        The market in APAC is experiencing significant growth, driven by the packaging and automotive industries in China, India, Indonesia, South Korea, and Japan. Thermoforming is a process that uses heat to shape thermoplastic materials into various forms, making it an ideal solution for industries requiring lightweight and durable products. In the packaging sector, thermoformed plastics extend the shelf life of food and beverages, catering to the increasing preference for convenient and easy-to-cook meals among the growing middle class. The automotive industry also benefits from thermoformed plastics due to their lightweight properties, contributing to the production of fuel-efficient vehicles. Organized retailing, particularly in supermarkets and hypermarkets, is driving the growth of the food packaging industry In the region.

        Thermoformed plastics offer advantages such as high surface hardness, extended service life, and recyclability, making them an environmentally-friendly alternative to metal and traditional materials in various industries, including aerospace, medical devices, industrial equipment, and food packaging.

        Market Dynamics

        Our  researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

        What are the key market drivers leading to the rise In the adoption of Thermoformed Plastics Industry?

        Diverse applications of thermoformed plastics is the key driver of the market.

      • Thermoformed plastics have gained significant traction in various industries, including the industrial equipment, aerospace, kiosks, medical devices, and food packaging sectors. In the industrial equipment industry, thermoformed plastics are used to manufacture electronic equipment, fitness equipment, signage, cowlings, dash components, fenders, cab interiors, engine covers, and construction equipment components. The aerospace industry utilizes thermoformed plastics for producing lightweight vehicles, such as aircraft parts, due to their high strength-to-weight ratio and durability. In the medical industry, thermoformed plastics are used to produce medical disposables and medical device components, including prefilled syringes, pharmaceutical bottles, medical electronics, and diagnostic systems. Thermoplastic polymers, such as polypropylene, polyethylene, polystyrene, and thermoplastic polymer blends like PVC, PLA, EPS, PS, HIPS, OPS, CPET, RPET, APET, and PET, are commonly used In the production of food packaging products, such as cups, trays, margarine tubs, sandwich packs, disposable products, beverage glasses, and microwaveable containers.
      • The food packaging market, which includes products for mineral water, milk, carbonated drinks, and fruit juice, is a significant consumer of thermoformed plastics. Retail store businesses and convenience stores also rely on thermoformed plastics for their packaging needs. Thermoformed plastics offer advantages such as light transmission, high surface hardness, extended service life, and recyclability, making them an environment-friendly alternative to traditional materials. The thermoforming process involves heating the thermoplastic material to a molten state, forming it using heat and pressure, and cooling it to solidify the shape. The thermoforming process includes various techniques such as contact heating, radiant heating, and hot air heating.
      • Thick gauge thermoforms are used for producing large, complex parts, while electronic equipment, fitness equipment, and signage require high precision and uniform wall thickness. AMUT Group, a leading manufacturer of thermoforming machines, offers servo-driven plug assist, mold clamping, cutting force performance, and heat oven configurations to cater to the diverse requirements of the industry. Thermoforming machines are essential equipment for the production of thermoformed plastics and play a crucial role in maintaining the quality and consistency of the final product.

        • What are the market trends shaping the Thermoformed Plastics Industry?

        Use of recycled plastics In thermoform packaging applications is the upcoming market trend.

      • The market encompasses the production and application of thermoformed plastic products across various industries. Thermoforming is a manufacturing process that uses heat to shape thermoplastic polymers, such as polypropylene, polyethylene, polystyrene, and polymethyl methacrylate (PMMA), into desired shapes. This process offers advantages like extended service life, high surface hardness, and lightweight properties, making it an attractive alternative to metals in industries like aerospace, industrial equipment, medical devices, and automotive. In the food packaging sector, thermoformed plastics are widely used for producing cups, trays, margarine tubs, sandwich packs, disposable products, beverage glasses, and microwaveable containers. The food industry, including retail stores and convenience stores, is a significant consumer of these products for packaging fruits, milk, carbonated drinks, mineral water, and fruit juice.
      • The recycling of plastic plays a crucial role In the market. Recycled plastics are produced by recovering waste or scrap plastic, segregating it into different polymers, and undergoing chipping and melting processes. The global market for recycled plastics is projected to grow at a CAGR of 4.31% during the forecast period. The use of recycled plastics In thermoforming reduces the environmental impact and offers cost savings. In the US, the Food and Drug Administration (FDA) permits the utilization of recycled PET fibers to produce thermoformed plastics. The market also caters to the needs of industries like electronic equipment, fitness equipment, signage, cowlings, dash components, fenders, cab interiors, engine covers, and construction equipment.
      • Thermoforming machines from manufacturers like AMUT Group employ technologies such as servo-driven plug assist, mold clamping, and heat oven configurations to enhance the cutting force performance and uniform wall thickness of thermoformed products. Thermoformed plastics offer advantages like light transmission, high surface hardness, extended service life, and recyclability, making them an environment-friendly alternative to traditional materials. Polymers like PVC, PLA, EPS, PS, HIPS, OPS, CPET, RPET, APET, and PET are commonly used In thermoforming. The versatility and durability of thermoformed plastics ensure their continued demand across various industries.

