“Global Rigid Plastic Thermoforming Packaging Market to reach a market value of USD 104.59 Billion by 2032 growing at a CAGR of 6.7%”
The Global Rigid Plastic Thermoforming Packaging Market size is expected to reach $104.59 billion by 2031, rising at a market growth of 6.7% CAGR during the forecast period.
Rigid plastic thermoforming protects sensitive electronic components like microprocessors against external factors like moisture, static electricity, and physical damage. The rising adoption of electronic devices, coupled with the expanding semiconductor manufacturing sector, has further fuelled the demand for specialized thermoformed packaging solutions to ensure product safety and efficiency in supply chain logistics. Thus, the microprocessors packaging segment procured 10% revenue share in the market in 2023. This growth is primarily driven by the increasing demand for precision packaging solutions in the electronics and semiconductor industries.
Sustainability has become a major concern for industries and consumers, prompting a shift toward eco-friendly packaging materials. Thermoformed packaging is gaining traction as it is lightweight, uses fewer raw materials, and is often recyclable or made from bio-based plastics. This growing preference for sustainable packaging solutions is driven by environmental regulations, corporate sustainability goals, and increasing consumer awareness about reducing plastic waste. Therefore, the demand for thermoformed packaging is expected to grow in industries such as food and beverage, healthcare, and consumer goods.
Additionally, cost efficiency is a crucial factor driving the adoption of thermoformed packaging, especially for industries that require large-scale packaging solutions. Thermoforming processes use less material than traditional packaging methods like injection molding, significantly reducing material costs. As a result, thermoformed packaging continues to gain popularity among manufacturers looking for affordable and scalable packaging solutions.
However, the thermoformed packaging industry heavily relies on raw materials such as polyethylene terephthalate (PET), polypropylene (PP), and polyvinyl chloride (PVC), which are derived from petroleum-based sources. The prices of these materials are highly volatile due to fluctuations in crude oil prices, supply chain disruptions, and geopolitical factors. Thus, fluctuating raw material prices impacting production costs are impeding the market's growth.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.
On the basis of raw material, the market is classified into bioplastics, polyethylene (PE), polyethylene terephthalate (PET), polystyrene (PS), polypropylene (PP), polyvinyl chloride (PVC), expanded polystyrene (EPS), and others. The bioplastics segment held 6% revenue share in the market in 2023. Bioplastics, derived from renewable sources such as corn starch, sugarcane, and algae, offer a sustainable alternative to traditional petroleum-based plastics.
Based on product, the market is characterized into bottles & containers, caps & closures, trays & clamshells, microprocessors packaging, tubs & cups, and others. The trays & clamshells segment held 15% revenue share in the market in 2023. The demand for thermoformed trays and clamshells is growing due to their versatility and wide applications across industries such as food packaging, healthcare, and consumer goods.
By end user, the market is divided into food, beverages, HoReCa (food service & takeout), healthcare, cosmetics & toiletries, industrial, and others. The food segment witnessed 36% revenue share in the market in 2023. The widespread adoption of thermoformed plastic packaging in the food industry is driven by its excellent product protection, extended shelf life, and cost efficiency. Thermoformed trays, clamshells, and containers are extensively used for fresh produce, dairy products, bakery items, and ready-to-eat meals.
The food segment is further subdivided into meat & fish, dairy, confectionery, ready to eat, fruit & vegetables, eggs, and others. The cosmetics & toiletries segment held 6% revenue share in the market in 2023. The cosmetics industry relies on thermoformed packaging for various products, including skincare items, perfumes, and personal care products, due to its ability to enhance product presentation and brand differentiation.
Free Valuable Insights: Global Rigid Plastic Thermoforming Packaging Market size to reach USD 104.59 Billion by 2032
Region-wise, the packaging market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment witnessed 28% revenue share in the market in 2023. Countries such as China, India, Japan, and South Korea are experiencing a surge in demand for packaged food, ready-to-eat meals, and takeout food services, driving the need for high-quality and cost-effective packaging solutions.
| Report Attribute | Details |
|---|---|
| Market size value in 2024 | USD 62.99 Billion |
| Market size forecast in 2032 | USD 104.59 Billion |
| Base Year | 2024 |
| Historical Period | 2021 to 2023 |
| Forecast Period | 2025 to 2032 |
| Revenue Growth Rate | CAGR of 6.7% from 2024 to 2031 |
| Number of Pages | 427 |
| Number of Tables | 600 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Market Share Analysis, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | End User, Product, Raw Material, Region |
| Country scope |
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| Companies Included | Amcor Plc, Sonoco Products Company, Pactiv Evergreen Inc. (Reynolds Group Ltd.), Placon Corporation, Genpak, LLC (Great Pacific Enterprises, Inc.), Anchor Packaging LLC, Tekni-Plex Inc., Dart Container Corporation, D&W Fine Pack LLC and Lacerta Group, LLC |
By End User
By Product
By Raw Material
By Geography
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