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Growth: Thermoformed Plastics Market Size & Share to Surpass $ 17.2 Billion by 2028 | Vantage Market Research

Vantage Market Research, The North Star for the Working World
Vantage Market Research, The North Star for the Working World

WASHINGTON, Dec. 06, 2022 (GLOBE NEWSWIRE) -- The Global Thermoformed Plastics Market was valued at USD 13.1 Billion in 2021 and is forecast to reach a value of USD 17.2 Billion by 2028. The Global Market is anticipated to grow to exhibit a CAGR (Compound Annual Growth Rate) of 4.70% over the forecast period.

Demand for these thermoformed plastic items in the healthcare and pharmaceutical packaging sector across the globe is expected to increase, which is expected to be a significant driver driving market growth over the forecast period. When plastic sheets are heated, they become malleable and can be formed into any shape required by the consumer. Applications in transportation, industrial equipment, aerospace, kiosks, and medical devices have led to the increased usage of Thermoformed Plastics as a metal alternative via the heavy gauge method.

Thermoformed Plastics find extensive usage in the production of medical equipment, including diagnostic systems, accessories, and even entire medical facilities. In thermoforming, a two-dimensional thermal polymer is formed into a three-dimensional one during the manufacturing process. In addition, Thermoformed Plastics are widely utilized in the pharmaceutical industry for a wide variety of applications, including prefilled syringes, pharmaceutical bottles, medical electronics, and blister packaging for capsules and tablets.

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Market Overview

According to Vantage Market Research, some of the key factors anticipated to accelerate the Thermoformed Plastics Market growth over the forecast period. Increasing Product Demand for In-mold Labeling, Increasing Demand for Packaged Food, and Increased demand for energy-efficient and lightweight products are some of the major drivers driving the market growth. Also, Increased use of recyclable and biodegradable materials, Innovation in design and manufacturing, Growing demand from emerging markets and Increasing use of bioplastics are some of the other factors propelling the market growth.

North America dominates the market, and this trend of dominance will continue throughout the projection period. Due to the several established market leaders and rising demand from a wide range of end-use industries, the region has seen substantial revenue development in recent years. Across the North American continent, the United States is the primary consumer of Thermoformed Plastics, followed by Canada.

Market Dynamics

Rising Demand for Packaged Food to Drive the Market

Increasing Market expansion is predicted as a result of rising demand for packaged goods among consumers as a result of shifting consumer preferences, increasing disposable income, and new ways of life. High-barrier packaging has longer storage life and more significant market potential. High-performance materials used in the packaging of convenience foods are predicted to boost the business. The market is predicted to expand as a result of benefits, including longer storage times and less risk of contamination. Additionally, factors such as the rising population and growing disposable income have generated a favorable impact on the market due to the need for high-quality food goods.

Rising applications in the healthcare sector to Promote Market Growth

Thermoformed Plastics have several applications, but one of the largest is in the medical field. Packaging medications, surgical tools, and other medical supplies in thermoformed plastic trays are common in hospitals and clinics. In addition, pills and capsules are increasingly being packaged in thermoformed blisters. Thermoformed Plastics' long lifespan and resistance to chemicals and moisture make them ideal for usage in healthcare settings. They find applications in many different kinds of medical equipment, including blood bags, IV containers, dialysis tubing, etc. The rising demand for Thermoformed Plastics in the medical industry is anticipated to fuel the industry's development over the next few years.

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Global Thermoformed Plastics Market Segmentation

By Plastic-Type

  • PP

  • Polystyrene

  • PET

  • PE

  • PVC

  • Bio-plastics

  • ABS

By Thermoforming Type

  • Vacuum Forming

  • Pressure Forming

  • Mechanical Forming

By Thickness

  • Thin Gauge

  • Thick Gauge

By End-Use Industry

  • Food & Agricultural Packaging

  • Consumer Goods & Appliances

  • Healthcare & Pharmaceutical

By Construction

  • Electrical & Electronics

  • Automotive Packaging & Structures

  • Others (Industrial And Aerospace)

By Region

  • North America

  • Europe

  • Asia Pacific

  • Latin America

  • Middle East & Africa

Top Trends in Global Thermoformed Plastics Market

  • The industry standard for modifying thermoformed packages is Fabri-Kal. It collaborated with the Michigan Department of Environmental Quality in January 2020. This collaboration should result in a two-fold increase in the packaging recycling rate.

  • A mill in Arnstadt, Germany, received a 10 million euro investment from the Swedish company Papacks. This manufacturing plant will be able to produce premium moulded paper fibre because of its thermoforming process.

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Top Report Findings

  • Based on plastic type, The polypropylene market sector has consistently been the most valuable and largest in the market. Reasons for this expansion include its inexpensive price, widespread availability, and several potential uses. The demand for biodegradable and environmentally friendly alternatives is expected to rise in the next years due to rising environmental concerns and regulations governing the usage of plastic items.

  • Based on thermoforming type, The thermoforming market is now dominated by vacuum forming, and this trend is projected to continue through the forecast period. Short production times, simple operations, and inexpensive tooling are just a few of the benefits of vacuum forming. Therefore, the Vacuum forming method is expected to maintain a sizable market share over the forecast time frame due to its many benefits.