        • What challenges does the Thermoformed Plastics Industry face during its growth?

        Stringent regulations and policies is a key challenge affecting the industry growth.

      • Thermoformed plastics have become a preferred choice in various industries due to their versatility and benefits. The thermoforming process involves heating a thermoplastic polymer, such as polypropylene, polyethylene, or polystyrene, to a molten state and forming it to a desired shape using molds. Thermoformed plastics find extensive applications as metal replacements In the industrial equipment industry, aerospace industry, and medical devices industry. In the medical industry, thermoformed plastics are used to manufacture diagnostic systems, prefilled syringes, pharmaceutical bottles, medical electronics, and disposable products. Thermoplastic polymers like polymethyl methacrylate (PMMA) offer high surface hardness, extended service life, and light transmission, making them suitable for medical applications.
      • The food packaging industry utilizes thermoformed plastics to produce cups, trays, margarine tubs, sandwich packs, beverage glasses, and microwaveable containers. Thermoplastics offer uniform wall thickness, starting gauge, and various heat oven configurations to cater to diverse food packaging requirements. Thermoformed plastics are also used In the production of lightweight vehicles, mineral water, milk, carbonated drinks, and fruit juice bottles. In retail store businesses and convenience stores, thermoformed plastics are used for signage, cowlings, dash components, fenders, cab interiors, engine covers, and construction equipment. Thermoforming machines, such as those manufactured by AMUT Group, employ contact heating, radiant heating, and hot air heating techniques to form thermoplastic polymers into various shapes.
      • Thick gauge thermoforms are suitable for electronic equipment, fitness equipment, and plug-assist forming, while packaging materials offer cutting force performance and uniform wall thickness. Thermoformed plastics are recyclable, environment-friendly, and comply with regulations imposed by the Environmental Protection Agency (EPA) and Registration, Evaluation, Authorization and Restriction of Chemicals (REACH) in Europe and the Code of Federal Regulation (CFR) 21 Part 177 and CFR 21 Part 820 In the US.

        • Exclusive Customer Landscape

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

        Thermoformed Plastics Market Share by Geography

         Customer Landscape

        Key Companies & Market Insights

        Companies are implementing various strategies, such as strategic alliances, thermoformed plastics market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence In the industry.

        Allied Plastics Inc. - Thermoformed plastics, a specialized offering, are utilized extensively in manufacturing leak-resistant food containers with superior 360-degree performance. These containers, available in various sizes and shapes, provide optimal protection against spills and leaks. The versatility of thermoformed plastics allows for customizable designs and applications across numerous industries.

        The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

        • 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
        • Winpak Ltd.

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

        Research Analyst Overview

        Thermoformed plastics have gained significant traction in various industries due to their versatility and inherent benefits. These plastics are formed through a process that involves heating a thermoplastic material until it becomes soft and malleable, then applying vacuum or pressure to shape it into the desired form. The resulting products exhibit several desirable properties, making them suitable replacements for traditional materials in numerous sectors. In the industrial equipment industry, thermoformed plastics have emerged as a preferred choice for manufacturing components due to their lightweight nature and excellent durability. The aerospace industry also utilizes these plastics extensively, given their high surface hardness and extended service life.

        In the kiosks industry, thermoformed plastics are used to create various components, including bases, panels, and covers, due to their uniform wall thickness and recyclable nature. The medical devices industry, including the medical industry and diagnostic systems, has adopted thermoformed plastics for the production of prefilled syringes, pharmaceutical bottles, and medical electronics. The lightweight and shatterproof properties of these plastics make them ideal for use in medical applications, where safety and reliability are paramount. The food packaging sector is another significant market for thermoformed plastics. These plastics are used to create a wide range of products, including cups, trays, margarine tubs, sandwich packs, disposable products, beverage glasses, and microwaveable containers.

        The food packaging industry's demand for lightweight, recyclable, and environment-friendly materials has driven the growth of the market. The automotive industry has also embraced thermoformed plastics, particularly In the production of lightweight vehicles. Thermoformed plastics are used to create various components, including cowlings, dash components, fenders, engine covers, and construction equipment. The use of these plastics in automotive applications results in reduced vehicle weight, improved fuel efficiency, and extended service life. Process insights into the thermoforming process reveal several advantages that contribute to the growing popularity of thermoformed plastics. Contact heating, radiant heating, and hot air heating are common methods used In thermoforming.

        Thick gauge thermoforms are also utilized in various industries, including electronic equipment, fitness equipment, signage, and cowlings, due to their high strength and durability. Polymers such as polypropylene, polyethylene, polystyrene, thermoplastic polymer, polymethyl methacrylate (PMMA), and various other acronyms are commonly used In the production of thermoformed plastics. These polymers offer unique properties, such as high light transmission, UV light resistance, and recyclability, making them suitable for various applications. The thermoforming machine market is driven by the increasing demand for thermoformed plastics in various industries. Servo-driven plug assist, mold clamping, cutting force performance, and heat oven configurations are some of the advanced features offered by modern thermoforming machines.

