USD 15.3 billion
Thermoformed Plastics Market Size, Share, and Growth Analysis
Thermoformed Plastics Market By Plastic Type (PP, Polystyrene), By Type (Vacuum Forming, Pressure Forming), By Thickness (Thin Gauge, Thick Gauge), By End Use, By Region - Industry Forecast 2025-2032
Report ID:
SQMIG15A2502 |
Region:
Global |
Published Date: January, 2025
Pages:
197
|Tables:
100
|Figures:
66
Format -
Thermoformed Plastics Market Insights
Global Thermoformed Plastics Market size was valued at USD 15.3 billion in 2023 and is poised to grow from USD 16.1 billion in 2024 to USD 24.15 billion by 2032, growing at a CAGR of 5.2% during the forecast period (2025-2032).
Rapidly surging demand and adoption of thermoformed plastics for food packaging applications is slated to primarily drive market development. Evolving consumer preferences and growing adoption of hectic lifestyles are forecasted to bolster the demand for ready to eat and packaged food products thereby favoring thermoformed plastics sales as well. Advancements in thermoforming technologies and growing use in healthcare industry are also slated to create new opportunities for thermoformed plastics suppliers going forward. Increased demand for lightweight automotive components is also expected to benefit the global thermoformed plastics market growth over the coming years. The highly cost-effective nature and design flexibility offered by thermoformed plastics are also predicted to help boost its demand in the long run. On the contrary, availability of alternative materials, fluctuations in raw material pricing, complex recycling process, and environmental concerns are expected to impede the demand for thermoformed plastics across the study period and beyond.
Market snapshot - 2025-2032
Global Market Size
Largest Segment
Thin Gauge Thermoforming
Fastest Growth
Plug-assist Thermoforming
Growth Rate
5.2% CAGR
Global Thermoformed Plastics Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Thermoformed Plastics Market Segments Analysis
Global Thermoformed Plastics Market is segmented by Plastic Type, Type, Thickness, End Use and region. Based on Plastic Type, the market is segmented into PP, Polystyrene, PET, PE, PVC, Bio-plastics and ABS. Based on Type, the market is segmented into Vacuum Forming, Pressure Forming and Mechanical Forming. Based on Thickness, the market is segmented into Thin Gauge and Thick Gauge. Based on End Use, the market is segmented into Food & Agricultural Packaging, Consumer Goods & Appliances, Healthcare & Pharmaceutical, Construction, Electrical & Electronics, Automotive Packaging & Structures and Others (industrial and aerospace). Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Analysis by Application
Food packaging is estimated to account for the largest global thermoformed plastics market share in the future. A robust increase in demand for convenience and packaged food products around the world is estimated to cement the dominance of this segment going forward. High efficacy of thermoformed plastic packaging to protect food products from moisture, oxygen, and light to elongate their shelf life is also contributing to the high revenue generation offered by this segment. Increasing popularity of food delivery applications and growing number of working women are also expected to indirectly boost the sales of thermoformed plastics for this segment.
On the other hand, the demand for thermoformed plastics in automotive applications is projected to surge at an impressive pace over the coming years. The rising adoption of lightweight components to reduce the weight of vehicles to ensure compliance with emission regulations is slated to favor thermoformed plastics demand in the future. The growing popularity of electric vehicles is also estimated to present new opportunities for thermoformed plastic suppliers in the long run. Increasing automotive manufacturing around the world is also predicted to boost the demand for thermoformed plastics across the study period.
Analysis by Process
Thin gauge thermoforming is projected to account for a major chunk of the global thermoformed plastics market share in the future. High versatility of this process and the cost-effective and efficient nature of the same are projected to help this segment maintain its dominant stance going forward. Shipping trays, clamshell packaging, blister packs, disposable cups, plates, and bowls, and surgical instrument trays are some of the most common products made through the use of thin gauge thermoforming process. Faster production times and high recyclability of products made from thing gauge thermoforming also further cement the high share of this segment in the long run.
Meanwhile, the demand for plug-assist thermoforming is slated to rise at an impressive CAGR across the study period and beyond. Reduced risks of part distortion, cracking, breakage, and webbing in products made from plug-assist thermoforming process are expected to bolster its popularity in the future. Low energy costs associated with this process are also expected to promote its adoption as emphasis on sustainability rises among organizations going forward. Reduced cycle times and starting gauge are also key benefits of plug-assist thermoforming promoting its adoption on a global level through 2031.
Global Thermoformed Plastics Market By Process
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Thermoformed Plastics Market Regional Insights
Asia-Pacific is estimated to hold sway over the global thermoformed plastics industry going forward. The presence of a strong food and beverages industry, rising automotive manufacturing, and booming e-commerce activity are all contributing to the dominance of this region. Increasing disposable income of people in this region is also expected to indirectly favor the demand for thermoformed plastics in the future. China is slated to emerge as the most opportune market in the Asia Pacific region followed by India and Japan. The rising number of thermoformed plastics manufacturers and suppliers in this region also further cements the dominance of this region.
On the other hand, the demand for thermoformed plastics in North America is projected to account for the second-largest share of the global market. Extensive use of thermoformed plastics in the healthcare industry and growing demand for food packaging are slated to create new business scope for thermoformed plastics providers. Increasing use of thermoformed plastics in construction and automotive industry verticals is also slated to boost revenue generation over the coming years. Canada and the United States are estimated to be the most opportune markets in the North American region through 2031 and beyond.
