Thermoformed Plastics Market Size, Product Trends, Key Companies, Revenue Share Analysis, 2023–2032

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Thermoformed Plastics Market report also sheds light on supply chains and the changes in the trends of the upstream raw materials and downstream distributors.

The global market for thermoformed plastics had a size of USD 22.8 billion in 2023 and is expected to grow at a rapid revenue CAGR of 5% during the forecast period. The demand for thermoformed plastics from various industries such as packaging, automotive, electronics, and healthcare is driving the growth of the market. Thermoformed plastics are synthetic or semi-synthetic materials that undergo thermoforming processes. These materials are heated to a pliable temperature and then molded into the desired shape of the final product.

Thermoformed plastics are used extensively in the packaging industry due to their light weight, low cost, and flexibility. The demand for thermoformed plastics has increased due to the rising need for packaged Food Beverage (FB), pharmaceutical, and personal care items. The use of thermoformed plastics in the automotive industry has also increased due to their lightweight, toughness, and affordability. Thermoformed plastics are used for various automotive components such as interior trim, exterior body panels, and engine components. The use of thermoformed plastics has also lowered the weight of entire vehicles, enhancing their performance and improving fuel economy.

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Some of the major companies in the global thermoformed plastics market are:

  • Amcor plc.
  • Anchor Packaging Inc.
  • Pactiv LLC.
  • Sonoco Products Company
  • Tray-Pak Corporation
  • Placon Corporation
  • Tekni-Plex, Inc.
  • Greiner Packaging International GmbH
  • Berry Global, Inc.
  • DW Fine Pack LLC.

Furthermore, the electronics industry also has a high demand for thermoformed plastics due to their resistance to high temperatures, toughness, and lightweight. Thermoformed plastics are used for electronic components such as display screens, casings, and battery covers. The rising popularity of electronic gadgets such as smartphones, tablets, and laptops has led to an increase in demand for thermoformed plastics.

The market revenue growth for thermoformed plastics is being driven by rising emphasis on environment-friendly and sustainable products. The usage of recycled and biodegradable plastics is increasing due to the rising environmental consciousness and demand for long-term solutions. However, factors such as high cost of production, scarcity of raw materials, and rising competition from substitute materials such as metal and glass could restrain market revenue growth.

In terms of products, the Polymethyl Methacrylate (PMMA) segment accounted for the largest revenue share in the global thermoformed plastics market in 2023. The biodegradable polymers segment is expected to register significantly fast revenue growth rate during the forecast period due to increasing environmental concerns. The Polyethylene (PE) segment is expected to account for a considerably large revenue share during the forecast period due to its widespread use in various applications such as packaging, building, and automobiles.

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Segments covered by Product Outlook, Process Outlook, Application Outlook, Regional Outlook

By Product Outlook         

  • Polymethyl Methacrylate (PMMA)
  • Bio-degradable polymers
  • Polyethylene (PE)
  • Acrylonitrile Butadiene Styrene (ABS)
  • Poly Vinyl Chloride (PVC)
  • High Impact Polystyrene (HIPS)
  • Polystyrene (PS)
  • Polypropylene (PP)
  • By Process Outlook
  • Plug assist forming
  • Thick gauge thermoforming
  • Thin gauge thermoforming
  • Vacuum snapback

By Application Outlook  

  • Healthcare medical
  • Food packaging
  • Electrical electronics
  • Automotive
  • Construction
  • Consumer goods appliances

Regional Outlook

  • North America (U.S., Canada)
  • Europe (U.K., Italy, Germany, France, Rest of EU)
  • Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
  • Latin America (Chile, Brazil, Argentina, Rest of Latin America)
  • The Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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