        Additionally, the use of materials like PVC, PLA, EPS, PS, HIPS, OPS, CPET, RPET, and APET further expands the applications of thermoformed plastics. In conclusion, the market is experiencing robust growth due to their versatility and inherent benefits. These plastics are replacing traditional materials in various industries, including industrial equipment, aerospace, kiosks, medical devices, food packaging, automotive, and construction equipment. The thermoforming process offers several advantages, including contact heating, radiant heating, hot air heating, and thick gauge thermoforms. The use of various polymers and advanced thermoforming machines further enhances the applications and properties of thermoformed plastics.

        Market Scope

        Report Coverage

        Details

        Page number

        171

        Base year

        2023

        Historic period

        		 2018-2022

        Forecast period

        2024-2028

        Growth momentum & CAGR

        Accelerate at a CAGR of 4.36%

        Market growth 2024-2028

        USD 8.88 billion

        Market structure

        Fragmented

        YoY growth 2023-2024(%)

        4.11

        Key countries

        US, China, India, Germany, and UK

        Competitive landscape

        Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks

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        What are the Key Data Covered in this Thermoformed Plastics Market Research and Growth Report?

        • CAGR of the Thermoformed Plastics industry during the forecast period
        • Detailed information on factors that will drive the growth and forecasting between 2024 and 2028
        • Precise estimation of the size of the market and its contribution of the industry in focus to the parent market
        • Accurate predictions about upcoming growth and trends and changes in consumer behaviour
        • Growth of the market across APAC, North America, Europe, Middle East and Africa, and South America
        • Thorough analysis of the market’s competitive landscape and detailed information about companies
        • Comprehensive analysis of factors that will challenge the thermoformed plastics market growth of industry companies

        We can help! Our analysts can customize this thermoformed plastics market research report to meet your requirements.

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        Table of Contents not available.

        Research Methodology

        Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

        INFORMATION SOURCES

        Primary sources

        • Manufacturers and suppliers
        • Channel partners
        • Industry experts
        • Strategic decision makers

        Secondary sources

        • Industry journals and periodicals
        • Government data
        • Financial reports of key industry players
        • Historical data
        • Press releases

        DATA ANALYSIS

        Data Synthesis

        • Collation of data
        • Estimation of key figures
        • Analysis of derived insights

        Data Validation

        • Triangulation with data models
        • Reference against proprietary databases
        • Corroboration with industry experts

        REPORT WRITING

        Qualitative

        • Market drivers
        • Market challenges
        • Market trends
        • Five forces analysis

        Quantitative

        • Market size and forecast
        • Market segmentation
        • Geographical insights
        • Competitive landscape

        Interested in this report?

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        Frequently Asked Questions

        Thermoformed Plastics market growth will increase by $ 8.88 bn during 2024-2028.

        The Thermoformed Plastics market is expected to grow at a CAGR of 4.36% during 2024-2028.

        Thermoformed Plastics market is segmented by Type( Vacuum formed, Pressure formed, Consumer products, Others) Application( Food packaging, Medical, Consumer products, Others, South America)

        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, Winpak Ltd. are a few of the key vendors in the Thermoformed Plastics market.

        APAC will register the highest growth rate of 35% among the other regions. Therefore, the Thermoformed Plastics market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.

        US, China, India, Germany, UK

        • Diverse applications of thermoformed plasticsThermoformed plastics are widely used in medical is the driving factor this market.
        • automotive is the driving factor this market.
        • and construction applications. These plastics are extensively used to produce medical disposables and medical device components. Medical imaging enclosures is the driving factor this market.
        • medical bins is the driving factor this market.
        • diagnostic equipment components is the driving factor this market.
        • and medical trays are some of the common products made of thermoformed plastics.Thermoformed plastics are used to produce bumpers is the driving factor this market.
        • air ducts is the driving factor this market.
        • dashboard assembly is the driving factor this market.
        • engine bay panels is the driving factor this market.
        • and other products. These plastics are used to produce automotive components as they are strong and durable. The increasing demand for passenger cars from developing countries is the driving factor this market.
        • such as China is the driving factor this market.
        • India is the driving factor this market.
        • Indonesia is the driving factor this market.
        • and Brazil is the driving factor this market.
        • is expected to drive the consumption of thermoformed plastics during the forecast period.In the construction industry is the driving factor this market.
        • thermoformed plastics are used to produce construction equipment closures is the driving factor this market.
        • machinery covers is the driving factor this market.
        • and tool cases. These plastics are used to produce plastic liners for showers and bathtubs. The construction industry exhibits both economic and social development strategies and efforts. Residential construction is being driven by India is the driving factor this market.
        • China is the driving factor this market.
        • Malaysia is the driving factor this market.
        • and the Philippines. The increasing number of residential and commercial buildings and the increasing number of infrastructure projects globally are expected to increase sales of thermoformed plastics which will spur the growth of the market in focus during the forecast period. is the driving factor this market.

        The Thermoformed Plastics market vendors should focus on grabbing business opportunities from the Vacuum formed segment as it accounted for the largest market share in the base year.