Global Thermoformed Plastics Market By Region
- Largest
- Fastest
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Thermoformed Plastics Market Dynamics
Drivers
Growing Use in Food Packaging
- Evolving consumer preferences and rising demand for packaged and convenience food products are expected to bolster the use of thermoformed plastics in food packaging applications. Increasing adoption of busy lifestyles by people around the world is expected to promote the demand for food deliveries and thereby also favor thermoformed plastics market growth in the long run.
Cost-effectiveness and Design Flexibility
- Thermoformed plastics offer high design flexibility and are much more affordable as compared to injection molding. Moreover, the faster production times offered by thermoformed plastics also makes them highly coveted for producing a wide range of products across industries like automotive, electronics, and consumer goods thereby driving market development in the future.
Restraints
Fluctuations in Raw Material Pricing
- Raw materials required to produce thermoformed plastics are subject to multiple fluctuations in terms of availability and pricing. Polystyrene and polyethylene are key raw materials that are used for thermoformed plastics. Volatility in crude oil prices and disruptions in supply chains can significantly impact production costs, limiting global thermoformed plastics market outlook going forward.
Competition from Alternative Materials
- High availability of materials such as glass, metal, and paper for packaging and other applications and growing emphasis on sustainability are expected to impede the sales of thermoformed plastics in the future. The increasing adoption of these substitutes to comply with strict regulations is slated to hurt revenue generation for thermoformed plastics providers.
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Thermoformed Plastics Market Competitive Landscape
Thermoformed plastics manufacturers should focus on the development of easily degradable thermoformed plastics to maximize their business scope. Investing in thermoformed plastics recycling and reuse facilities will also help thermoformed plastics companies expand their business scope in the future. Offering recycled thermoformed plastics products especially for the packaging industry will be a major strategy for all thermoformed plastics providers across the forecast period and beyond.
Top Players in Thermoformed Plastics Market
- Plastipak Packaging, Inc. (USA)
- Pactiv Evergreen Inc. (USA)
- Amcor plc (Switzerland/Australia)
- Dart Container Corporation (USA)
- Anchor Packaging Inc. (USA)
- Graham Packaging Company (Canada)
- Silgan Holdings Inc. (USA)
- D&W Fine Pack (USA)
- Reynolds Group Holdings Limited (New Zealand)
- Genpak LLC (USA)
- Brentwood Industries, Inc. (USA)
- Wilbert Plastic Services (USA)
- Tray-Pak Corporation (USA)
- Universal Plastics Corp. (USA)
- Direct Pack, Inc. (USA)
- Sonoco Products Company (USA)
- Montebello Packaging (Canada)
Recent Developments
- In October 2024, Nefab, a renowned provider of sustainable packaging solutions announced expansion of its manufacturing capabilities for heavy gauge thermoformed packaging. The new facility is in León, Mexico to help Nefab expand its business going forward.
- In October 2024, ExxonMobil, a leading multinational oil & gas company from the United States announced the launch of its Signature Polymers portfolio brand. Under this new brand, the company has developed a fully recyclable thermoformed packaging solution featuring 95% polyethylene (PE) content /
- In May 2024, SupplyOne, a leading name in the packaging business announced the launch of its new thermoformed sustainable packaging solutions. The new products are made from recyclable materials and feature a less package density.
Thermoformed Plastics Key Market Trends
- Use of Advanced Thermoforming Techniques: Thermoformed plastic companies are estimated to invest in the adoption of advanced thermoforming techniques and technologies to enhance the quality of products. Innovations in thermoforming equipment, such as automation and computer-aided design (CAD) systems, are enabling manufacturers to create complex and precise designs thereby also helping them expand their business scope going forward.
- Demand for Bio-Based Thermoformed Plastics: Thermoformed plastics providers are projected to focus on the development of bio-based thermoformed plastics products. Materials like polylactic acid (PLA) and polyhydroxyalkanoates (PHA) are gaining popularity as sustainable alternatives to petroleum-based plastics, aligning with global sustainability goals. Focusing on this thermoformed plastics market trend can help offer new opportunities for market players in the long run.
Thermoformed Plastics Market SkyQuest Analysis
SkyQuest's ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, high use of thermoformed plastics in food packaging and design flexibility of thermoformed plastics are driving market growth. However, fluctuations in raw material pricing and competition from alternative materials are slated to be key constraints for thermoformed plastics companies going forward. The Asia Pacific region is slated to spearhead thermoformed plastics demand outlook owing to high use of thermoformed plastics in different manufacturing facilities. Development of biodegradable and eco-friendly thermoformed plastics along with use of advanced thermoforming processes are slated be the key thermoformed plastics market trends in the long run.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 15.3 billion |
| Market size value in 2032 | USD 24.15 billion |
| Growth Rate | 5.2% |
| Base year | 2024 |
| Forecast period | 2025-2032 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Thermoformed Plastics Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Thermoformed Plastics Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Thermoformed Plastics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Thermoformed Plastics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Thermoformed Plastics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Thermoformed Plastics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Thermoformed Plastics Market Report Snapshots
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