  • Based on thickness, It is expected that thin gorge thermoformed plastic will continue to be the most lucrative area of the market. This could be because this particular bit is method-driven. During the foreseen period, the thin gorge thermoform plastic industry is expected to maintain its status as the market's most important subsector. Thermoformed polymers are produced entirely by means of hot air, radiant radiation, and direct contact. The rising need for thin gorge Thermoformed Plastics in the packaging trays of medical devices is expected to try market growth over the forecast period.

Key Points Covered in Thermoformed Plastics Industry Survey:

  • Market Estimates and Forecasts (2016-2028)

  • Key Drivers and Restraints Shaping Market Growth

  • Segment-wise, Country-wise and Region-wise Analysis

  • Competition Mapping and Benchmarking

  • Market Share Analysis

  • Assessment by Product Grade / Purity / Formulation Standards

  • Assessment of Import Price, Bulk Price, Contractual Price, Producer / Distributor Price

  • Leading Export - Import Destinations

  • Certifications and Compliance Requirements

  • COVID-19 Impact on Demand for Organic Acids and How to Navigate

  • Recommendation on Key Winning Strategies

Top 10 Players Generates More Than 35% of the Global Thermoformed Plastics Market Revenue

The report also found that the largest players in the Thermoformed Plastics Market are technology providers such as Fabri-Kal Corp., Berry Global Inc., Genpak LLC, Pactiv LLC , D&W Fine Pack LLC, Amcor Ltd., Dart Container Corp., Anchor Packaging, Sabert Corporation, Sonoco Products Company, DISPLAY PACK, Greiner Packaging, CM Packaging, Dongguan Ditai Plastic Products Co., Ltd, Palram Americas Ltd..

Top Players in the Global Thermoformed Plastics Market

  • Fabri-Kal Corp. (US)

  • Berry Global Inc. (US)

  • Genpak LLC (US)

  • Pactiv LLC (US)

  • D&W Fine Pack LLC (US)

  • Amcor Ltd. (Australia)

  • Dart Container Corp. (US)

  • Anchor Packaging (US)

  • Sabert Corporation (US)

  • Sonoco Products Company (US)

  • Display Pack (US)

  • Greiner Packaging (India)

  • CM Packaging (US)

  • Dongguan Ditai Plastic Products Co. Ltd. (China)

  • Palram Americas Ltd. (US)

Browse market data Tables and Figures spread through 148 Pages and in-depth TOC on Thermoformed Plastics Market Forecast Report (2022-2028).

Recent Developments

In October 2021, Placon, a North American thermoformer in sustainable plastic packaging, is expanding its production capacity and employee base with the acquisition of a former Sonoco packaging operation in Wilson, North Carolina. Placon will purchase all operating equipment and hire more than 80 employees at the 112,000-sq. ft location. The deal will help meet existing capacity needs in retail and medical markets and further expand the company's role in thermoforming sustainable post-consumer recycled polyethylene terephthalate (PET) packaging.

Regional Analysis

North America has been the traditional stronghold of the Thermoformed Plastics Market, and this trend is expected to continue over the forecast period. The region has witnessed significant growth in terms of revenue, owing to the presence of a large number of key players in the market and the growing demand from various end-use industries.

The U.S. is the largest market for Thermoformed Plastics in North America, followed by Canada. The country is home to some of the leading companies operating in the market, such as Dart Container Corporation and Dordan Manufacturing Company. The growing end-use industries in the country are expected to drive the growth of the Thermoformed Plastics Market over the forecast period. Mexico is another important market for Thermoformed Plastics in North America and is expected to register healthy growth over the coming years.

The Asia Pacific region is expected to be one of the fastest-growing markets for Thermoformed Plastics over the forecast period. The region has witnessed rapid economic development over recent years, which has led to an increase in disposable incomes and a growing middle-class population. This has resulted in increased demand for packaged food products and other consumer goods, which is driving the growth of the Thermoformed Plastics Market in Asia Pacific.

The Middle East & Africa (MEA) regions are also expected to witness healthy growth over the forecast period, owing to increasing industrialization and urbanization across these regions.

Scope of the Report:

Report Attributes

Details

Market Size in 2021

USD 13.1 Billion

Revenue Forecast by 2028

USD 17.2 Billion

CAGR

4.7% from 2022 to 2028

Base Year

2021

Forecast Year

2022 to 2028

Key Players

Fabri-Kal Corp., Berry Global Inc., Genpak LLC

Pactiv LLC, D&W Fine Pack LLC, Amcor Ltd., Dart Container Corp., Anchor Packaging, Sabert Corporation, Sonoco Products Company, Display Pack, Greiner Packaging, CM Packaging, Dongguan Ditai Plastic Products Co. Ltd., Palram Americas Ltd.

Customization of the Report:

The report can be customized as per client needs or requirements. For any queries, you can contact us on sales@vantagemarketresearch.com or +1 (202) 380-9727. Our sales executives will be happy to understand your needs and provide you with the most suitable reports.

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