Thermoformed Plastics Market Is Expected To Boost, Due To Rapid Industrialization

Thermoformed Plastics Industry Overview

The global thermoformed plastics market size is expected to reach USD 20.66 billion by 2030, according to a new report by Grand View Research, Inc. Furthermore, the report forecasts the market to expand at a CAGR of 4.9% from 2022 to 2030. Globally, the increasing demand for medical and pharmaceutical products has been an important factor behind the market growth. Also, technological innovations in the manufacturing processes of these plastics are anticipated to advance the market.

The increasing demand for these plastics in various application areas including food packaging, healthcare and medical, electrical and electronics, automotive, construction, and consumer goods & home appliances is expected to propel the market in the coming years. Rapid industrialization, infrastructural developments, and medical activities are expected to boost market growth from 2022 to 2030.

Thermoformed Plastics Market Segmentation

Grand View Research has segmented the global thermoformed plastics market report on the basis of product, process, application, and region:

Based on the Product Insights, the market is segmented into PMMA, Bio-degradable polymers, PE, ABS, PVC, HIPS, PS and PP

• Polymethyl methacrylate (PMMA) is expected to register the highest CAGR in the industry during the forecast period. This is attributed to the advantages it offers, such as light transmission, high surface hardness, and extended service life, along with certain properties such as high resistance to weathering and UV light.

• Increasing innovations, product developments, and investments in PMMA have been observed, particularly in the Middle Eastern region.

• Polypropylene dominated the product segment in 2021, with a revenue share of over 21.0%. This trend is expected to continue through the forecast period.

• Commonly used resins in thermoformed plastic production include polyethylene (PE), polystyrene (PS), and polypropylene (PP).

• PP is a thermoplastic polymer and is widely used to produce food packaging products such as cups, trays, margarine tubs, sandwich packs, disposable products, beverage glasses, and microwaveable containers.

• A growing number of manufacturers are using polypropylene for packaging products, which is expected to subsequently drive the overall demand for thermoformed plastics.

Based on the Process Insights, the market is segmented into plug assist forming, thick gauge thermoforming, thin gauge thermoforming and vacuum snapback

• The thin-gauge thermoformed plastic segment dominated the market in 2021 with more than 35% revenue share, and is expected to remain the largest process segment through the forecast period.

• Thermoformed plastics are manufactured through contact, radiant, and hot air heating techniques. Increasing demand for thin gauge thermoformed plastics for products such as medical device packaging trays in the healthcare sector is anticipated to drive the segment growth during the forecast period.

• Thick gauge thermoforms are sturdy and rigid enclosures that are used to pack electronic equipment. Thick gauge thermoformed plastics are used in a wide range of applications, including front and rear bumpers and interior trim components in the heavy trucks industry.

• Thick gauge thermoforms are also used in enclosures for treadmills and weights in fitness equipment; large decorative signs in signage; cowlings, dash components, and fenders in the agricultural sector; and cab interiors and engine covers in the construction equipment industry.

• Plug assist forming is projected to be the fastest-growing process segment during the projection period. The rising use of plug assist forming products in food packaging is projected to boost the market growth.

• Packaging materials formed using this method have a uniform wall thickness with a reduced starting gauge and hence help protect the product within the packaging.

• AMUT Group manufactured a thermoforming machine whose properties include servo-driven plug assist on lower and upper mold platens, good mold clamping and cutting force performance, and various heat oven configurations. This machine is designed to handle materials such as PVC, PLA, PP, EPS, PS, HIPS, OPS, CPET, RPET, APET, and PET.

Based on the Application Insights, the market is segmented into healthcare & medical, food packaging, electrical & electronics, automotive, construction and consumer goods & appliances

• Food packaging was the leading application segment in 2021 with over 42% revenue share. Thermoformed plastics are widely used in the food industry for the packaging of fruits, vegetables, confectionery products, meat, poultry, fish, and prepared meals.

• Food packaging requires high-quality packaging materials to ensure the protection from moisture, odor, and bacteria provided by thermoplastics, their demand in the food industry is very high.

• Thermoformed packaging is also suitable for use in the medical and healthcare sector as it comprises a range of materials that help enhance the appearance of the final product.

• Packaging products used in the healthcare and medical sector include medical devices, medical trays, procedure trays, pharmaceutical packaging, and protective packaging.

• Automotive is projected to be the fastest-growing application segment during the forecast period. Thermoformed plastics are preferred for electric vehicles as they are durable and lightweight.

• Increasing demand for automotive panels, liners, and vehicle parts is further expected to drive the segment growth during the projection years.

• The University of Delaware Center for Composite Materials (UD-CCM), in partnership with the National Center for Manufacturing Sciences (NCMS), effectively designed a product to meet structural and crash safety requirements using thermoplastic composites.

Thermoformed Plastics Regional Outlook

• North America

• Europe

• Asia Pacific

• Central & South America

• Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

The global players face intense competition from each other, as well as regional players, who have strong distribution networks and good knowledge about suppliers and regulations. As a result, companies utilize well-known strategies to maintain their market position. The competition in the industry is based on the product quality offered and the technology used for the production of thermoformed plastics by the manufacturers. Major players compete based on application development capabilities and form strategic partnerships with regional players to minimize the risk of expanding into a new marketplace

Some of the notable participants in the global thermoformed plastics market include:

• Pactiv LLC

• Genpak LLC

• Sonoco Products Company

• CM Packaging

• Placon Corporation

• Anchor Packaging LLC

• Brentwood Industries

• Greiner Packaging GmbH

• Dongguan Ditai Plastic Products Co., Ltd

• Palram Americas Ltd.

Market Industry Development

• October 2021: Placon purchased Sonoco Products Company’s production facility in Wilson, North Carolina to increase its production capacity and meet the growing demand for sustainable packaging products.

Order a free sample PDF of the Thermoformed Plastics Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.