Thermoformed Plastics Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Global Thermoformed Plastic Market is segmented by Product Type (Polyethylene (PE), Polypropylene (PP), Polystyrene (PS), Polyvinyl Chloride (PVC), Polymethyl Methacrylate (PMMA), Bio-degradable Polymers, and Others), Process (Vacuum Snapback, Plug Assist Forming, Thin Gauge Thermoforming, and Thick Gauge Thermoforming), End-user Industry (Packaging, Healthcare, Automotive, Electrical & Electronics, Construction, Consumer Goods, and Others), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa).

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Thermoformed Plastics Market Size

Thermoformed Plastics Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR > 5.00 %
Fastest Growing Market Asia Pacific
Largest Market North America
Market Concentration Low

Major Players

Thermoformed Plastics Market Major Players

*Disclaimer: Major Players sorted in no particular order
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Thermoformed Plastics Market Analysis

The market for Thermoformed Plastics is expected to grow at a CAGR of over 5% during the forecast period. Major factors driving the market studied are increasing demand from food packaging industry and rising demand from healthcare industry. On the flipside, stringent rules and regulations imposed on the usage of plastic products and unfavourable conditions arising due to COVID-19 outbreak are the major restraints, which are expected to hinder the growth of market.

  • Growing demand for bio-based products in various end-user industries is expected to offer various lucrative opportunities for the growth of market.
  • By application, packaging segment is expected to dominate the market owing to the growing trend of packaged and processed food.
  • North America region dominated the thermoformed plastics market across the globe with the largest consumption from countries such as United States and Canada.

Thermoformed Plastics Market Trends

This section covers the major market trends shaping the Thermoformed Plastic Market according to our research experts:

Increasing Demand from Packaging Industry

  • Thermoformed plastics are manufactured by a process known as thermoforming, in which sheet of plastic material is heated to get it in a bendable form, then molding and trimming it into the desired shape and finally cooling it to get a finished usable product.
  • The growing usage of thermoformed plastics in various food packaging products such as cups, trays, sandwich packs, disposable glass & plates, and microwave containers is stimulating the demand the thermoformed plastics and thus, propelling its market.
  • Thermoformed plastics provide superior properties such as protection against moisture, odor, and bacteria. They help in increasing the shelf-life of packaged products and are also cost effective. Owing to these factors, the demand of thermoformed plastic materials is likely to increase during the forecast period.
  • The global food packaging market is expected to grow at a CAGR of over 5% during the forecast period and is projected to reach the market value of USD 450 billion by 2027. This would increase the demand of thermoformed plastics and thus, propel its market during the forecast period,
  • Owing to all the above-mentioned factors for thermoformed plastics, its market is expected to grow rapidly over the forecast period.
Thermoformed Plastics Market, Revenue (%), By End-user Industry, Global, 2019

North America Region to Dominate the Market

  • North America region is expected to dominate the market for thermoformed plastics during the forecast period. Owing to increase in the demand from various end-user industries such as packaging, healthcare, construction, automotive, and electrical & electronics, the demand for thermoformed plastics has been increasing in countries like United States and Canada.
  • The growing usage of thermoformed plastics in food industry for the packaging of fruits, vegetables, meat, poultry, fish, confectionary products, and prepared meals is stimulating the demand of thermoformed plastics in the region.
  • Thermoformed plastics are used in healthcare sector for the packaging of products including medical trays, medical devices, syringes, pharmaceutical packaging, and protective packaging. Also, the North America medical devices packaging market is projected to grow at a CAGR of over 5% during the forecast period. Owing to these factors, the demand for thermoformed plastics is likely to increase in medical & healthcare sector.
  • Additionally, the demand for polymethyl methacrylate (PMMA) is expected to increase as it provides properties such as light transmission, high resistance to weathering and UV light, high surface hardness, and extended service life. Also, it is recyclable and environment-friendly. This will further aid the thermoformed plastics market growth during the forecast period.
  • Furthermore, thermoformed plastics are used in electric vehicles for manufacturing panels, liners, bumpers, and other vehicle parts as they are lightweight and durable. The electric vehicles market in North America is projected to register a CAGR of over 20% during the forecast period. This would increase the demand for thermoformed plastics and thus, propel its market during the forecast period.
  • Some of the major companies operating in North America region are - Pactiv LLC, Sonoco Products Company and D&W Fine Pack.
  • The aforementioned factors, coupled with government support, are contributing to the increasing demand for thermoformed plastics during the forecast period.
Thermoformed Plastics Market - Growth Rate By Region, 2020-2025

Thermoformed Plastics Industry Overview

The thermoformed plastics market is fragmented with top players accounting for a marginal share of the market. Major companies in the market include Pactiv LLC, D&W Fine Pack., Genpak, LLC, Sonoco Products Company, and Amcor plc.

