Global Thermoforming Plastic Market Size 2024, Forecast To 2033
11 Mar, 2024
The thermoforming plastic market has demonstrated strong growth, advancing from $48.76 billion in 2023 to $52.13 billion in 2024, marking a compound annual growth rate (CAGR) of 6.9%. This growth in the historic period is attributed to the increase in demand for consumer durables, a rise in concerns about hygiene and product safety, the utilization of thermoformed plastics in the medical sector, and the impact of the COVID-19 pandemic. Projecting continued strong growth in the coming years, the market is expected to reach $70.85 billion in 2028, with a CAGR of 8.0%. The anticipated growth is driven by the growing demand for packaged food, rising online retail sales, increasing urbanization, and a surge in disposable income. Key trends in this period include a focus on sustainable plastic packaging, modified atmosphere packaging (MAP), 3D printing technology, technological advancements, strategic partnerships, and an emphasis on increasing investments.
Global Thermoforming Plastic Market Key Driver
The transforming plastic market is set to experience growth fueled by the increasing demand for consumer durables. Consumer durables, characterized by a long lifespan of over three years, encompass goods used over an extended period. The rise in demand for these durable consumer goods directly correlates with an increased need for thermoforming plastic, a key material in their manufacturing. As per the Indian Brand Equity Foundation's report, the consumer durables industry is anticipated to reach USD 34 billion by 2025, emphasizing the significant role of transforming plastic in meeting this demand. The escalating demand for consumer durables stands as a driving force behind the anticipated growth of the thermoforming plastic market, with market sizes in 2023, 2024, and 2028 providing essential benchmarks for assessing its expansion.
Get A Free Sample Of The Global Thermoforming Plastic Market ReportGlobal Thermoforming Plastic Market Segments
The thermoforming plastic market covered in this report is segmented –
1) By Thermoforming Type: Vacuum Forming, Pressure Forming, Mechanical Forming
2) By Plastic Type: Polyethylene, Polypropylene, Polystyrene, Polyvinyl Chloride, Acrylonitrile Butadiene Styrene, Bio-Degradable Polymers, Other Plastic Types
3) By Application: Healthcare And Medical, Food Packaging, Electrical And Electronics, Automotive Packaging, Construction, Consumer Goods And Appliances, Other Applications
By Geography:The regions covered in the thermoforming plastic market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
North America was the largest region in the thermoforming plastic market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the thermoforming plastic market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Thermoforming Plastic Industry Players
Amcor plc, Pactiv Evergreen Inc, Berry Global Inc., Sonoco Products Company, Huhtamaki Global, Dart Container Corporation, Sabert Corp, D&W Fine Pack, Graham Packaging Company, Genpak LLC, S.D. International Pvt. Ltd, Europack Machines Pvt. Ltd, Zibo Tianheng Nano New Materials Technology Co. Ltd., Shandong Top Leader Plastic Packing Co Ltd, Indu Thermoformers Pvt. Ltd, Dongguan DiTai Plastic Products CO. Ltd, Pulixin Packaging Materials, Plas Tech Ltd, Thermoform Ltd, Daventry Thermoforming Ltd, DS Smith, COEXPAN, Kiefel GmbH, Piovan Group, AD Plastik Group, FORTY, Ina Plastics, JV RosanPak Ltd, Silgan Plastics, Placon Corporation, Fabri-Kal Corp, Anchor Packaging, Sealed Air, Kruger Inc., Mondi Group, Matritech S.A.C, ACEBRI, SABIC Innovative Plastics, Takween Advanced Industries Co, Al Wasl Pack, Mapal Plastics, Lovell Industries, Sasol Polymers, Berry Astrapak, Powerking Plastics
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Thermoforming Plastic Market Overview
Thermoforming plastics are used to produce packaging materials, and consumer products that are durable, resilient, and tamper-resistant. Thermoforming is a plastic manufacturing process that uses heat to shape plastic into a variety of products. It protects the products while in transit and offers several seal options that will either extend the product’s shelf life or allow easy access, depending on the packaging needs. These are extremely versatile and can be utilized to manufacture parts to meet an end user's requirements and for a very wide range of applications.
Thermoforming Plastic Global Market Report 2023 provides data on the global thermoforming plastic market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The thermoforming plastic market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.