Thermoformed Plastics Industry Overview

The global thermoformed plastics market size was estimated at USD 13.45 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.9% during the forecast period.

Globally, the increasing demand for these products in the healthcare and pharmaceutical packaging sector is projected to be a key factor driving the market growth during the projection period.

The thermoforming process involves the fabrication of plastic sheets by heating them, to convert them into a bendable form that can be molded into the desired shape as per the customer’s specifications. More recently, thermoformed plastics are being used as a metal replacement using the heavy gauge process, which provides applications in industries such as transportation, industrial equipment, aerospace, kiosks, and medical devices.

Gather more insights about the market drivers, restrains and growth of the Global Thermoformed Plastics Market

In the medical industry, thermoformed plastics are used in the manufacturing of diagnostic systems, accessories, and medical plants. Thermoforming includes a manufacturing process of converting a two-dimensional thermo polymer into a three-dimensional shape. In the pharmaceutical industry, thermoformed plastics are used for products such as prefilled syringes, pharmaceutical bottles, and medical electronics, as well as for capsules and tablet packing such as blister packaging.

Thermoformed plastics are widely used to produce lightweight vehicles due to their properties such as lightweight, durability, and strength. The growing automotive industry, coupled with the regulations favoring light vehicle usage, is expected to benefit the thermoformed plastics demand across the globe. However, volatile raw material costs associated with thermoformed plastics are anticipated to pose hindrances in terms of profitability.

In 2021, food packaging dominated the application segment of the thermoformed plastics industry. The growing demand for packaged mineral water, milk, carbonated drinks, and fruit juice is projected to boost the segment. In addition, a large number of consumers are moving from unpacked to packaged food items, thus propelling the growth of the thermoformed plastics market. In addition, increasing retail store businesses such as convenience stores, hypermarkets, and supermarkets are projected to propel the food packaging industry, which is expected to fuel the demand for thermoformed plastics.

Browse through Grand View Research’s Plastics, Polymers Resins Industry Research Reports.

• Prefilled Syringes Market – The global prefilled syringes market size was valued at USD 18.43 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 11.95% from 2022 to 2030.
• Polymethyl Methacrylate Market – The global polymethyl methacrylate market size was valued at USD 4.72 billion in 2018 and is projected to expand at a CAGR of 8.4% from 2019 to 2025.

Thermoformed Plastics Market Segmentation

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

• Thermoformed Plastics Product Outlook (Volume, Kilotons, Revenue, USD Million, 2019 – 2030)
  • Polymethyl Methacrylate (PMMA)
  • Bio-degradable Polymers
  • Polyethylene (PE)
  • Acrylonitrile Butadiene Styrene (ABS)
  • Poly Vinyl Chloride (PVC)
  • High Impact Polystyrene (HIPS)
  • Polystyrene (PS)
  • Polypropylene (PP)

• Thermoformed Plastics Process Outlook (Volume, Kilotons, Revenue, USD Million, 2019 – 2030)
  • Plug Assist Forming
  • Thick Gauge Thermoforming
  • Thin Gauge Thermoforming
  • Vacuum Snapback

• Thermoformed Plastics Application Outlook (Volume, Kilotons, Revenue, USD Million, 2019 – 2030)
  • Healthcare Medical
  • Food Packaging
  • Electrical Electronics
  • Automotive Packaging
  • Construction
  • Consumer Goods Appliances

• Thermoformed Plastics Regional Outlook (Volume, Kilotons, Revenue, USD Million, 2019 – 2030)
  • North America
• Europe
• Asia Pacific
• Central and South America
• Middle East and Africa

Market Share Insights

• 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.
• October 2020: The total amount of 10 million Euro by invested Papacks in Arnstadt mill located in Germany. This new production unit will produce high quality molded paper fiber through the thermoforming process while also supporting production capacity up to 360 million pieces annually.

Key Companies profiled:

Some prominent players 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.

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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.