Thermoformed Plastics Market Leaders

  1. D&W Fine Pack.

  2. Amcor plc

  3. Pactiv LLC

  4. Sonoco Products Company

  5. Genpak, LLC

*Disclaimer: Major Players sorted in no particular order

Thermoformed Plastics Market Concentration
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Thermoformed Plastics Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Increasing Demand from Food Packaging Industry

      2. 4.1.2 Rising Demand from Healthcare Industry

    2. 4.2 Restraints

      1. 4.2.1 Stringent Rules and Regulations Imposed on the Usage of Plastic Products

      2. 4.2.2 Unfavourable Conditions Arising Due to COVID-19 Outbreak

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porters Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION

    1. 5.1 Product Type

      1. 5.1.1 Polyethylene (PE)

      2. 5.1.2 Polypropylene (PP)

      3. 5.1.3 Polystyrene (PS)

      4. 5.1.4 Polyvinyl Chloride (PVC)

      5. 5.1.5 Polymethyl Methacrylate (PMMA)

      6. 5.1.6 Bio-degradable Polymers

      7. 5.1.7 Others

    2. 5.2 Process

      1. 5.2.1 Vacuum Snapback

      2. 5.2.2 Plug Assist Forming

      3. 5.2.3 Thin Gauge Thermoforming

      4. 5.2.4 Thick Gauge Thermoforming

    3. 5.3 End-user Industry

      1. 5.3.1 Packaging

      2. 5.3.2 Heathcare

      3. 5.3.3 Automotive

      4. 5.3.4 Electricals & Electronics

      5. 5.3.5 Construction

      6. 5.3.6 Consumer Goods & Appliances

      7. 5.3.7 Others

    4. 5.4 Geography

      1. 5.4.1 Asia-Pacific

        1. 5.4.1.1 China

        2. 5.4.1.2 India

        3. 5.4.1.3 Japan

        4. 5.4.1.4 South Korea

        5. 5.4.1.5 Rest of Asia-Pacific

      2. 5.4.2 North America

        1. 5.4.2.1 United States

        2. 5.4.2.2 Canada

        3. 5.4.2.3 Mexico

      3. 5.4.3 Europe

        1. 5.4.3.1 Germany

        2. 5.4.3.2 United Kingdom

        3. 5.4.3.3 Italy

        4. 5.4.3.4 France

        5. 5.4.3.5 Rest of Europe

      4. 5.4.4 South America

        1. 5.4.4.1 Brazil

        2. 5.4.4.2 Argentina

        3. 5.4.4.3 Rest of South America

      5. 5.4.5 Middle-East and Africa

        1. 5.4.5.1 Saudi Arabia

        2. 5.4.5.2 South Africa

        3. 5.4.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share (%)/Ranking Analysis**

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Amcor plc

      2. 6.4.2 Anchor Packaging Inc.

      3. 6.4.3 Berry Global Inc.

      4. 6.4.4 Brentwood Industries, Inc.

      5. 6.4.5 D&W Fine Pack.

      6. 6.4.6 Dart Container Corporation

      7. 6.4.7 DISPLAY PACK.

      8. 6.4.8 Fabri-Kal

      9. 6.4.9 Genpak, LLC

      10. 6.4.10 Greiner Packaging

      11. 6.4.11 Huhtamaki Global

      12. 6.4.12 Pactiv LLC

      13. 6.4.13 Penda

      14. 6.4.14 Placon.

      15. 6.4.15 Sabert Corporation

      16. 6.4.16 SILGAN HOLDINGS INC.

      17. 6.4.17 Silgan Plastics.

      18. 6.4.18 Sonoco Products Company

      19. 6.4.19 Spencer Industries Inc.

      20. 6.4.20 WINPAK LTD.

    5. *List Not Exhaustive

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Growing Demand for Bio-based Products in Various End-user Industries

    2. 7.2 Other Opportunities

**Subject to Availability
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Thermoformed Plastics Industry Segmentation

The Thermoformed Plastics market report includes:

Product Type
Polyethylene (PE)
Polypropylene (PP)
Polystyrene (PS)
Polyvinyl Chloride (PVC)
Polymethyl Methacrylate (PMMA)
Bio-degradable Polymers
Others
Process
Vacuum Snapback
Plug Assist Forming
Thin Gauge Thermoforming
Thick Gauge Thermoforming
End-user Industry
Packaging
Heathcare
Automotive
Electricals & Electronics
Construction
Consumer Goods & Appliances
Others
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa
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Thermoformed Plastics Market Research FAQs

The Thermoformed Plastics Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)

D&W Fine Pack. , Amcor plc , Pactiv LLC, Sonoco Products Company and Genpak, LLC are the major companies operating in the Thermoformed Plastics Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the North America accounts for the largest market share in Thermoformed Plastics Market.

The report covers the Thermoformed Plastics Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Thermoformed Plastics Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Thermoformed Plastics Industry Report

Statistics for the 2024 Thermoformed Plastics market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Thermoformed Plastics analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Thermoformed Plastics Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)